I'm not a holder but have followed this for a while. I try to...

I'm not a holder but have followed this for a while. I try to find even 1 strong reason why the banks would want to refuse to support CNP but can't really find one.

It seems to make sense from their point of view to keep this limping along for as long as possible. They keep CNP on a short leash, always under pressure to meet unlikely timelines, therefore CNP remains vulnerable. The sp remains subdued, the company fails to really sell enough properties for a decent price to reduce the size of the debt and the banks retain the upper hand.

I don't think the banks want any significant asset sales, they just want CNP to go through the exercise to demoralise shareholders who see the market value of assets reduce each quarter whilst paying high interest to stay alive.

At some point the economy will turn. That is the most likely time for the banks to take a debt/equity swap. If they do it sooner then they will be sharing in the declining property values. If they wait then they keep getting paid good interest in a time of low interest rates, plus the debt to asset ratio will keep closing, allowing the banks to take a larger slice of the pie.

If Centro can't sell the properties then the banks can't either. Why sell off a successful business when you can allow it to keep trading. Makes sense to keep it together and wait for the next major upturn in the global economy, then sell it off as a going concern.

Does anyone else think this makes sense or am I missing something here.