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None of the creditors, which include TCW Asset Management Co. and other lenders, have a lien or encumbrance on assets of National Coal Corp. or its other subsidiaries, National Coal officials said in a statement.
For the six months ending June 30, National Coal of Alabama accounted for about 55 percent of National Coal Corp.'s debt and liabilities, about 39 percent of its consolidated revenues and 16 percent of its December 2008 total reserves. Daniel A. Roling, president and CEO of National Coal Corp., said in a statement that a significant decrease in sales volume led to the subsidiary failing to meet its debt obligations.
"We expect that the operations of National Coal Corp. and our other subsidiaries, which operate coal mines and other facilities in Tennessee, will continue independent of any actions that the lenders may take with respect to National Coal of Alabama and its assets," Roling said.
National Coal Corp., which employs about 350 people, conducts coal mining operations in Tennessee and Alabama. It sells steam coal to electric utilities and industrial clients in the Southeast.
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