now for the restructure

At least plenty of news of late.
I expect an update from the company today being the last day and looking for any increase in NTA or property write ups or at least steady as she goes but I expect some good news this report.
Would be good to get an update then from Defab the Guru on CER.

I notice there is a new article in the AFR as well but I dont have access will be heading for the newsagent am to have a read.

Cheers
Hotlegs

Centro debt deal done, now for a restructure Turi Condon From: The Australian July 30, 2010
Troubled Centro Properties Group has struck deals to extend or refinance $US2.7 billion ($3bn) of debt in its US business.
But it still faces its biggest test -- to win bank support for a restructure before more than $10bn of debt matures in December next year.

As foreshadowed in The Australian on Monday, Centro confirmed it was seeking a partner for its syndicates business, which holds $6bn worth of Australian and US shopping centres.

In his first public comments since taking over as Centro group chief executive in February, Robert Tsenin did not deliver a restructuring plan for Centro's web of trusts and syndicates.

"This is probably one of the most complex workouts of any company," Mr Tsenin said.

For a restructure and recapitalisation to succeed, Centro had to gain "buy-in" from up to 20 financiers, which ultimately had 90 per cent control through debt and hybrid finance instruments, he said.

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Centro's troubles began in December 2007, when it was unable to refinance $3.9bn worth of debt in the deteriorating credit market. Some Centro lenders have sold tranches of Centro debt to hedge funds and other buyers, further complicating a restructure.

"I think the main game is still to be played out," Mr Tsenin said.

Of the original banking syndicate for Centro's Australian debt, Commonwealth Bank of Australia, National Australia Bank, ANZ and Sumitomo still had their Centro debt, but Royal Bank of Scotland had sold down, he said.

Fund manager Maxim Asset Management managing director Winston Sammut said Centro belonged to its bankers.

"There is very little, if anything, left for its shareholders and that will take a long to time to get," Mr Sammut said.

Analysts had expected Centro's Australian and US shopping centres to be split and either end up in a trade sale or be recapitalised as separate groups.

However, Mr Tsenin said other options were being considered. A US-Australian split may be too complicated given that various Centro trusts and syndicates had joint ownerships, he said. Centro was seeking expressions of interest from potential strategic partners in the syndicates business.

The Australian reported previously that Centro had held talks with fund manager Charter Hall, and other interested parties could include Colonial First State, AMP and Challenger, which have retail distribution networks.

Under the new deal with its banks, Centro announced yesterday it had negotiated a 12-month extension of $US2.3bn until December 31 next year and a refinancing of $US400 million out of $US3.2bn of debt in its subsidiary Super LLC.

Centro Properties Group shares closed yesterday at 21c, up 1c, and sister company Centro Retail Group closed at 17c, down 1c.