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National Coal to Sell Assets to Xinergy



By AP
12 February 2008 @ 09:30 am EST

KNOXVILLE, Tenn. - National Coal Corp., which produces coal in central and southern Appalachia, said Tuesday it agreed to sell its Kentucky assets to Xinergy Corp. for $11 million in cash.

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The company will use proceeds to repay its $10 million senior secured term loan, scheduled to mature in December.

Xinergy Corp. is controlled by Jon Nix, founder and a significant shareholder of National Coal.

National Coal said the deal allows it to focus on higher-margin assets.

Shares rose 34 cents, or 4.9 percent, to $5.15 during premarket trading after closing at $4.91 on Monday.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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