CoreLogicInc (NYSE:CLGX) on Watch

[Benzinga] CoreLogicInc (NYSE:CLGX)(TREND ANALYSIS) In a report published Tuesday, Stephens analyst John Campbell upgraded the rating on Corelogic Inc (NYSE: CLGX) from Equal-Weight to Overweight, while raising the price target from $43 to $47. The company is well positioned to beat or raise its guidance for Q2.

[W]e believe CLGX, due to the fluctuating end markets, has yet to get the full credit it deserves for the degree of heavy lifting it has done over the last several years. We look for a steadier mortgage market exiting 2Q to help CLGX grind its way to eventual mid-30 percent adj. EBITDA margin, Campbell stated.

The analyst expects the company to post another strong quarter in Q2, with incremental margins of about 52 percent. In addition, the TPS business is expected to benefit from the favorable refi trends, leading to high single-digit Damp;A organic growth. The continuing weakness in the multifamily segment is expected to be more than offset by gains in the property info and insurance segments.

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CoreLogicInc (NYSE:CLGX) stock is currently trading 2.86% below its 52-week-high, 55.4% above its 52-week-low. The 1-year stock price history is in the range of $25.54 $40.86. CoreLogicInc (CLGX) has a price to earnings ratio of 35.06 versus Technology sector average of 20.58. CLGX stock price has outperformed the Samp;P 500 by 25.7%. The Diversified Financial Services company is currently valued at $3.58 billion and its share price closed the last trading session at $39.69. The stock has a 50-day moving average of $38.92 and a 200-day moving average of $35.62.

CoreLogicInc (CLGX) current short interest stands at 0.51 million shares. It has decreased by 18% from the same period of last month. Around 1% of the companys shares, which are float, are short sold. With a 10-days average volume of 1.15 million shares, the number of days required to cover the short positions stand at 0.5 day.

The company is expected to announce next quarter earnings on July 22, at consensus estimate of $0.44. CoreLogicInc (CLGX) reported last quarter earnings on April 22. The Diversified Financial Services company announced earnings per share of $0.4 against a consensus Street estimate of $0.26, beating the average estimate by $0.14. This corresponds to an increase of $0.15 compared to the same quarter of the previous fiscal year.

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There are currently twelve analysts that cover CoreLogicInc stock. Of those twelve, seven have a Buy rating, four have a Hold rating and one has a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $41.94.

A recent analyst activity consisted of Stephens amp; Co. upgrading their Equal-weight rating to Overweight on June 30. On the date of report, the stock closed at $39.69.

Macquarie downgraded their Neutral rating to Underperform on June 17. On the date of report, the stock closed at $37.54.

Another research firm was Barclays who reiterated their Overweight stance on April 24. Barclays increased their price target on CoreLogicInc from $40 to $44. This translates to a 10.86% upside from the last closing price. On the date of report, the stock closed at $39.45.

Company profile

CoreLogic, Inc. provides consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics. CoreLogic offers mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services.

Corelogic Lowered to Hold at Zacks (CLGX)

Zacks downgraded shares of Corelogic (NASDAQ:CLGX) from a strong-buy rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, CoreLogic, Inc., formerly known as First American Corp., is a provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services. CoreLogic has built databases for US real estate, mortgage application, fraud, and loan performance and is also a provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. The Company serves various industries, including automotive, cable, financial services, employment, geospatial information service, insurance, legal, oil and gas, real estate, retail, utility, and telecommunications. CoreLogic, Inc. is headquartered in Santa Ana, California.

Zacks has also updated their ratings on a number of other information technology stocks in the last week. The firm upgraded shares of Heartland Payment Systems, Inc. from a sell rating to a hold rating. Also, Zacks upgraded shares of Accenture Plc from a hold rating to a buy rating. Zacks now has a $109.00 price target on that stock.

Shares of Corelogic (NASDAQ:CLGX) traded up 0.03% during mid-day trading on Wednesday, hitting $38.33. The stock had a trading volume of 544,213 shares. Corelogic has a 1-year low of $25.54 and a 1-year high of $40.74. The stock has a 50-day moving average of $38. and a 200-day moving average of $35.. The company has a market cap of $3.46 billion and a price-to-earnings ratio of 33.86.

Corelogic (NASDAQ:CLGX) last announced its earnings results on Wednesday, April 22nd. The company reported $0.46 earnings per share for the quarter, beating the analysts consensus estimate of $0.31 by $0.15. The company had revenue of $364.80 million for the quarter, compared to the consensus estimate of $356.53 million. During the same quarter last year, the company posted $0.18 earnings per share. Corelogics revenue was up 11.9% compared to the same quarter last year. On average, analysts predict that Corelogic will post $1.79 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Macquarie downgraded shares of Corelogic from a neutral rating to an underperform rating in a research note on Wednesday, June 17th. Analysts at Piper Jaffray set a $46.00 price target on shares of Corelogic and gave the company a buy rating in a research note on Wednesday, May 20th. Analysts at Oppenheimer reiterated an outperform rating and set a $45.00 price target on shares of Corelogic in a research note on Wednesday, May 20th. Finally, analysts at William Blair reiterated an outperform rating on shares of Corelogic in a research note on Tuesday, April 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $39.56.

CoreLogic, Inc (NASDAQ:CLGX) is a residential property information, analytics and services provider in the United States, Australia and New Zealand. The Company serves real estate and mortgage finance, insurance, capital markets, transportation and government.

To get a free copy of the research report on Corelogic (CLGX), click here. For more information about research offerings from Zacks Investment Research, visit

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American Seafoods debt deal underway amid Rokke return talk

The majority of payment-in-kind (PIK) noteholders in troubled US fishing company American Seafoods Group has agreed a restructuring agreement with an unnamed investor, according to a note from ratings agency Standard amp; Poor’s (Samp;P).

According to the Samp;P analysts, American Seafoods has announced the majority of the holders of its unrated holding companys PIK notes entered into a entered into a recapitalization agreement (CRA) with a potential investor on May 28, 2015.

The potential investor is unnamed. Both private equity Bregal Partners and Kjell Inge Rokke, the chairman of Norwegian conglomerate Aker and the founder of what is now American Seafoods, have been linked to the restructuring process by Undercurrent News sources.

American Seafoods highly leveraged capital structure, with debts of over $900 million, includes over $125m of 15% PIK notes, which continue to accrue interest and represents a growing liability on the companys balance sheet, wrote Samp;P in a note from January.

Ron Rogness, vice president of corporate relations with American Seafoods, declined to comment to Undercurrent on the identity of the investor. Bernt Bodal, the CEO of American Seafoods, did not return a request for comment.

Last week, Hallvard Muri, a key Rokke lieutenant, declined to comment to Undercurrent on a possible link between his stepping down as CEO of Aker BioMarine and American Seafoods. When Rokke ran American Seafoods, Muri was the Seattle-based companys chief financial officer and later general manager from 1995-2002 and industry sources feel he could return.

Undercurrent sources are also linking a recent bond issue by Aker, Rokkes holding company, to the American Seafoods re-financing process. On May 22, Aker competed the placement of the NOK 1 billion ($129.51m) bond issue.

We understand that 86% of the noteholders have accepted the agreement and believe they accepted the offer because of the perceived risk that ASG [American Seafoods Group] may not fulfil its original obligations, said Samp;P credit analyst Kim Logan. In our view, the offer is distressed rather than opportunistic because there is a real possibility of a conventional default over the short term; we see a risk that ASG could fail to refinance its 2015 and 2016 debt maturities or file for bankruptcy.

Upon closing of the agreement, the PIK noteholders would exchange their debt at a substantial discount for either cash or equity, which Samp;P views as a distressed exchange.

In response, Samp;P is lowering its corporate credit rating on American Seafoods to CC from CCC-, the level the ratings agency had cut the company to in January. At the time, Moodys said a default or restructuring is inevitable in the next six months.

In addition, Samp;P is lowering its issue-level ratings on the companys senior secured credit facilities to CCC from CCC+.

The recovery rating remains 1, indicating that lenders could expect very high (90% to 100%) recovery in the event of a payment default, wrote Samp;P.

Samp;P is also lowering its issue-level ratings on the companys senior subordinated notes to CCC- from CCC.

The recovery rating remains 2, indicating our expectation for substantial (70% to 90%, at the high end of the range) recovery in the event of a payment default, wrote the ratings agency.

As part of the agreement, the company would refinance its credit agreements. The company terminated the master waiver agreement that was in place and entered into an amendment with the senior secured lenders to provide covenant relief.

The amended credit facility extends the previously provided covenant relief and requires the company to provide a commitment letter for a refinancing of the operating company on or before June 30, 2015.

The company expects to refinance or further extend the senior credit facility by July 15 in order to comply with covenants, and also plans to refinance its subordinated notes.

Despite an improvement in earnings before interest taxes, depreciation and amortization (ebitda) in its recently reported Q1 results, “challenges reflected in ASGs business risk profile include the companys narrow product focus and participation in the commodity-oriented, highly regulated, and somewhat volatile commercial fishing industry”, wrote the ratings agency.

In Q1, American Seafoods saw ebitda increase 14% year-on-year, to $22.3m.

However, the “operating performance is subject to supply-and-demand vagaries related to its products, variable catch volumes, and worldwide pricing movements that can affect financial performance”, wrote Samp;P.

“We believe the companys leverage is very high and increasing, and cash flow-to-debt metrics are thin. We estimate the ratio of adjusted total debt to ebitda of over 9x for the 12 months ended March 31, 2015. Increases in leverage reflect ASGs contracted ebitda and highly leveraged capital structure,” according to Samp;P.

The holders of the PIK notes — securities whose interest can be paid with additional securities rather than cash — are more inclined to accept less than what they are owed “because of the perceived risk that ASG may not fulfill its original obligations”, states Samp;P.

American Seafoods Group’s total outstanding debt was $675.3m as of March 31, according to the Q1 results. The total outstanding debt of American Seafoods Group Consolidated, owner of American Seafoods Group, is $906.8m, as of March 31.

“That deal with the junior debt holders would reduce the debt burden on American Seafoods, and may set the stage for further financial restructuring or a change in the ownership structure,” states the Seattle Times.

Owners of American Seafoods’ senior debts, which total more than $600m, would likely recover 90% or more of their money even in a bankruptcy, so they are less motivated to settle for only a portion of what they’re owed, reports the Seattle Times.

Link to Rokke

The fire of speculation over Rokke making a return to invest in American Seafoods has been fueled by the announcement that Muri has left his role as CEO of Aker BioMarine, the krill harvesting business owned by the group.

According to the press release, Muri will go on to pursue other projects within the Aker group.

I’m extremely grateful for the work Hallvard has done for Aker BioMarine and I’m happy that he will continue to be a part of Aker going forward, said Rokke.

In early April, sources told Undercurrent a possible investment in American Seafoods involving Rokke could be done partly through Converto Capital, a vehicle which controls Aker investments in companies around the world.

Private equity firm Bregal Partners was also involved in the re-financing talks, according to a proposal dated Feb. 13. This ultimately did not pan out, but the firm was still thought to be involved as of March 25, sources told Undercurrent.

American Seafoods remains in talks, with the help of advisory firm Blackstone, to re-finance a part of its debt, the company told those on its Q1 bondholder conference call in early June.

Bodal told Undercurrent in late March he plans to stay on as CEO, regardless of what happens with the refinancing talks.

Although Rokke is not an American citizen and can only own 25% of US quotas — a factor which ultimately caused his exit from American Seafoods — his son Kristian is.

Last March, when Kristian stood down as CEO of the Aker Philadelphia Shipyard, there was industry speculation this could lead to a Rokke return to American Seafoods at some point. Kristian is now chairman of the shipyard.

There has been a recent wave of foreign investment in US fishing assets, despite the 25% cap, with both the Canadian Cooke family and South Africas Oceana moving for deals, for Wanchese Fish Company and Daybrook Fisheries, respectively.

Fight Financial Clutter (or Do as I Say , Not as I Do)

As a financial adviser, I’ve seen a lot of clutter in people’s financial lives. I know people who have dozens of financial accounts. Problem is, the more accounts one has, the harder — and more time-consuming and stressful — it is to keep track of everything.

I know one person, for instance, who has about a dozen different bank accounts, three brokerage accounts, and many stocks and mutual funds in these accounts. Though I typically don’t name people in my articles, I’ll make an exception this time — it’s me. I’ll explain my financial clutter in a bit, but for now, do as I say and not as I do.

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Problems with financial clutter

Financial clutter, like hoarding, usually happens over time. One acquires more and more accounts and then, in brokerage accounts, buys more holdings. But clutter presents huge problems:

  • It makes it hard to get a big picture of your financial status, such as your net worth or asset allocation.
  • It makes it easy to forget to manage accounts, such as leaving that chunk of cash in a bank account earning 0.01 percent APY for the past couple of years.
  • It makes doing the tax return more complex, as each institution typically sends you a 1099 that’s also sent to the IRS. I get dozens of these.
  • It leaves your spouse or heirs the impossible task of understanding what they are left with after you pass away.
  • It leaves you in the hopeless situation of understanding your portfolio if cognitive skills decline late in life. Simplicity helps protect against financial predators who often prey on seniors.

Superiority of simplicity

First, understand that one can build a very diversified, simple and low-cost portfolio at one brokerage firm using a handful of funds I’ve written about known as lazy portfolios. One, known as the Second Grader’s Starter Portfolio, was named after my son and currently has the best returns of the eight such portfolios being tracked by Dow Jones MarketWatch. So one brokerage account, combined with a local bank account, can do the job quite nicely.

Simplicity has value in that it’s easy for anyone to understand, it keeps mail to a minimum, and it makes the investing part of the tax return a snap.

Excuses, excuses, excuses

So if I’m such a fan of simplicity, why am I the “King of Clutter”? I have three reasons and the first two may even apply to you. First, I’m a believer in using bank certificates of deposit over bonds and bond funds. I go with whatever bank or credit union has the best rate as long as it is US government-insured by the FDIC or NCUA. That extra clutter gives me extra income.

Next, taxes are costs. I’ve bought some funds decades ago and would have to pay hefty taxes to sell and simplify. In my mind, the extra clutter defers taxes I’d have to pay Uncle Sam or, better yet, avoids the taxes altogether when I pass away as my son would not have to pay that tax under current law.

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The third reason is particular to me as a financial planner. Whenever I can, I like to buy what I’m recommending to clients so I can experience it myself. Also, under my hourly pay model as a fee-only financial adviser, I need to hold accounts at a couple of brokerage firms to be able to view accounts of other clients. I’ll consolidate when I no longer have this need.

My advice

Admittedly this advice sounds a tad hypocritical, but fight the power of inertia and financial clutter and simplify. When either you can’t simplify or the costs to do so are too great, use tools to keep track of everything. Money aggregation websites such as or can go to most accounts and pull in current balances. They do require giving passwords for each account, though to my knowledge there have been no security breaches to date.

Simplicity is superior, but for me, it is a distant dream as my clutter doesn’t look like it’s going anywhere for a while.

Photo: Carenas1/iStock

Also of Interest

  • A Financial Adviser Exposes Own Portfolio
  • JFK: Personal Portraits From a Public Life
  • Get Involved: Learn How You Can Give Back
  • Join AARP: Savings, resources and news for your well-being

See the AARP home page for deals, savings tips, trivia and more.

Red Hat Names Tech Industry Veteran as Financial Chief

Red Hat Inc. named technology industry veteran Frank Calderoni as its new chief financial officer starting next month, succeeding Charlie Peters who is retiring.

Mr. Peters, whose retirement was announced in December, has been Red Hat’s financial chief since 2004.

Red Hat Chief Executive Jim Whitehurst said Mr. Calderoni will come aboard…

Financial scheme leads to another indictment

On Friday, Gulf Breeze attorney Richard Michael Colbert became the third local man charged by federal authorities for his alleged involvement in a real estate scheme to steal from local banks.

Colbert faces 15 felony crimes, including theft, conspiracy to commit bank fraud, embezzlement, lying to a federally financed banking institute and money laundering.

Michael “Sean” Davis, the former president of Crestview’s Premier Community Bank of the Emerald Coast, pleaded guilty in March to a handful of crimes he committed as part of the same scheme.

Davis is scheduled for sentencing July 20.

Lawrence Allen Wright of Niceville was also tied to the scam, which ran from 2006 until 2011, court records say.

Wright is serving a 75-month prison sentence for fraud and theft of his ex-wife’s identity.

The indictment alleges that Colbert, while the manager of Beach Title Services, a partially-owned subsidiary of Beach Community Bank, participated in a scheme to defraud and obtain money and/or property by fraudulent means from federally insured financial institutions, a news release said.

Colbert allegedly signed and submitted a false settlement statement to the now defunct GulfSouth Private Bank so former builder Lawrence Wright could obtain a loan, the release said.

The illegal dealings focused around the Preserve at Inlet Beach development in Walton County. Colbert was the development company’s registered agent.

The indictment also alleges that Colbert embezzled and misused funds being held at Beach Community Bank and laundered those funds through a series of financial transactions.

Colbert “was not and never was a bank employee or officer,” wrote Beach Community Bank President Tony Hughes in an email.

“We uncovered his alleged embezzlement in October 2011,” Hughes wrote. “We immediately terminated him, notified law enforcement, and closed down the title company. We have been cooperating with the criminal investigation ever since.”

Hughes added he wouldn’t be surprised to see more indictments in the case.

Contact Daily News Staff Writer Tom McLaughlin at 850-315-4435 or Follow him on Twitter @TomMnwfdn.

Sittenfeld report shows salary, other financial info

This story has been updated to correct several mistakes.

WASHINGTON Cincinnati City Councilman PG Sittenfeld earned about $35,000 last year for his part-time job at the Community Learning Center Institute, where he is the assistant director.

Sittenfeld, who is running for the Senate, disclosed his salary and other financial information in a report filed Friday with the Senate Office of Public Records.

The report shows Sittenfeld held stocks, mutual funds, and other assets worth about $330,000 last year. The report says he liquidated many of his stocks — including investments in Exxon Mobil Corp., General Electric Co., and Cisco Systems Inc. — at some point last year.

Lawmakers and candidates only have to report their financial holdings in broad ranges, so determining exact net worth is impossible. But Sittenfeld listed specific totals–reporting that he held $152,000 in non-retirement assets and retirement accounts worth $176,000.

JPMorgan: Greece’s Financial System Just Had a Terrible Week

The 44 billion euro outflows has totally eclipsedthe 14 billion euros that had flowed into Greece between June 2012 and November 2014.In total, the JPMorgan analysts say, Greecehas lost 117billion euros of deposits since the end of 2009, when worries over the countrys debt profile first began reverberating across financial markets. That means Greeces bank deposit-to-GDP ratio now sits at 66 percent — far lower than the 94 percent eurozone average.

The stress on the Greek banking systemis also apparent in less obvious financial corners.

Greek banks remain locked out of the vast and shadowy repo market where financial institutionspawn their assets in exchange for short-term financing. The liabilities of Greek banks to non-domestic financial institutions — orrepo loans to Greek banks– have fallen by almost 30 billion euros since last November, JPMorgan says, citing Bank of Greece data.

Thats one reason why Greek banks have had to borrow almost80 billion euros in emergency funding from the European Central Bankin the same time period — far more than the 44 billion euros theyve lost in deposits.

Hercules Prepares for Chapter 11; Another E&P Begins Restructuring

Houston-based jack-up contractor Hercules Offshore Inc., whose fleet is concentrated in the shallow waters of the Gulf of Mexico (GOM), is handing over ownership to creditors through a financial restructuring that would lead to a Chapter 11 filing in early July.

Two-thirds of Hercules debt holders agreed to a plan to convert $1.2 billion in senior debt into new equity, giving them almost 97% of the companys shares. Existing shareholders would receive about 3%. A bankruptcy court has to okay the plan once Hercules files for voluntary protection, which is expected in July.

Under the agreement, creditors would backstop $450 million in capital to pay for Hercules Highlander, a new drilling rig, among other things. No contracts would be broken, and operations would continue as usual.

Once our financial restructuring is completed, the new capital structure will provide a better foundation for Hercules to meet the challenges in the global offshore drilling market due to the downcycle in crude oil prices and expected influx of newbuild jackup rigs over the coming years, Hercules CEO John Rynd said.

Hercules is the second US oilfield services operator that would file for protection since the start of the year after Houstons Cal Dive International Inc. (see Daily GPI,March 4). Hercules already has reduced its workforce of 1,800 by 40% since the start of the year and has cold stacked 11 of 20 GOM rigs.

Tudor, Pickering, Holt amp; Co. said the Hercules deal with creditors reflects the depressing state of the jackup markets coupled with a highly levered…balance sheet. Moodys Investors Service in March had lowered the Hercules liquidity rating to SGL-4, its lowest rating on a scale of 1-4, from SGL-2. The SGL is a short-term rating system for speculative grade issuers that are by definition not prime.

Analysts with Raymond James amp; Associates Inc. said the Hercules news does not come as a surprise, because the high amount of leverage and weaker macro conditions have weighed on the companys financial health…

Evercore analysts noted that Hercules was able to avoid restructuring after the 2010 Macondo well blowout in the GOM shut down offshore operations for about half a year. This downturn, however, is proving to be too severe to escape and Hercules rigs are at a serious disadvantage in the current very oversupplied offshore market, analysts said.

Meanwhile, junior independent Saratoga Resources Inc., also based in Houston, filed for Chapter 11 on Thursday in US Bankruptcy Court for the Western District of Louisiana in Lafayette. Saratogas principal holdings cover around 52,000 net acres, mostly held by production, in the transitional coastline and protected in-bay environment on parish and state leases of South Louisiana and in the shallow GOM shelf.

The company joins a list of exploration and production operators based in North America that have fallen into bankruptcy since the start of the year as a result of the commodity price crunch.

Saratoga intends to continue to operate as debtors in possession (DIP), management said. The company should have sufficient cash to operate its businesses in the immediate term without need for DIP financing.

The bankruptcy filing follows earlier challenges relating to the companys field operations coupled with the precipitous decline in oil and gas prices, which resulted in lower than projected revenues and profitability and an unexpected arbitration award against the company by privately held Harvest Operating LLC, management said. Exhaustive initiatives were undertaken in field operations also, but its not been enough.

As a result of the steep decline in commodity prices during the second half of 2014 and continuing into 2015, compounded by production declines associated with run time issues in early 2014, which have subsequently been addressed, we have been operating in a cash-constrained environment, CEO Thomas F. Cook said.

We have been working closely with our secured lenders to try to address liquidity issues with a view to either restructure or repay existing debt and preserve collateral from hostile action arising from the outstanding arbitration award and have retained advisers to assist in the evaluation of potential alternatives to either restructure or repay the existing secured debt, Cook said.

Saratoga is pursuing legal claims against Harvest, which won an arbitration award of $3.7 million, but without an acceptable resolution of the arbitration award, our management and our principal lenders determined that a court administered reorganization would offer the best means of addressing the arbitration claim and the companys existing debt structure and realizing the anticipated benefits of our drilling, workover and recompletion program.

The Chapter 11 process is being used to avert adverse action by Harvest and to restructure.

Saratoga management intends to continue doing business while we complete the processes before us and expect that a vast majority of our suppliers, vendors and business associates will see no disruption in our business. We believe that our long-term prospects remain solid, that we continue to have substantial untapped reserves and that our development program will continue to increase daily production.

Cupric Canyon Capital buys Botswana’s copper firm out of liquidation

GABORONE (Reuters) – Cupric Canyon Capital, a private equity firm backed by a unit of Barclays Plc, has bought Discovery Copper Botswana (DCB) for 343 million pula ($35 million), the appointed liquidators said on Friday.

DCB, a unit of Australias Discovery Metal Limited, was placed under provisional liquidation earlier this year after failing to pay more than 1.3 billion pula to creditors. Cuprics takeover paves way for its Boseto Mine to resume operations.

Terry Brick, a director at Deloitte, the provisional liquidators of the mine, said his firm would seek the courts approval of the deal to enable DCB to come out of liquidation.

Out of DCBs $137 million in total liabilities, $103 million is owed to secured lenders, $4 million to government and $30 million to unsecured creditors.

Cupric Canyon was also one of the mining firms creditors, Brick said.

Cupric Canyon, through a local subsidiary Khoemacau, plans to open another copper mine near Boseto next year.

($1 = 9.9010 pulas)