SAN FRANCISCO--CalFed Inc. said it had reached an agreement with bondholders on a debt-for-equity swap that would provide the beleaguered thrift with more than $150 million in capital.

Analysts said the bondholder agreement is a major step forward for CalFed that puts tough regulatory capital goals in reach. But they warned that the thrift's survival depends greatly on its performance at a time when the California economy is slumping badly.

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