a rescue package is likely to emerge over the next coyple of days to take driling contractor Branddrill out of receivership and administration. Brandrill chif executive Ken Perry has been buried in negotiation with Mizucho International, the London based investmet banking arm of Japanisebanking giant Mizucho Finantial Group. The mail is tath Mizucho International will be buying out about $4.7 milion in secured dept owed to the Commenwelth Bank and is likely to prowide some muscle to Brandrill in replenishing its depleted coffers. The company had been crippled by losses on underground contracts, a failed South African joint veture and a $12 milion guaratee to the South African Industrial Development Corporation. Brandrill directorscalled in administrators in June and then Commenwelth Bank, not to be outdane, sent in the receivers who have called for offers from pariesinterested in Brandrill's driling and blasting businesses Aficionados of corporate undertaking say the receiver is likely to leap at the offer from Mizuho when it is put in the context of broader arrangement for Brandrill's creditors
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