"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"
Information coming out sems to throw doubt on the above. It also throws doubt on my earlier post regarding the value of CNP shares. I have to withdraw my prediction and replace it with "I don't know".
The big question is does the $100M represent a balance after all debts are met and does CNP still hold its CER. There seems some doubt.
CNP Price at posting:
9.0¢ Sentiment: None Disclosure: Held
