Control Data restructured its bank debt.

The computer manufacturer also said it has entered into a new $125-million receivables purchase agreement underwritten by Manufacturers Hanover. The restructuring provides for waiver of defaults by the company’s 27 banks, which hold $375 million of debt, and for repayment by Dec. 31. Control Data said it has pledged the stock of Arbitron Ratings Co., its broadcast measurement services subsidiary, and continued the pledge of the stock of Commercial Credit Co., its financial services subsidiary, as collateral.