centro lifeline

http://www.skynews.com.au/business/article.aspx?id=232014

Centro lifeline
Updated: 08:54, Sunday May 4, 2008
Embattled property group Centro has received a lifeline in the form of a one-week extension on almost $5 billion worth of debt that was due to be repaid on Wednesday.

The extra time is needed so Centro can continue refinancing talks with its banks - the big ones being the National Australia Bank and the Commonwealth Bank.

The company ran into trouble after it borrowed heavily last year to fund its expansion into the United States.

It has also fallen victim to the credit crunch


lolz..aint this news abit old???