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National Coal Corp. Tennessee Operations Unaffected as Alabama Subsidiary Defaults on $60 Million Loan.

Publication: Mining & Minerals Business
Publication Date: 07-AUG-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
National Coal Corp. (Nasdaq: NCOC), a Central and Southern Appalachian coal producer, announces its wholly-owned subsidiary, National Coal of Alabama, Inc. has defaulted on its $60 million credit agreement entered into October 2007 with TCW Asset Management Company and various lenders. The lenders are expected to foreclose on the outstanding capital stock of National Coal of Alabama.

No creditor of National Coal of Alabama, including the lenders under the $60 million...

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