National Coal holders swap $13 million of 10½% notes for stock in year through Sept. 30

By Angela McDaniels

Tacoma, Wash., Nov. 17 - National Coal Corp. said holders of its 10½% senior secured notes due 2010 exchanged a total of $13 million notes and $158,958 of accrued interest for 1,855,935 shares of the company's common stock during the first nine months of the year.

The exchanges resulted in a $504,392 loss on extinguishment of debt, according to the company's third-quarter 10-Q report filed with the Securities and Exchange Commission Monday.

National Coal is a Knoxville, Tenn.-based coal producer.

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