article in todays business spectator

Centro Properties, Centro Retail
We know that Centro Properties Group?s senior lenders have worked out a contingency plan just in case their recapitalisation plans for the shopping centre goes south, however, there is talk that Centro Retail Group may be working on another plan. The proposed restructure will see $3.65 billion of Centro Properties? debt converted to equity, leaving shareholders and hybrid security holders with $100 million to share. The move will also see Centro Properties rolled into its Centro Retail, however, The Australian reports that some within Centro Retail are mulling an alternative restructure via a heavily discounted capital raising to allow Centro Retail to remain as an independent entity. The idea apparently was broached some time ago but was discarded by lenders, who are unlikely to revisit it again



http://www.businessspectator.com.au/bs.nsf/Article/Woolworths-Coles-BHP-Billiton-Leighton-Fortescue-pd20110419-G2SCW?OpenDocument&src=sph