BANKING

Calfed Seeks Restructuring OK: Pressured by thrift regulators, the holding company for California Federal Bank set a Dec. 16 stockholders’ meeting for a vote on a proposed restructuring that would reduce their ownership by 80%. Calfed Inc. is also seeking approval from bondholders to forgo their February repayment of $122 million in principal and a 23% premium payment and convert their bonds into a combination of common stock and new debt securities. The company said the changes are essential to the continued viability of the thrift and would provide $150 million, earmarked mainly for bondholders, to its capital, which is its final financial cushion against losses.