THE Commonwealth Bank, a key financier of crippled Centro Properties Group, yesterday moved to introduce a "stabilisation plan".
It is likely to result in the Australian banking syndicate rolling over the group's hefty debt, say industry sources.
The Australian understands that support was given to keep the company afloat at a meeting yesterday between CBA and Centro chief executive Glenn Rufrano and chairman Paul Cooper.
The future of Centro -- which is teetering on the edge of collapse -- will be known before or on December 15, the date it must refinance three corporate loan facilities worth more than $4.95 billion with US and Australian bankers.
A spokesman for Centro declined to comment.
From the Australian
Hope JBW customers dont read, this is much better than yesterdays headlines..
THE Commonwealth Bank, a key financier of crippled Centro...
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