National Coal sells shortline railroad
Written by jroodFebruary 14, 2001 National Coal Corp. said its wholly-owned subsidiary NC Railroad Inc has sold a shortline railroad that runs between Oneida and Devonia, Tenn., to R.J. Corman Railroad Property LLC for $3 million, the Knoxville News-Sentinel reports.
Knoxville-based National
Coal previously used the 42-miles of rail line to service New River Tract mine
and a preparation plant in Devona. Last month, National Coal sold the New River
Tract and other assets to Ranger Energy Investments LLC for $11.8 million and
used the proceeds to pay down debt.
The sale comes on the heels
of a first quarter loss of $5.8 million, or 17 cents per share, compared to a
loss of $5.7 million for the same period last year.