UPDATE 1-AbitibiBowater secures waiver from lenders

* Amends receivables purchase agreement

* Shares down slightly on Toronto Stock Exchange (All figures in U.S. dollars, unless noted otherwise)

TORONTO, April 7 (Reuters) - AbitibiBowater Inc ABH.TO ABH.N said on Tuesday some of its lenders have granted its Abitibi-Consolidated unit a waiver, after it failed to meet the requirements under a $210 million receivables purchase agreement.

The largest North American newsprint maker, which has been burdened by a crippling debt load, is scrambling to restructure its debt, which is held largely by its Abitibi-Consolidated and Bowater subsidiaries. Demand for newsprint has dried up as newspapers struggle with declining readerships and a flagging advertising market.

A receivables purchase agreement (RPA) allows lenders to secure loans against the payments that a company expects to receive for the goods, or services that it provides.

AbitibiBowater ran afoul of the terms within the RPA after a spike in delinquency ratios and a delay in providing certain financial statements to its lenders.

The waiver and amendment granted by Citibank and Eureka Securitisation extends the termination date of the loan to Sept. 1 and increases the delinquency ratios permitted by the RPA.

However, the waiver and amendments granted by the lenders would terminate immediately if the company fails to deliver its financial statements by April 30.

AbitibiBowater will pay its lenders a fee equal to 6 percent of $210 million, as a consideration for the waiver and amendments.

Last week, AbitibiBowater said it was evaluating new restructuring alternatives after the $1.8 billion debt exchange offer for its Bowater subsidiary failed to get sufficient support from lenders.

The company is also attempting to restructure $2.4 billion in debt held by its Abitibi-Consolidated unit, but this recapitalization plan was contingent on the successful completion of the Bowater exchange offer.

However, the company said it plans to continue the Abitibi-Consolidated recapitalization process and amend it as necessary to take into account the failure of the Bowater exchange offer.

Shares of AbitibiBowater were down 2 Canadian cents to 61 Canadian cents in afternoon trade on the Toronto Stock Exchange. (Reporting by Euan Rocha)