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October 04, 1994|From Times Staff and Wire Reports

Hondo Oil Seeks to Restructure Debt: The Roswell, N.M.-based company founded by former Atlantic Richfield Co. Chairman Robert O. Anderson is in talks to restructure its $77.7-million long-term debt owed Lonrho, a London-based minerals concern with a 39% stake in Hondo, a spokesman said. Cash flow is a critical issue for Hondo, which hasn't made a quarterly profit since 1992. During the nine months ended June 30, Hondo had about $1.5 million in cash inflow, about $1 million of which came from the sale of assets. The petroleum producer sold all of its U.S. oil fields in 1992 to prospect for natural gas in Colombia. Last month it announced a "potentially significant" discovery there.

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