| Around central Wisconsin: Loyal, Greenwood vote against consolidation
After nearly two years of debate, the school districts of Loyal and Greenwood won't consolidate.
Greenwood voted 736 to 581 and Loyal voted 623 to 378 on Tuesday against the consolidation referendum.
"Personally, I'm a little disappointed," said Loyal Superintendent Graeme Williams. "I worked pretty hard on this the past couple years, but it's something we as a district have to move forward on."
Both districts face significant declining enrollments and will be forced to consider reductions and ways to collaborate with other school districts to maintain courses, said Williams.
Greenwood also carries a debt of $4 million that will take until 2016 to pay off, said board president Bill Herr, who has already scheduled meetings with the teachers' union to discuss how they'll maintain curriculums.
S&P Analyst Expects Mining Consolidation
Investors can expect more consolidation in the metals and mining sector, and most of that will likely be financed by debt, said a Standard & Poor's credit analyst Friday. The sector, which includes about 50 coal, steel, aluminum and other mining companies, holds about $70 billion in debt, adjusted for certain items, said analyst Marie Shmaruk at S&P's Chemicals, Metals & Mining & Forest Products Hot Topics conference. .
Retail Food raising $44m
QUEENSLAND-based Retail Food Group has announced details of its $44 million capital raising to help fund the recent acquisition of Michel's Group on the heels of the Brumby's purchase. Retail Food has received commitments for a placement of 24 million ordinary shares at $1.85 per share to raise $44.4 million before costs. Participants in the placement represent a range of institutional and private investors with all existing institutional shareholders taking part. RFG chief executive Tony Alford said funds raised would go toward the Michel's acquisition and also pay down debt associated with the recent purchase of Brumby's. "We are extremely pleased with the significant interest and response received in connection with the placement and the good support the company has recently enjoyed in respect of its industry consolidation aspirations and acquisition activity," he said.
Deutsche Bank's Mike Mayo Estimates As Much As $400 Billion in Credit Losses for Banks
NEW YORK (AP) - Bad mortgage debt may cost banks as much as $400 billion by the time the credit crisis has run its course, a widely tracked Wall Street analyst wrote in a research report Monday. The major banks have recorded $43 billion in charges stemming from deteriorating mortgage credit quality so far. Plus, they have warned that roughly $25 billion in additional charges are forthcoming. Deutsche Bank analyst Mike Mayo suggested they are perhaps halfway finished. Eventually, the big banks will write off $100 billion to $130 billion, Mayo estimates. .
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