* Lenders agree to extend debt deadline to mid-July

* Company wants to exchange debt for common stock

* Shares close down more than 16 pct

By Emily Chasan

NEW YORK, June 15 (Reuters) - Troubled U.S. chemicals maker Georgia Gulf Corp (GGC.N: Quote, Profile, Research) said on Monday its lenders have agreed to again extend a debt deadline, but it may be forced to file for bankruptcy if it loses futher access to funding.

The company, which had $34.5 million of interest payments on its debt due in April, said it entered into forbearance agreements with senior debtholders that would prevent the company from defaulting until July 15.

Georgia Gulf has been trying to gain support from its debtholders to exchange their debt for common stock, which could help the company avoid bankruptcy.

The company said in a statement it extended the expiration date for its exchange offer on $800 million worth of outstanding notes until July 1. It said less than $30 million of its debt had been tendered so far.

The company's earlier forbearance period and exchange offer had been set to expire on Monday.