Well I had a look at collada and it was perfectly suited my purpose! Thanks guys. Writing the converter is also easier since it's basically xml. Big thanks!
I suggest using an existing converter such as Assimp instead if it suits your needs. It will save you a lot of time and headaches.
I wish I had seen it earlier! I'm trying to get my hands dirty on it now. Judging by the spec, Assimp looks like a great library!