UPDATE 2-Angiotech defers payment, seeks to restructure debt

* Says operations adequately supported in near term

* In forbearance agreement with Wells Fargo

* Shares down as much as 10 percent on TSX, Nasdaq (Adds share price, details. In U.S. dollars)

TORONTO, Oct 1 (Reuters) - Canada's Angiotech Pharmaceuticals ANP.TOANPI.O is deferring $9.7 million in interest payments due Friday and is in talks with subordinated noteholders to refinance its debt.

Struggling Vancouver-based Angiotech said on Friday the arrangement, if approved, would significantly improve its credit ratios and liquidity. It said it expected to announce details soon.

Angiotech, a specialty pharmaceutical and medical device maker, said it had a 30-day grace period to make its interest payment before it would fall into default.

Shares fell roughly 10 percent on both the Toronto Stock Exchange and the Nasdaq shortly after markets opened. It was at 54 Canadian cents in Toronto and at 52 cents in New York.

The company risks being delisted by Nasdaq by Jan. 3 because its shares have been below $1 for more than 30 trading days.

The company, whose products include drug-eluting stents it developed with Boston Scientific BSX.N, has $25 million in cash on hand and said that in the near term, the company's operations were adequately supported.

The company said it also signed a forbearance agreement with Wells Fargo Capital Finance, which has agreed to leave in place a revolving credit agreement.

Angiotech, which receives most of its royalty revenue from Boston Scientific, has been hit by sinking sales of the Taxus coronary stent systems, a trend it expects to continue.

The company has said in the past it was working towards being less dependent on single customers and single products and was optimistic about the success of its patented suture product, Quill SRS. It is currently focused on the commercialization of Quill SRS.

$1=$1.03 Canadian Reporting by Solarina Ho; editing by Peter Galloway