pelorus rattling the cage again

AFR today (p.31) pelorus tryign to rattle cage agin.

Under heading "centro in scramble to re-finance".

"Auditors of a swag of ...syndicates have expressed concerns about debts that need to be re-financed by April 30....8 syndicates affected MCS 2,4,5,6,8,9,11 and 12....."

Article goes on to say "Centro had previously hedged syndicated debt at the parent group level , but now has had to secure new financing for each vehicle as it falls due......"

Centro are quoted as saying "it believed that it would re-finance the borrowings by 30th April ...but declined to answer questions about which banks..." saying only "a 3 bank group from which we are sourcing the debt for 30th April expirations".

My take on this is that Pelorus are trying to rattle the cage as they are quoted as saying Centro should talk about terms and costs of debt.....I think it also highlights how complex the corporate structure actually is and the complexity of the debt.

Positive side is that negative press might kick Uncle G to make ann sooner, negative is that external parties are talking about different components of the debt that needs to be re-financed not just extended.

I think Uncle G needs to get his communications act together sooner rather than later....(pretty please)

PT