bloomberg headline a bit scary, page-7

Link: http://www.bloomberg.com/apps/news?pid=20601080&sid=aN8tb1fmGBo0&refer=news

Centro, Struggling to Refinance Debt, Puts Itself Up for Sale

By Laura Cochrane

Jan. 2 (Bloomberg) -- Centro Properties Group, facing a Feb. 15 deadline to refinance A$3.9 billion ($3.4 billion) of debt, said it is seeking buyers for the company.

The owner of 700 U.S. malls will consider offers for all of the company or for assets including its Australian and U.S. funds, it said in a statement today. It may also recapitalize or issue more stock, the Melbourne-based company said.

Centro shares rose 16 percent to A$1.18 at 10:33 a.m. in Sydney trading. Centro Retail Group, the listed property trust it manages, gained 3.7 percent to 99 Australian cents.

The company lost 80 percent of its market value last month when it revealed it was struggling with it debt amid the credit market fallout from rising defaults in U.S. subprime mortgages.

To contact the reporter on this story: Laura Cochrane in Melbourne [email protected] .

Last Updated: January 1, 2008 18:40 EST

Cheers, Pie :-)