MIDLAND, TEX. -- Insilco Corp., a diversified company whose products include Rolodex files, has filed for bankruptcy court protection after failing to reach agreement with creditors on a restructuring plan.

The company blamed high debt costs and a "recessionary economy" in part for its decision to seek protection on Sunday from its creditors while it reorganizes under Chapter 11 of the federal bankruptcy code.

Insilco also announced an agreement with a bank group led by Wells Fargo & Co. to provide the company with up to $57 million for financing.

Insilco, which is based in Midland, and its subsidiaries manufacture specialty products for the automotive, telecommunications, electronics, defense and consumer products industries.

Oilmen Cyril Wagner Jr. and Jack E. Brown took the company private in 1988 with an $812.8 million leveraged buyout that also included the assumption of $208 million in debt, company spokesman Jeffrey Lloyd said.

The company said the filing came after eight months of negotiations with creditors.

On May 1, Insilco proposed a recapitalization plan to reduce its interest payments by exchanging high-yield junk bonds for less expensive notes, the company said.

"Although Insilco's cash flow from operations excluding interest is positive, declining financial performance ... and {the} recessionary economy made it extremely unlikely that the company would be able to meet requirements," the company said.

Rolodex was included in the Chapter 11 filing. However, the textbook publisher Taylor Publishing and other Insilco subsidiaries, such as DacEasy Inc., a publisher of accounting software; Stewart Connector Systems Inc., an industrial manufacturer; and Valentec International Corp., a military equipment maker, were not included, Lloyd said.

Insilco reported a net loss of $52.4 million on sales of $501.3 million for the nine months ended Sept. 30, 1990. Operating income for the period was $44.8 million. The company said its interest expense for 1990 was $113.5 million.