MAI Systems.: MAI Systems Corp. got a...

MAI Systems.: MAI Systems Corp. got a reprieve from its lenders Tuesday on the payment of $77 million in bank loans.

The struggling Tustin computer software company said its U.S. and Canadian bankers have granted the company an extension on loan payments from March 10 until May 26.

The company made a $6-million payment last week, reducing its total debt to $77 million. The $6-million payment was due in October, but the company’s lenders had agreed to a later date. Bert Weidberg, MAI’s general counsel, has said the company is considering selling some assets, among other options, to raise cash to pay off lenders.

For the quarter ended Dec. 31, MAI lost $2 million, contrasted with a loss of $17.9 million a year earlier. Revenue dropped 9.5% to $44.5 million from $49.2 million a year earlier. Weidberg said the banks took encouragement from the latest results, especially in contrast with the company’s $75.7-million loss for its fiscal year ended Sept. 30.

As of Dec. 31, MAI reported cash of $7.9 million and other current assets of $111.7 million, as well as $296.6 million in liabilities.