Malibu Grand Prix Makes Deal to Restructure Debt

Malibu Grand Prix Corp. of Woodland Hills said it has further restructured its debt in an attempt to strengthen its long-term finances.

Under the deal, Malibu will receive and cancel 4.9 million shares of its own preferred stock from Bracton Corp., a former unit of Crocker National Bank, which accepted the shares in a debt arrangement with the company a year ago.

In addition, Malibu, which operates amusement centers featuring miniature race tracks, said it will replace a five-year, $9-million loan from Bracton with a two-year loan from Union Bank.