Cardis Says It Has Won Debt-Payment Extensions

Financially troubled Cardis Corp., parent company of Woodland Hills-based Tuneup Masters, announced Monday that it has successfully negotiated with two banks for extensions of loan agreements.

The Beverly Hills-based auto-parts wholesaler said that Security Pacific National Bank has set a new payment schedule of $74 million in loans and has given Cardis an added line of credit of $7.5 million.

Cardis will be responsible for a $25-million payment due Oct. 31 and $9 million due Nov. 30. Most of the debt will be due by Jan. 31, 1988, the company said.

Also, Cardis said it has extended debt payments on its $43.5-million loan from Dresdner Bank, a West German institution, until Oct. 23. The loan was due Dec. 31 but had not been paid. Cardis borrowed the money in order to buy the Tuneup Masters garage chain last fall.