centros us import glenn rufrano

Following is the old interview of GR.. may be it can put some light....

http://www.news.com.au/heraldsun/story/0,21985,23103768-664,00.html

Centro's US import Glenn Rufrano hits ground runningArticle from: Font size: Decrease Increase Email article: Email Print article: Print Submit comment: Submit comment Ben Butler

January 25, 2008 12:00am
GLENN Rufrano, the New Yorker flown in to fix Centro, concedes the stricken shopping centre operator has a credibility problem but could be nearing a turnaround.

But the company appears close to selling a key $2.6 billion fund, which would pump desperately needed cash into the debt-laden group.

However, sources suggest the Centro Australia Wholesale Fund will fetch closer to $2.3 billion.

In his first meeting with Australian media since flying in last week Mr Rufrano said bankers, owed $17.9 billion, would see all their money returned if they allowed Centro to manage its assets.

"If we prove to them that we are the best at maintaining and maximising the value of their collateral, there should be no reason why they won't work with us," he said. "I think they will."

Mr Rufrano, who took the top job at Centro after Andrew Scott was sacked last week, declined to say what, if any, return shareholders in the battered company could expect.

Sources say the sale of the Centro Australia Wholesale Fund, which owns 50 per cent of 25 Australian shopping centres, is well advanced.

Agents Jones Lang LaSalle, who are managing the process, are believed to be closing first-round bids for the fund today. Colonial, AMP and Macquarie Bank are said to be among interested buyers, to be short listed next week.

Mr Rufrano said he had faced similar circumstances when he took over US shopping centre empire New Plan, eight years ago.

Centro bought New Plan for $6.3 billion in April last year.

Analysts said Mr Rufrano was regarded as a straight shooter who had freshened up New Plan's ageing assets.

Mr Rufrano said he had already met with the group's Australian bankers. He will fly to the US next week to meet with US creditors, including noteholders owed $US450 million who had previously alleged Centro was in default.

The bondholders were now happy, he said.

Companies interested in buying CAWF and the $1.1 billion Centro America Fund, or being part of an equity-raising, will have access to an online data room from next Tuesday.

Head of national retail at Jones Lang LaSalle, Simon Rooney, said interest in the CAWF portfolio had been "very strong" from both domestic and offshore institutional investors.

Mr Rufrano said the sale of individual assets was not being considered. "The Glen (Centro's shopping centre in Glen Waverley) is not for sale," he said.

Centro's first task is to "maintain and maximise" the value of its shopping centre assets and its funds management business, he said. It must then satisfy bankers, who have given the company until February 15 to come up with a plan to refinance $3.9 billion in due debt.

And the company must raise equity, he said.

"With that equity we will be able to restructure the banks into facilities that will be acceptable to all parties."

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Please not the last 2 lines where he talked about equity i guess thats what he is gona do now..