asset sales to reduce leverage, page-17

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While the lenders might of made the right choice, I still argue that CNP should have sold assets early.

In CTs example without asset sales a 20% devalue of property would give a leverage of 75%. With a property sale 68.75%. I would think at 75% banks would have very itchy feet and the choice of a fire sale or handing over the keys.

Secondly CER and CNP are two different companies and while CNP controls CER the directors must act in the best interests of CERs shareholders and not worry about CNPs management income.