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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 1, 1999
ANKER COAL GROUP, INC.
(Exact Name Of Registrant As Specified in Its Charter)
Delaware 333-39643 52-1990183
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or organization) Number) Identification No.)
2708 Cranberry Square 26508
Morgantown, West Virginia (Zip Code)
(Address Of Principal Executive Offices)
Registrant's telephone number, including area code: (304) 594-1616
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ANKER COAL GROUP, INC.
FORM 8-K
TABLE OF CONTENTS
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ITEM 5. OTHER EVENTS .................................................... 1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS ............................... 1
SIGNATURE PAGE ........................................................... 2
EXHIBIT INDEX ............................................................ 3
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ITEM 5. OTHER EVENTS
On April 1, 1999, Anker Coal Group, Inc. (the "Company") reached an
agreement in principle with Rothschild Recovery Fund L.P. ("Rothschild"), a
holder of a significant amount of the Company's 9-3/4% senior unsecured notes
due October 1, 2007 (the "Senior Notes"), to restructure the Senior Notes. The
restructuring would be accomplished by an exchange of the Company's existing
Senior Notes for new senior secured notes. The Company believes the
restructuring would significantly improve its liquidity through the sale of
additional notes. The Company's balance sheet would also improve through a
reduction in the face amount of the new senior secured notes from that of the
existing Senior Notes. In addition, the Company has chosen to defer making the
interest payment due on April 1, 1999 under the Senior Notes. The agreement in
principle contemplates that the Company will make the April 1, 1999 interest
payment no later than the closing of the exchange offering. Consummation of the
exchange offering is subject to participation by the holders of a majority of
the existing Senior Notes, modification of the terms of the indenture for the
Senior Notes, and execution of definitive documentation. The exchange offer
will be made by an appropriate offering document. There can be no assurance
that the Company will successfully complete the restructuring.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
None.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ANKER COAL GROUP, INC.
/s/ P. Bruce Sparks
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P. Bruce Sparks
President and Chief Executive Officer
Date: April 1, 1999
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