BlackRock's Anthracite REIT Files For Ch. 7

Law360, New York (March 15, 2010, 1:06 PM EDT) -- BlackRock Inc.'s Anthracite Capital Inc., a real estate investment trust, filed for Chapter 7 liquidation Monday, three months after defaulting on an unsecured debt payment.

The company filed the bankruptcy petition in the U.S. Bankruptcy Court for the Southern District of New York, listing between $500 million and $1 billion in liabilities.

Anthracite said its board of directors had authorized the filing in light of the fund's financial position, outstanding events of default and other factors.

The bankruptcy court will appoint a trustee to liquidate the...
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