Makattack, I agree with your comments. The situation is very serious.But I still think Centro management can do a better job of selling assets compared to administrators. Banks have the knowledge of all the offers received to date. They know the market is not right for asset sale. They are being paid interest on their loan. All they need to realize is that within 2 years they will get good value for their assets. I still think banks have no choice but to extend. Banks make profit by lending money. Why should they lose their business worth 22b & hence stop the ongoing profit stream.
But this is my view. God knows what the outcome will be. We can only hope for the best.
No one knew credit problems still have no end & US housing is still has downward trend. But it won't stay forever. Lenders are aware of the current climate & they know Centro's difficulties as well which are their difficulties also in the current environment.
CNP Price at posting:
10.5¢ Sentiment: None Disclosure: Held
