why banks dont give long term extension, page-30

Tweety,

Given banks' attitude to date it would seem that Administration would be forthcoming (either voluntary by directors or in response to enforcement proceedings) only if Centro's cashflow was insufficient to meet ongoing costs including interest payments.

If that happens it would not be financial for the Administrators to continue operation of the centres & they would look to either place the assets in the hands of the banks, or sell them for whatever price they could get.

Comments re: Administrators' excessive fees etc are probably fair & should this occur I would suggest shareholders would be lucky to get any return at all.

The above being said, IMO as a speccie, CNP is a good option at the moment. I bought in at $0.09 a couple of weeks back. Given market volatility since I am no more worried now than when I purchased. Am fully aware of the possibility of losing all capital but - IMO only - there is a significant prospect of Centro surviving, and the upside in this eventuality is significant in the medium term.

Nb somewhat related to CNP I have lost nearly all faith in ASIC and the ASX in the past 10 months. ASX self-regulating is a disgrace, with ASIC still prepared to rubber-stamp their market supervision role. Better supervision & tighter regulation would result in (much) more transparency and ability for even small-fry investors to make more informed decisions.