Here's another one guys, not sure if this has been posted:
http://www.investordaily.com.au/4449.htm
Centro refinancing announcement due Intense negotiations
By Vishal Teckchandani Mon 02 Jun 2008
Centro to make an announcement before trading starts today on whether it can refinance $2.8 billion of debt.
The struggling Centro Properties Group (Centro) is expected to make an announcement before the start of trading today to state whether it can refinance almost $2.8 billion of debt.
The Melbourne-based mall owner was due to make a statement to the Australian Securities Exchange on the afternoon of May 30, but intense negotiations with lenders carried on after the close of trading.
Centro was to meet certain conditions by the May 30 deadline including the completion of legal forms by its US entities and the establishment of a $155 million credit line.
"They are still either in negotiations with financiers or it is bad news," Morningstar consultant Sallyanne Cook said.
On May 7 Centro announced that it won a six-month reprieve from its lenders in order to refinance the $2.3 billion it owes to Australian banks and $480 million to private American note holders.
Centro has agreed to provide security to its financiers who include the Commonwealth Bank of Australia and St George Bank by giving them control of undisclosed assets.
The company has also pledged to continue asset sales to cut debt, find ways to replenish capital and restructure management.
A Centro spokesperson told InvestorDaily that the company was looking to sell parts of 28 properties, mainly made up of retail shopping centres.
Centro has also received offers for its Centro America Fund portfolio. It was unclear whether individual or the bulk of assets would be sold off.
"We have not reached an agreement, there are ongoing discussions," the spokesperson said.
The company is also facing lawsuits that could be worth over $1 billion.
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
