reggie, It's on AFR pg 57. Unfortunately I don't have subscription to online edition hence I can't post the full article, but few lines from it.
"CER survival was also not dependent on Centro successfully navigating it's debt problems" it's not a great thing if your RE goes belly up ..[but] we can easily see a scenario where Centro goes bankrupt and Centro retail goes well"
"Centro is a complicated company with all sorts of exposures to funds management and other businesses. Centro Retail is pretty straight-forward thing-it's shopping centres"
Mr Marais said Centro Retail did have some debt but not on the same order as it's parent company and without other complications.
Centro retail gearing is , at about 60% meant there would be upside, based on the gap between net tangible asset backing and share price.
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