Anthracite Capital Restructuring
Anthracite Capital, Inc. ("the Company") announced on Monday, March 15, 2010, that it has filed a voluntary petition for relief under chapter 7 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York. The Company’s board of directors authorized the chapter 7 filing in light of the Company’s financial position, outstanding events of default under the Company's secured and unsecured debt and other factors. The court has appointed a bankruptcy trustee who is responsible for the liquidation of the business through the bankruptcy case. As previously disclosed by the Company, in a liquidation it is likely that shareholders would not receive any value and that the value received by unsecured creditors would be minimal.