by: Nabila Ahmed From:The Australian November 03, 201112:00AM
AS Centro Properties Group's senior lenders and hybrid note holders prepare to battle it out in the NSW Supreme Court tomorrow over who has the most power when it comes to voting on the $3 billion amalgamation of Centro Properties and Centro Retail Trust as well as their associated funds, there are other issues bubbling away beneath the surface.
Hybrid noteholder JPMorgan's legal dispute with the senior lenders over whether the latter can actually direct the former on how to vote at this month's meeting is an important issue to settle ahead of the vote. But JPMorgan and its fellow owners of Centro's $1bn of hybrid notes are not the only ones to have expressed a dislike of the deal, under which Centro Properties shareholders and junior stakeholders will get $100m to divide between them.
