American Commercial Lines receives default notice from bank lenders

New York, Jan. 23 - American Commercial Lines LLC received a notice of default from its bank lenders after failing to pay interest due Dec. 31 on two series of notes, according to a filing with the Securities and Exchange Commission.

The letters, from JPMorgan Chase Bank, the agent on its senior credit facility, and Bank One, NA, the provider of its receivables facility, are a notice of cross default and reserve the lenders' rights.

American Commercial, a subsidiary of Jeffersonville, Ind. Danielson Holding Corp., said it is in active discussions with its lenders about a restructuring.

As previously announced, the company opted to use the 30-day grace period for the $7.7 million interest payment on its 11¼% senior notes and the $0.3 million interest payment on its 10¼% senior notes, both coupons being due Dec. 31.

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