CER has no unsecured debt, which is the stuff that the banks really worry about.
CER is only reliant on the 30 September deadline as it is part of the Super LLC JV. Even if this JV falls over, CER still has an NTA of 80 to 90 cents and as the debt is non recourse their gearing level will actually be lower than with the Super LLC JV.
CER remains the much safer proposition at the moment and CER will still retain significant value if CNP goes into administration.
The banking sydicates don't seem to be anywhere near as worried about CER's debt as the do with CNP's.
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