UPDATE 1-Anthracite says breaches covenants, shares plunge
* Raises going concern doubts
* Posts fourth straight qtrly loss
* Revenue falls 40 pct
* Shares plunge 40 pct
Nov 10 (Reuters) - Anthracite Capital Inc (AHR.N: Quote, Profile, Research), an investor in commercial real estate assets, said it has "substantial" doubts about its ability to continue as a going concern after breaching banking covenants and posting a fourth straight quarterly loss.
The company also said it missed interest payments due on Oct. 30 to its senior noteholders.
Anthracite is seeking ways to refinance or restructure its debt and is talking with its lenders and unsecured noteholders to cure or obtain a waiver for missed interest payment and amortization payment defaults and covenant breaches, it said.
Shares of the company plunged more than 40 percent to 46 cents in morning trade on the New York Stock Exchange.
Anthracite is externally managed by BlackRock Financial Management Inc, a unit of investment management firm BlackRock Inc (BLK.N: Quote, Profile, Research). Continued...
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