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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): October 4, 1999
ANKER COAL GROUP, INC.
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(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
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
Anker Coal Group, Inc. (the "Company") issued the attached press
release on October 5, 1999.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release dated October 5, 1999
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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/ Bruce Sparks
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Bruce Sparks
President
Date: October 5, 1999
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EXHIBIT 99.I
FOR IMMEDIATE RELEASE
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October 5, 1999
Anker Coal Proceeds With Proposed Restructuring
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Morgantown, WV -- Anker Coal Group, Inc. (the "Company") announced that it
held a conference call on October 4, 1999, with the noteholders previously
identified by the Company as eligible to participate in the proposed
restructuring of its 9-3/4% Senior Notes due 2007. During the conference call,
the Company reported that earnings before interest, taxes, depreciation and
amortization ("EBITDA") for the eight-month period ended August 31, 1999,
exceeded EBITDA for such period as forecasted in the Projected Summary
Financial Statements which the Company filed as an exhibit to a Current Report
on Form 8-K on October 1, 1999. In addition, the Company provided the following
information to the noteholders after the conference call:
1. The average annual tonnage subject to the Company's current long-term
sales contracts for the periods set forth below is as follows:
AVERAGE ANNUAL TONS
PERIOD SUBJECT TO LONG-TERM CONTRACTS
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1 to 3 years 5,377,000
4 TO 8 years 2,863,000
9 to 15 years 1,576,000
2. The projected mine life for each of the Company's deep mines is as
follows:
COUNTY MINE PROJECTED LIFE
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Upshur County, WV Spruce #1 Mine 4.4 years
Spruce #2 Mine 11.0 years
Spruce #3 Mine 6.5 years
Barbour County, WV Sentinel Mine 15.0 years
Harrison County, WV Sycamore Creek Mine 7.0 years
Garrett County, MD Steyer Mine 10.0 years
Raleigh County, WV Baybeck Mine 2.0 years
Grant County, WV Stoney River Mine 13.0 years
The projected life indicated above for each deep mine is based on
estimates of reserves that have been proven and assigned to a specific mine
through the Company's current drilling program. Other reserves controlled for
the mines have been indicated in geologic studies, but require additional
drilling before these reserves can be classified as proven. The projected mine
lives are also based on current reserve control, current mining plans,
projected coal prices, projected annual production and other factors, and are
subject to risks and uncertainties, including, but not limited to, variations
in geological conditions and other factors affecting mining conditions. The
Spruce #3 Mine referred to above is projected to be in production in 2003. The
Stoney River Mine is projected to resume production in 2001.
This press release contains statements, including, but not limited to,
projected mine lives, that are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, including, in addition to those described above, the Company's
ability to implement its business plan, the availability of liquidity and
capital resources, the ability to achieve anticipated cost savings, securing new
mining permits, unforseen adverse geologic conditions, successful completion of
the planned restructuring and receipt of additional capital, and other factors
identified in the Company's filings with the SEC. Actual results may differ
materially from those described or implied herein as a result of various
factors, many of which are beyond the control of the Company.
Anker Coal Group, Inc. and its subsidiaries produce and sell coal used
principally for electric generation and steel production in the eastern United
States.
Contact Bruce Sparks, President, Anker Coal Group, Inc. At (304) 594-1616.
