no dilution

This is what I dont understand...

Quote from Australian.

"Lenders received more than 90 per cent ownership of Centro Property Group securities in December, when they refinanced a $3.9 billion senior syndicated debt facility.

Although CER was part of that financing, no equity was issued to lenders under the refinancing arrangement. "

If CER has been diluted why is it half the value of CNP?

CER looks in much better shape to recover for shareholder value than CNP.