The debt restructure wipes out all of CNP?s external senior debt leaving it with the $100 million in cash that the lenders have agreed to distribute among investors, hybrid debt holders and junior creditors. While CNP shareholders would have received nothing for their troubles if CNP had gone under, stretching that $100 million will see CNP shareholders get about 13 cents a share. The restructure will see the end of CNP while investors in Centro Retail will move to the new entity and Tsenin hasn?t ruled out the eventual sale of the Australian assets.
CNP Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
