Centro requests further debt extension
Centro Properties Group (Centro) has commenced discussions with its lenders regarding an extension to its debt facilities, but is yet to be given any assurance that an extension of its September 30 deadline will be granted.
Centro is asking for an extension of its already extended September 30 deadline to December 15 this year.
Centro Retail Trust is monitoring Centro’s discussions with its lender groups. Centro previously extended its financing arrangements to September 30 after missing the May 30 deadline. It has failed thus far to find a short-term recapitalisation solution.
Centro owes $2.3 billion and $450 million to its Australian and United States (US) lenders respectively. It previously arranged $100 million in added liquidity and support from Australian financiers and US loan holders following the first debt extension.
Centro gave no assurance that further debt extensions would be reached beyond the expiry of the current arrangements on September 30. Discussions are at preliminary stages.
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