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ENDEVCO REACHES AGREEMENT IN PRINCIPLE WITH LENDERS

 ENDEVCO REACHES AGREEMENT IN PRINCIPLE WITH LENDERS
 DALLAS, May 29 /PRNewswire/ -- Endevco, Inc. (AMEX: EI) is pleased


to announce today that it has reached an agreement in principle, subject to certain customary legal and business conditions, with its lenders regarding a formal restructuring of its obligations. The restructuring is also subject to the company entering into a satisfactory letter of credit arrangement with a financial institution. To evidence the agreement in principle, Endevco and its lenders have executed a letter agreement setting forth detailed terms of the restructuring. The restructuring is currently scheduled to be completed on or before Aug. 15, 1992.
 "This agreement evidences our commitment to the comprehensive restructuring of debt with our major creditors," said Jim Bryant, chairman of the board. "We believe that the completion of the restructuring will help to foster a new era of prosperity for Endevco.
 Endevco is a gas transportation and processing company. Our gas transportation segment includes gathering, transmission, marketing and storage of natural gas. Our processing segment includes gas liquids recovery, gas treating and petroleum refining.
 -0- 5/29/92
 /CONTACT: James W. Bryant, chairman of the board, or Jack W. Young, executive vice president, both of Endevco, 214-691-5536/
 (EI) CO: Endevco Inc. ST: Texas IN: OIL SU: FNC


SH -- NY028 -- 5148 05/29/92 11:19 EDT
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Publication:PR Newswire
Date:May 29, 1992
Words:218
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