Bankrupt REIT Gets $50M In Deal With BlackRock, Lenders

Law360, New York (May 23, 2013, 4:03 PM EDT) -- A New York bankruptcy judge on Thursday approved a settlement that BlackRock Inc.'s bankrupt real estate investment trust Anthracite Capital Inc. reached with BlackRock and two banks, allowing Anthracite to bring in $50 million and begin winding down the estate.

The deals between Anthracite’s Chapter 7 trustee Al Togut of Togut Segal & Segal LLP and BlackRock, Deutsche Bank AG and Bank of America NA are part of a global settlement that will not only bring in $50 million to pay back creditors, but also reduce...
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