wsj article, page-23

The SP hovered around the 20-30c mark when it looked like the end was near.
On rumours/media reports of a $1 offer, it briefly raced past 60 cents.
Now it has settled in the 40s as we wait for news.
If Centro rejected $1, isn't that pretty much the worst case scenario? If it was a choice between accepting $1 or going into administration - wouldn't they be obliged to take it?
Either the report is inaccurate, Centro believes it can do better for share-holders, or the offer doesn't take on enough of Centro's debt to keep the banks happy, so the banks are rejecting it?
Just trying to find some logic here like everyone else!!!