TrafficCourt

Centro Gets Another Extension

RSS
Centro Properties Group, one of Australia's highest profile casualties of the global credit crisis, was given a lifeline on Tuesday when lenders agreed to refinance $4.65 billion in overdue debt.

Without the refinancing, Centro could have been forced into administration by its creditors, potentially triggering a fire sale of retail properties in the United States, Australia and New Zealand.

"This outcome will stabilise Centro and provide sufficient liquidity with time for the company to maximise the value of its property operating platform and funds management business," Centro Chief Executive Glenn Rufrano told reporters during a teleconference.

Centro's Australian lenders have agreed to swap A$1.05 billion ($697 million) in debt for convertible bonds, worth 13-14 cents per Centro security, or roughly a 50 percent premium to Centro's last trade.

Link.

Past links and stories:

Please or Register to post comments.

What's TrafficCourt?

Industry news, views and occasional strange stuff.

Contributors

Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
Blog Archive
National Real Estate Investor Related Sites

Sponsored Introduction Continue on to (or wait seconds) ×