Bay Shore, N.Y. BankBoston declined to grant a two-year, $50 million credit facility to Graham-Field Health Products, forcing the embattled company to look elsewhere for financing sources. Officials said they would also explore the sale of certain non-core assets and are considering other alternatives such as reorganization.

Neither Graham-Field nor BankBoston officials commented on reasons for the denial. The company had hoped to gain about $20 million of additional liquidity, as well as to refinance its current indebtedness, officials said.

The denial was yet another blow to the company, which has gone through a series of financial downturns and resignations. In June, it issued financial results showing a net loss for fiscal 1998 of $49 million. For the first quarter ended March 31, it reported a net loss of $7.4 million, and it restated results for fiscal 1996 and fiscal 1997. In July, the New York Stock Exchange delisted the company, which is now traded on the Nasdaq Over-the-Counter Bulletin Board.

The company has also had four presidents and chief executive officers in little more than a year, and its senior vice president and chief financial officer, J. Soren Reynertson, resigned in June. In addition, J. Rex Fuqua and Kenneth Jennings resigned in October from the board of directors.-S.H.