centro circular, page-3

Defabs, I'm reading it differently - I certainly don't see a benefit to CNP holders. But please point out if I've missed anything.

"Centro has agreed with the Senior Lender Group that if the necessary approvals are not obtained to implement the Fund Amalgamation and the Headstock Debt Restructure despite the best endeavours of the parties, Centro will work with the Senior Lenders to implement a transaction by alternative means. In that case, the $100 million would not be
available for ordinary securityholders and other stakeholders which are junior to the senior lenders."

I interpret that as an 'exclusive or', either:
1. approvals are achieved, senior lenders get the assets, juniors get major share of the $100m, security holders get crumbs
2. approvals not achieved, senior lenders get a completely different $100m, security holders retain negative NTA and aren't part of the restructured group.

Either way, CNP holders are in the hole.

Disclosure: was a longterm holder, sold out immediately after announcement. But keen to learn exactly what happens here!