banks

With the Banks doing such large downgrades on their loans it would be interesting as to how much they have downgraded what has been lent to Centro. The reason why I say that is if we sell a property for $500 million and pay off the secured loan eg $200 million then in this climate I would expect to be able to say to Bank A that okay you want out but you are unsecured. We will pay you now $250 million to clear your $300 million loan.This then leaves the Banks that are willing to stay with us plus they will benefit also as will have more security over what is left.