Much like the centro subsidiary funds - set up a few funds containing centro's assets and the bank gets a half-share for buying out half - though I would imagine they would be looking for a reasonable discount. This is course is like selling any other asset - reduce debt but also reduce the asset base - just hopefully reduce the gearing by selling assets above the gearing.
Banks would certainly be happier having a stake in brick-and-mortar than just centro shares or centro debt.
I imagine the banks will have a proviso where at sale of the asset they get at least the money they put in (or wrote off debt) plus 10%PA.
I don't know why I'm speculating about this - it may never happen and we may be burying the body (of centro) in a months time!
CNP Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held