CENTRO ANALYSED

Click on the headlines below to read Business Spectator's Centro coverage.


Centro to pay full distributions on most syndicates
Investors in most of the syndicates of troubled Centro Properties Group will receive full distributions for the June 2008 quarter. (July 24, 2008)

The true value of Centro's sale
Robert Gottliebsen
If the lenders to Centro have half a brain they will fund its sale deals, thereby exchanging poor security for a direct property investment security. (July 17, 2008)

Relief for Centro and Allco
Stephen Bartholomeusz
Centro Properties and Allco Finance were first to buckle under the strain of the sub-prime crisis and now are together enjoying their first real glimmers of hope. (July 15, 2008)

Colonial First State sells 13m Centro securities
News
Colonial First State Investments sold (July 8, 2008)

Centro in $309m shops sale
News
Australian shopping centre group Centro Properties is to sell the five centres in its Centro MCS 9 syndicate, worth around $A309m. (July 2, 2008)

Sizing up Centro
Robert Gottliebsen
As Centro scrambles to meet its April 30 refinancing deadline, its creditors should be looking at the bigger picture. (April 28, 2008)

Centro plans more shopping centre sales to cut debt
News
Australian shopping centre group Centro Properties is selling more of its sites to reduce its debt. (July 1, 2008)

Centro adds to list of shopping centres
News
Australian shopping centre group Centro Properties is selling more of its sites to reduce its debt. (July 1, 2008)

Centro acts to calm securityholders
News
Shopping centre owner finalising 2009 business plan. (June 30, 2008)

Centro gives cold comfort
News
Centro Properties Group has had no good news for investors in its unlisted direct property funds. (June 30, 2008)

Centro withholds interest payment on $500m bonds
News
Centro Properties shares rose 15 per cent to $A0.27 on 26 June 2008, on rumours the company would offer four of its key shopping centres for sale. (June 27, 2008)

Centro shares up on news of a sale
News
Centro Properties shares rose 15 per cent to $A0.27 on 26 June 2008, on rumours the company would offer four of its key shopping centres for sale. (June 27, 2008)

Centro's open door
Stephen Bartholomeusz
A leaky online data room has given the market more detail than Centro intended, though it does show some progress in the group's rebuilding strategy. (June 26, 2008)

The great Centro sell-off begins
News
The Centro Properties Group in Australia has put four of its Australian shopping centres up for sale in June 2008. (June 26, 2008)

Four Centro shopping centres up for sale
News
Property group seeks buyers for a portfolio worth $1.15 billion, report says. (June 26, 2008)

Centro axes second-half distribution
News
Centro Properties Group will not pay any distribution in the second half of 2007-08. (June 20, 2008)

Centro flags sale of service business to stay afloat
News
There is speculation Australian shopping centre group Centro Properties is considering selling CPT Manager as it tries to secure the long-term support of its lenders. (June 18, 2008)

Myers eyes Centro's services
News
Retailer joins forces with Julius Colman, Mike Fitzpatrick for the $1 billion busines. (June 17, 2008)

Centro's road to recovery
Robert Gottliebsen
Crunch the numbers on Centro's shopping centre management contracts and suddenly a path appears that could lead the banks out of this morass. (June 16, 2008)

Poker ace seeks Centro's trump card
News
Former MCS shareholder Julius Colmon is understood to have approached embattled Centro Properties Group to purchase its services business. (June 16, 2008)

Centro chairman resigns after 15 years
News
Brian Healey has resigned as chairman of Centro Properties Group after 15 years in the role. (June 16, 2008)

Julius Colman eyes Centro Properties business
News
Reports syndicate wants fee-generating services business. (June 16, 2008)

Centro Properties appoints new chairman
News
Centro Properties Group appointed Paul Cooper as non-executive chairman on June 13, 2008 to replace Brian Healey who will retire as chairman on June 30. (June 13, 2008)

Double whammy for Centro Properties Group
News
Slater & Gordon has launched a class action suit against Centro Properties Group. (June 11, 2008)

UBS wants Centro to pay
Robert Gottliebsen
Before the Centro implosion, the UBS Property Securities fund was a jewel in UBS's Australian crown. Now it is a key litigant in the IMF class action to recover lost funds. (June 10, 2008)

Eight Centro syndicates secure $331m
News
Centro Properties Group announced the completion of a two-year refinancing deal for eight of its 36 syndicates on 9 June 2008. (June 10, 2008)

Centro tumbles from top tier
News
On 9 June 2008, Centro Properties and Allco Finance Group fell out of the list of the top 100 Australian companies. (June 10, 2008)

Centro negotiates another lifeline
News
Property firm reaches a $331 million refinancing deal for eight of its 36 syndicates. (June 10, 2008)

Centro has extra liquidity; JV facility extended to Sept 30
News
Centro Properties Group announced additional liquidity facilities have been provided by its financiers and $2.3 billion in aggregate owed to the Australian lending group and $US450 million ($A469 million) owed to US private placement noteholders are confirmed as extended to December 15, 2008. (June 7, 2008)

Centro gives lenders a guarantee
News
Centro Properties Group has guaranteed banks that it will not make legal claims against them. (June 4, 2008)

Waiting for Centro
Robert Gottliebsen
Despairing Centro Properties and Centro Retail unit holders should still receive distributions from the battered group, though later, and at a lower level, than they'd like. (June 4, 2008)

Centro secures breathing space
News
A fifth reprieve was extended to Centro Properties Group on 2 June 2008, although US bankers could veto the deal. (June 3, 2008)

Beware Centro furphies
Robert Gottliebsen
The Centro affair is a hot story in the daily press, but not all reports understand the complex issues involved – or that the latest extension was always going to be granted. (June 2, 2008)

Centro confirms $2.8bn loan reprieve
News
Ailing property group granted December 15 debt extension. (June 2, 2008)

Centro chances look grim
News
Property group fails to get an extension to $2.3 billion loan facility as key deadline passes. (June 2, 2008)


Centro Group trading halt
News
Centro Properties Group and Centro Retail Group requested a trading halt of their securities on May 30, 2008 pending an announcement on the satisfaction of the conditions of the finance extension that were required to be met by May 30. (May 30, 2008)

Centro's D-Day: deadline for debt
News
Australian shopping centre group Centro Properties is expected to clear its latest debt deadline. (May 30, 2008)

Centro to fight new suit
News
The Centro Properties Group in Australia is facing class action lawsuits. (May 27, 2008)

Brace for impact
Alan Kohler
In the heady days of the private equity boom not many deal makers would have been able to forecast the current economic climate. They are about to pay the price for their lack of foresight. (May 26, 2008)

Centro to sell Southport mall for $75m
News
Centro Properties Group announced the sale of its Centro Southport property for $A75 million on 13 May 2008.(May 14, 2008)

KGB INTERROGATION: Glenn Rufrano
KGB Interrogation
Fresh from securing an extension of Centro's multi-billion dollar debt, chief executive Glenn Rufrano explains how he plans to simplify the company's structure and restore value for shareholders. (May 10, 2008)

IMF lifts Centro Properties claim from $100m
News
IMF (Australia) said today that the maximum value of its claim against Centro Properties and CPT Manager had "increased materially” from the $100 million announced on April 30. (May 9, 2008)

Centro class action launched in Federal Court
News
Investor enthusiam over debt lifeline evaporates, S&P puts group on CreditWatch. (May 9, 2008)

Hope for Centro investors: Rufrano
News
In an exclusive KGB Interrogation, CEO Glenn Rufrano says shareholders still stand to gain from the firm's debt deal. (May 9, 2008)

S&P keeps Centro on creditwatch
News
Ratings for Centro NP LLC stay under microscope. (May 9, 2008)

Glenn Rufrano's triumph
Stephen Bartholomeusz
Centro chief executive Glenn Rufrano has achieved a remarkable outcome in negotiating an extension of its multi-billion dollar debt. But it almost didn't happen. (May 8, 2008)

Centro's road map
Robert Gottliebsen
Centro's eleventh hour reprieve from its lenders means that the executive team can now get on with the job of restoring value for shareholders. (May 8, 2008)

Centro confirms Dec 15 debt lifeline
News
Shares in shopping centre owner flat despite 7-1/2 month extension on $2.8 billion debt. (May 8, 2008)

Centro set to receive $2.3bn lifeline
News
Centro Properties is expected to announce longer-term debt extensions after trading was halted in the group's stock and that of Centro Retail. (May 8, 2008)

Centro's big chance
Robert Gottliebsen
The US banks mulling over Centro's future are learning to view the company less as creditors and more as shareholders – though with none of the upside. (May 8, 2008)

Centro workers down $265m
News
Report employees involved in a company share plan have lost up to $500,000 each. (May 5, 2008)

WestLB may be Centro holdout: report
News
German bank said to be "local" lender refusing to back September extension. (May 3, 2008)

Centro: only a $200m creditor yet to agree on extension terms
News
Centro Properties Group says it continues to work closely with its financiers to finalise, prior to May 7, 2008, terms to extend facilities until at least September 30. (May 2, 2008)

Banks extend Centro deadline by a week
News
Australian shopping centre group Centro Properties has received a one-week extension to a refinancing deadline for $A2.3bn in local debt. (May 1, 2008)

Centro has time to burn
Stephen Bartholomeusz
It might be counter-intuitive, but the more time the banks give Centro, the less time it might need to start reducing its mountain of debt. (April 30, 2008)

Centro gets 7-day loan extension
News
Ailing property group gets more breathing space from creditors. (April 30, 2008)

Centro in trading halt
News
Centro Retail Group, Centro Properties stop trading ahead of deadline. (April 30, 2008)

Centro's lifeline
Robert Gottliebsen
There's another reason why the banks haven't pulled the plug on Centro, this one has its roots in a precedent set by a West Australian mining company. (April 16, 2008)

Why Centro is still kicking
Robert Gottliebsen
Centro's shareholders and management are in a uniquely powerful for a "collapsed group" -- which is why they should win another extension from banks. (April 15, 2008)

Centro's delicate balance
Robert Gottliebsen
The market appears to have confidence that new Centro boss Glenn Rufrano can balance the need to pay debt with the need to maximise the number of shopping centres under Centro's managemet. (January 30, 2008)

New hope for Centro
Robert Gottliebsen
There are no certainties for Centro, though having a new CEO with US experience and holding some of the least risky of US properties, both work in its favour. (January 15, 2008)

Centro plays for time
Stephen Bartholomeusz
Centro appears likely to be given more time to placate its bankers and noteholders. The breathing space will be crucial if the company is to have a long-term future. (January 15, 2008)

Hunting for sunken treasure
James Thomson
New Centro boss Glenn Rufrano has dived on plenty of wrecks, but none so deep as Centro Properties. (January 15, 2008)

Save Centro or lose billions
Robert Gottliebsen
If Centro Properties goes under, the big four banks will record one of their biggest losses yet, which is why they will do what they can to save the struggling group.(January 15, 2008)