WEATHERFORD INT'L <WII> GETS DEBT AGREEMENT
Weatherford International Inc said it
reached an agreement to restructure about 41 mln dlrs of debt
held by bank and insurance company lenders.
    Under the agreement, the oil drilling equipment and oil
services company will pay reduced quarterly interest payments
on part of its bank revolving credit loans and industrial
revenue bonds. Remaining interest will be deferred until Jan 1,
1991.
    Principal payments will be deferred, with semi-annual
payments of 1.75 mln dlrs to start on Dec 31, 1989 and all
remaining principal due Jan 1, 1991.
    Additional interest and principal payments may be due on
the bank revolving credit lines if the company generates more
cash than it needs for operations.
    Term of the debt held by insurance company lenders will be
extended by one year until December 1990 by reducing the
principal due last year and this year. Otherwise, interest and
principal payments will continue to be made as scheduled in the
existing agreements.
    The proposed restructuring will reduce Weatherford's cash
requirements by about three mln dlrs in 1987 and 2.5 mln dlrs
in 1988, it said.
    The company, which is still in default, said it expects to
completed amended loan agreements during the next few months.
    The company also said the recently announced sale of a
non-core production equipment unit and a Mexican subsidiary
will not have a material impact on future revenues and will
eliminate exposure to future losses.
    It has consolidated other U.S. and foreign manufacturing
operations to reduce costs and written down certain inventories
to better reflect their value, it added.
 Reuter
