takeover now more likely than ever, page-55

The trouble is the banks cant get their money easily.

3 billion unsecured would be gone, 0.5 billion of management business would be gone

and to top it off the cross dependencies mean that it is not clear which bank will get what.

So yes the banks could - and may pull the rug out from under centro - but it will cost them - announcing billion dollar losses at the moment is probably not desirable and they would have to fight each other for priority...

What the banks want is their risk covered - lower leverage and a restructure that will ensure centro will be able to withstand an economic down turn - keep the interest payments rolling in.

The hard question is whether this is possible.

There is probably some poetic justice here somewhere....