The financially ailing Coleco Industries Inc. has apparently gained a small breather in the toymaker's efforts to stave off bankruptcy.

An understanding with creditors may allow a reduction of debt and increase in cash flow "but we're not out of the woods yet," Coleco officer Paul C. Meyer said.Meyer, Coleco's executive vice president of finance, said bankers have agreed to extend short-term financing through June 30, giving the company more time to restructure its heavy debt and arrange permanant working capital.

"We have developed a road map on how we get from here to there," said Meyer. "There may be potholes along the way but at least we have a map. Three weeks ago we didn't."

The staggering company last month cut 45 percent of its work force, about 475 jobs, and replaced Arnold C. Greenberg as chairman and chief executive officer in efforts to avoid bankruptcy.