If banks need repayment now, could reverse logic apply...?
Give a long term extension/refinancing allowing: a. Share price stability/recovery - capital raising can then occur or b. If share price doesn't recover to decent enough price, a takeover could then be favourable, in which case the new owners could buy centro for say $1B plus inject another $2B for the refinancing.
Either option banks may actually get paid out sooner than going down a D2E swap which could take 2-3years before they can redeem their equity...
CNP Price at posting:
8.7¢ Sentiment: Hold Disclosure: Held