Hey Octain, there should be a new article in business spectator by Robert Gottliebsen very soon possibly (2morrow).Can't wait to read it.
I will keep holding because i firmly believe that we will survive. To much positives as apposed to negatives.even though some investors look at it as "The world is coming to an end"
Below are some points from the announcement that makes it crystal clear.
1. Offers on the table that probably might benefit us, but not stakeholders.
2. Strong Possibilitiy>>>> conversion of a portion of debt into some form of hybrid security.
3. G.R being transparent and telling the banks that we need to breath so give us some time to sort things out in a orderly fashion.
Read below or go to the announcement and read it properly over a few times.
The Group has commenced discussions with the lender groups on possible terms for longer term debt extension and stabilisation of the Group. It is likely that those terms would include a requirement for the conversion of a portion of debt into some form of hybrid security.
Also note the "Wording" on a previous announcement dated May 8th...
If the above issues are NOT FINALISED by 30 May 2008, the further extension arrangements may be terminated. In such circumstances, the financiers would lose the benefit of the security which Centro has granted to them in connection with these extension arrangements....
Banks seem to be working out an orderly solution to this problem.
And G.R also mentioned their won't be a fire sale of assets.
CNP Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
