1103 [Dow Jones] Shares in Centro (CNP.AU), which is struggling to pay A$4.9 billion in debt, drop after CNP posts A$1.11 billion 1H net loss because of writedowns for goodwill, property values and accounting items. Chief Glenn Rufrano says CNP's shopping centers portfolio performing well. "CNP's property-related results show that CNP does not have an operating issue," he says. "The current issue facing the company is one of capitalization," Rufrano adds. "Our review is focused on recapitalizing the Centro balance sheet." CNP has opened data rooms for parent entity and two unlisted property funds, with Australian and foreign companies to undertake due diligence. CNP didn't pay 1H distribution and "until the outcome of the recapitalization process is known, CNP has suspended guidance," it says. Last trade down 6.1% to 54 cents. (ABH)
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
