Centro debt deal all but done
Malcolm Maiden
December 16, 2008 - 12:03PM
Centro appears to have dodged its latest and most dangerous bullet, with its banks agreeing in principle overnight to a major extension of the group's $5.9 billion debt load.
Details were being thrashed out early this morning after marathon meetings, and barring a last-minute hitch, an announcement will be made soon.
The deal signals that the Commonwealth Bank has fallen into line with the other Australian banks about keeping Centro alive.
CBA is the bank that has been taking the hardest line in corporate debt negotiations around the country.
It was the bank that lost patience with Allco's attempt to avoid receivership, and the bank that demanded tough new terms for a debt rollover by Oz Minerals, plunging that company into crisis.
It was holding out for better terms on its $1.2 billion exposure to Centro too - but has finally agreed that Centro is worth more to its lenders out of receivership, where it can continue to toll management fees on its property portfolio.
The debt extension when it is announced is expected to run for several years. It is a major reprieve for the property group, and an early Christmas present for the Australian economy, given Centro's pivotal role in the retail sector as a landlord.
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