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Buttes Gas & Oil defaulted on a $10-million debt.

May 17, 1985

The Oakland-based firm said it also may be in technical default on other loan agreements. The $10 million in principal was due May 15 under a credit facility with a private credit corporation that Buttes won't identify. Buttes suffered significant losses in its contract drilling business last year and has been meeting with four banks to restructure its $275-million long-term debt.

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