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Centro has until the close of business today to repay $4.9 billion of debt, including interest. A further $2.5 billion will expire before the end of this year, taking its total 2008 debt exposure to $7.4 billion.

A Centro spokesman, Mitchell Brown, confirmed on Monday that individual assets were on the block as part of the group's refinancing program.

Mr Rufrano has told investors that his three-pronged strategy is assets sales, a capital injection through the sale of all the group and/or a stake in its funds management businesses.

Analysts and fund managers said the bank's best course of action was to allow the five-month extension.

Refinancing the crippling debt comes at a time when the cost of capital has been squeezed by the global credit crisis, which has complicated the drawn-out discussions with its banking syndicate, which includes the National Australia Bank, ANZ, St George and the Commonwealth.

JP Morgan's research team, whose corporate department was previously Centro's key adviser, said yesterday that the company's statements suggested the bids for the wholesale fund had been unimpressive.