Contifinancial Corp. said that its banks have extended until March 2000 what had been an Aug. 20 deadline for repayment of $422 million of debt.

The troubled New York-based specialty lender lost $660 million in the past two quarters and has agreed to provide its lenders, led by Credit Suisse First Boston and Dresdner Bank, with $147 million in collateral in exchange for the extension.

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