It is definitely one way out for Centro. New investor comes in,...

It is definitely one way out for Centro. New investor comes in, gets issued say a 30% stake in the company in a new share issue @ 90c a share. That money is used by the company to pay down some or all of the short term debt, with that giving the bankers the confidence to re-finance all the debt on an acceptable long term basis.

But that wouldn't dilute the value of the shares below 90c. That would mean the shares were worth at least 90c.