cba sells debt for 56c in the dollar

(Also posted on CER - most likely related to CNP though, IMO DYOR)

Commonwealth Bank debt sales brings Centro sale closer John Durie From: The Australian November 16, 2010 12:47PM

COMMONWEALTH Bank of Australia has sold its remaining debt in the struggling shopping mall group Centro.
Last night?s auction saw the bank?s $110 million in debt sold at 56.5 cents in the dollar.

A range of hedge funds were the buyers.

CBA originally had $250 million of the $3.5 billion in the headstock but has sold its entire stake leaving ANZ and JP Morgan as the major holders.

The movement in the debt ranks should increase the chance of a sale of the empire.

A Lend Lease consortium has bid $17 billion for the entire group.