Centro Retail Trust has been placed in a trading halt, as the owners wrangle over whether to save Centro Properties with its $3 billion in debts or to let the group go into administration.
Centro Retail Trust's largest shareholder New York-based Marathon Asset Management said yesterday it would not support a last-ditch effort to save the trust through a merger between Centro Properities and Centro Retail.
Centro Retail Trust has asked to remain in a trading halt until further announcements are made regard plans to salvage the company or the opening of trade on Monday, the statement filed with the Australian Securities Exchange said.
Centro Properties shares are also in a trading halt at just 3.6 cents, down from $10.02 each in May 2007.
Shares of the trust last traded at 25 cents yesterday, also a fraction of their early 2007 peak of $2.07. The group holds retail property and provides management services for them.
CER Price at posting:
25.0¢ Sentiment: Hold Disclosure: Held
