Hey downrampers, you can say what you like, however the facts are....1.this article is positive (about bloody time) and 2.CNP up 11% today!!!
Centro Properties Gains for First Time in Two Weeks (Update2)
By Laura Cochrane
Jan. 17 (Bloomberg) -- Centro Properties Group, the Australian owner of U.S. malls that had lost 90 percent of its market value in the past month, gained for the first time in almost two weeks.
Centro rose 11 percent at the 4:10 p.m. Sydney-time close on the Australian Stock Exchange. Investors have wiped more than A$4 billion ($3.5 billion) off Melbourne-based Centro's value since Dec. 17, when the company said it was struggling to pay debt after the collapse of the U.S. subprime mortgage market.
Chief Executive Officer Glenn Rufrano, appointed two days ago, arrives at Centro's Melbourne headquarters from New York today as the company faces claims from bond investors represented by U.S. law firm Bracewell & Giuliani LLP, whose partners include Republican presidential candidate Rudolph Giuliani. Rufrano must refinance A$3.9 billion of debt with Centro's bankers by a Feb. 15 deadline.
``People are preempting that Centro may get some type of funding and, if that occurs, it's less likely to have to fire- sale assets,'' said Michael McCormick, who helps manage about $170 million at Leyland Private Asset Management in Sydney.
``This is speculative trading. The risks are higher now than they were in December. I get the feeling Centro's banks are starting to get quite jittery,'' McCormick said.
Centro shares rose 5 cents to 51 cents, the first advance since Jan. 4.
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
