Helionetics delayed filing for Chapter 11.
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The tiny Irvine defense contractor continued negotiating with Downey Savings & Loan Assn. of Costa Mesa in an attempt to avert a threatened foreclosure on a $4.5-million note. However, Helionetics officials said they will be forced to file for bankruptcy todayif a settlement is not reached. Downey has scheduled a foreclosure sale of the loan collateral today in Santa Ana.
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