Leroy,The first hurdle is to get over the may 30th date without...

Leroy,

The first hurdle is to get over the may 30th date without any of the banks withdrawing support. This is not yet a done deal.

They have been talking about the balance sheet for nearly 6 months now, but with not $1 of change.In my view, they need at least $2b of asset sales/new equity to make a dent in the loans. If this doesnt come good in the next few months, then I believe that one or more of the banks will get cold feet at the next opportunity. The CBA didnt seem to be too keen in this last round.

The credit markets have a way to go yet before they see normality. The CBA took on a heap of extra cash recently. Was that in anticipation of a big loss at Centro?

Walking on eggshells here. Be very careful.