National Coal facing foreclosure
National Coal of Alabama, a wholly owned subsidiary of Knoxville-based National Coal Corp., is facing foreclosure on its outstanding capital stock after defaulting on a $60 million credit agreement with various lenders, the parent company announced Monday.
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, officials said in a prepared statement.
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