Anker Announces Successful Completion of Exchange Offer

Apr 12, 2001, 01:00 ET from Anker Coal Group, Inc.

    MORGANTOWN, W.Va., April 12 /PRNewswire/ -- Anker Coal Group, Inc. (the
 "Company") announced today that it successfully completed its exchange offer.
 At the closing, which occurred today, it exchanged $34,207,000 aggregate
 principal amount of its outstanding 14.25% Series B Second Priority Senior
 Secured Notes due 2007 (PIK through April 1, 2000) (the "Notes") for 34,207
 shares of the Company's Class E Convertible Preferred Stock (the "Preferred
 Stock").
     The Company also announced that it paid the April 1, 2001 interest payment
 due on the Notes today.  The Company also said that the previously announced
 amendment to its credit agreement with Foothill Capital Corporation and its
 other senior lenders is now effective.
     Bruce Sparks, President of the Company, stated that, "We are delighted to
 have completed this exchange offer.  This significantly improves Anker's
 balance sheet and cash flow position.  We look forward to continuing to
 implement our business plan to improve Anker's performance."
 
     This release may contain statements that constitute 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.  Actual results may differ
 materially from those described or implied herein as a result of various
 factors, many of which are beyond the Company's control.
 
     Anker Coal Group, Inc. and its subsidiaries produce and sell coal used
 principally for electric generation and steel production in the eastern United
 States.
 
     For more information, please contact Bruce Sparks of Anker Coal Group,
 Inc. at (304) 594-1616.
 
 

SOURCE Anker Coal Group, Inc.
    MORGANTOWN, W.Va., April 12 /PRNewswire/ -- Anker Coal Group, Inc. (the
 "Company") announced today that it successfully completed its exchange offer.
 At the closing, which occurred today, it exchanged $34,207,000 aggregate
 principal amount of its outstanding 14.25% Series B Second Priority Senior
 Secured Notes due 2007 (PIK through April 1, 2000) (the "Notes") for 34,207
 shares of the Company's Class E Convertible Preferred Stock (the "Preferred
 Stock").
     The Company also announced that it paid the April 1, 2001 interest payment
 due on the Notes today.  The Company also said that the previously announced
 amendment to its credit agreement with Foothill Capital Corporation and its
 other senior lenders is now effective.
     Bruce Sparks, President of the Company, stated that, "We are delighted to
 have completed this exchange offer.  This significantly improves Anker's
 balance sheet and cash flow position.  We look forward to continuing to
 implement our business plan to improve Anker's performance."
 
     This release may contain statements that constitute 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.  Actual results may differ
 materially from those described or implied herein as a result of various
 factors, many of which are beyond the Company's control.
 
     Anker Coal Group, Inc. and its subsidiaries produce and sell coal used
 principally for electric generation and steel production in the eastern United
 States.
 
     For more information, please contact Bruce Sparks of Anker Coal Group,
 Inc. at (304) 594-1616.
 
 SOURCE  Anker Coal Group, Inc.