Ailing NTC Is Promised $20-Million Credit Line

National Telephone & Communications Inc., the troubled Irvine marketing company that sells long-distance phone service nationwide, said Thursday it has received a commitment for a line of credit of as much as $20 million from an undisclosed financial source.

NTC and its Woodland Hills-based parent company, Incomnet Inc., are restructuring NTC, which is in default on its credit lines from WorldCom Inc. and First Bank and Trust of Newport Beach. The two creditors have given NTC until Oct. 30 to meet certain undisclosed conditions. Officials at NTC and Incomnet declined to discuss the matter further Thursday. Staff at WorldCom and First Bank could not be reached for comment.

Regulatory filings show that Incomnet’s current liabilities exceed its assets by $12.8 million. According to documents filed with the Securities and Exchange Commission, Incomnet reported a net loss of $3.1 million on revenue of $35 million for the first half of 1998.