Castle & Cooke made peace with its lenders.

The company said it has signed a letter of intent with certain of its private unsecured lenders under which a debt moratorium will be declared, pending consummation of C&C;’s merger with Flexi-Van Corp. C&C;’s $258-million debt will also be restructured to become fully collateralized and payable by June, 1988. However, the company added, once the merger is completed, the lenders will be paid in full. Flexi-Van has agreed to provide $25 million to enable Castle & Cooke, if necessary, to make certain scheduled interest or principal payments, in exchange for up to 2.27 million shares of its common stock valued at $11 a share.