refinancing problem

Over the next 2 years CER has a lot of refinancing to take place. Given the banks & CNP management reached a refinancing agreement that was highly diluted to CNP shareholders, will they continue in the same manner with CER? The ground rules have been set by CNP refinancing & the banks know these arrangements are the best they can strike in the circumstances & effectively finish up with quality real estate if everything goes wrong for CNP/CER. Whilst I like CER assets, I think it might be wise to be an observer until at least one or more refinancings for CER are rolled over, so we can see how the banks behave with CER. I have no intention of holding stocks that may face massive dilution, better to wait & see. Many criticized my views on selling CNP pre their massive dilution but time proved I was right. Whilst I have no way of knowing how CER refinancing will unfold it makes sense to wait & see what approach the banks take before committing.
Remember there are plenty of undervalued situations out there in the market & one doesn't need to buy a stock that could face massive dilution to any potential upside.
Regards
Buffett