Anthracite Capital, Inc (fka ACPIQ)

[dkspartan1]

Anthracite Capital Defaults on Unsecured Debt Payment



Anthracite Capital, Inc. announced that an event of default has occurred with respect to $79.25 million aggregate principal amount of three series of senior notes as the company did not cure within 30 days its previously announced default on interest payments due October 30, 2009 (approximately $1.6 million). Under the indentures governing these senior notes, the failure to make an interest payment within a 30-day cure period after it is due constitutes an event of default. The senior notes the company defaulted on are its outstanding $13.75 million aggregate principal amount of 7.22% senior notes due 2016, $28 million aggregate principal amount.