A process for the production of high yields of high quality products from heavy hydrocarbonaceous feedstock comprising a two-stage, close-coupled process. The first stage comprises a thermo-catalytic zone into which is introduced a mixture comprising the feedstock, coal, a liquid catalyst precursor, and hydrogen. The second, close-coupled stage comprises a catalytic-hydrotreating zone into which substantially all the effluent from the first stage is directly passed and processed under hydrotreating conditions.