CER will always hold the upper hand as they can just allow CSF and SuperLLC to go into administration and banks cannot pursue CER for any shortfall.
This will be a lose/lose situation for both CER and the banks.
Income producing assets would be gone for the banks and many other commercial properties would need to be written down to reflect the prices sold for these properties.
It would never be in CER's interest to go for a D2E swap.
That's why CER holds all the aces.
CNP does not have that luxury. Banks can pursue CNP for any shortfall.
CER Price at posting:
5.9¢ Sentiment: Buy Disclosure: Held
