The way I read it CNP's 51 per cent ownership of CER would pass to the senior creditors as payment of CNP's debt to these senior creditors and, as per their ASX announcement:
"On completion of the debt restructure, all Centro�s external senior debt would be extinguished, and Centro would have no substantial assets other than a cash sum of up to $100 million."
Of course, I could be wrong. If so someone will presumably let me know.
CNP Price at posting:
7.9¢ Sentiment: None Disclosure: Not Held
