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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge

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To: Carter B who wrote (10236)	11/28/2002 5:49:48 AM
From: Al Collard	of 11802

MGX-t...in the news: Globe says Mosaic Group may seek creditor protection Thu 28 Nov 2002 The Globe and Mail reports in its Thursday edition that Mosaic Group posted a $395-million third quarter loss Tuesday and said it may be forced to seek creditor protection. The Globe's John Heinzl writes that Mosaic also said it is discontinuing its money-losing British division and absorbing a good will impairment charge of $114.6-million on the troubled unit. Mosaic took a further $233-million charge against good will on its Performance Solutions unit, which was hit by the loss of clients WorldCom Wireless and New Power, an Enron affiliate. Creaking under $337-million of debt, Mosaic is exploring options such as asset sales, alternate long-term financing, restructuring and a possible sale of the company. If such efforts fail it may file for creditor protection in the United States and Canada, something it hopes to avoid. Mosaic has just $9-million in cash and undrawn credit lines, which is "insufficient to sustain the business beyond the short term and will be insufficient to fund ongoing interest commitments," it said. Mosaic expects to default on its Dec. 13 and Dec. 15 interest payments totalling $5.4-million on senior secured term notes and senior subordinated term notes.

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