Since February Rufrano has been methodically, and quietly, ticking off boxes in his plan to revive Centro.
Rufrano has stabilised and restructured Centro's fractured management team and secured life-extending extensions of US and Australian banking facilities for both Centro Properties and its key Centro Retail Trust (CER).
Having extended CER's $1.1billion of short-term funding until September 30, Rufrano's team then secured extensions for Centro Properties' short-term funding -- which involves two funding packages of $2.3 billion from Australian banks and $US450 from US institutions -- until December 15.
And yesterday, Rufrano scored a third coup with the first serious asset sale, a $US714 million deal involving 29 of the 31 retail properties owned through the Centro America Fund.
CNP Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
