Unisys Corp., Blue Bell, extended until June 12 an offer to exchange some of its outstanding debt for up to $375 million of new senior secured notes that are due in 2014.

Fitch Ratings Inc. and Standard & Poor's Ratings Services reacted negatively to the initial offer on April 30, downgrading the company's credit ratings.

Fitch said it believed that Unisys had to offer the exchange because of a "high probability of default or insolvency over the near term absent the exchange." Fitch said Unisys notes due after 2010 would be eligible to receive only 67 percent to 68 percent of face value.

Unisys said that, through yesterday, $71.4 million in notes had been tendered.    - Harold Brubaker