I'm going to also say, at first it seemed like not so good news. However, if you read closely: "The group, in consultation with its lenders, has concluded that no proposal received to date provides an acceptible outcome.....".
The lenders are on board. This is good news. They are with Centro all the way IMO. Also, I don't think they want to let the market know that they are making more provisions for bad/doubtful debts.
One thing that's interesting: Would not a hybrid security, which at some point could be converted to equity, reduce the LVR of the overall group?
great news, page-3
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