Anthracite Capital Inc (OTC:ACPI) Files for Chapter 7 Protection

Ft Lauderdale, Florida 3/16/2010 07:30 AM GMT (TransWorldNews)

Anthracite Capital, Inc. (OTC:ACPI) has filed a voluntary petition for relief under chapter 7 of title 11 of the United States Code.  The petition was filed in the United States Bankruptcy Court for the Southern District of New York.  The chapter 7 filing was authorized by the company’s board of directors due to its current financial position, outstanding events of default under Anthracite’s secured and unsecured debt and other factors.  A bankruptcy trustee will be appointed by the court to assume the responsibilities of the liquidation of the business through the bankruptcy case.  Shareholders will most likely not receive any value due to the liquidation.

 

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Anthracite Capital, Inc. is a specialty finance company that invests in commercial real estate assets on a global basis. The Company's primary activities are investing in high yielding commercial real estate debt and equity. The Company combines traditional real estate underwriting and capital markets capability to maximize the opportunities arising from the continuing integration of these two disciplines. The Company focuses on acquiring pools of performing loans in the form of commercial mortgage-backed securities (CMBS), issuing secured debt backed by CMBS and providing capital for the commercial real estate industry in the form of mezzanine loan financing and equity. The Company is managed by BlackRock Financial Management, Inc. (the Manager). The Company's primary investment activities are conducted in three investment sectors: Commercial Real Estate Debt Securities, Commercial Real Estate Loans and Commercial Real Estate Equity.

 

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