Hi allthis is a précis of the Robert Tsenin TV interview.Note...

Hi all
this is a précis of the Robert Tsenin TV interview.
Note last sentence.

Centro Properties Group chief executive Robert Tsenin says there will be chaos if a new structure is not approved for the group.

The shopping centre owner is one of Australia's highest-profile casualties of the global financial crisis.

Securityholders will vote on a proposed merger of Centro Properties Group with Centro Retail Trust at an extraordinary general meeting on November 22.
The merger plan will meld the companies into a simplified entity and is a pre-condition to financiers providing long-term debt financing.

Centro Property Group has $2.9 billion in debt that matures on December 15, 2011 and cannot repay it in the absence of a restructure.

If "aggregation" is not implemented prior to debt maturities, Centro Properties Group could become insolvent.

Mr Tsenin told the ABC's Inside Business program on Sunday that the creation of a new structure for Centro, if it is approved by all stakeholders, would be a great outcome.

"The alternative as I see it is very, very uncertain," Mr Tsenin said.

"I can see tremendous value destruction taking place at various levels.

"The junior stakehoders at the CNP (Centro Properties Group) level, which are the shareholders, the convertible bond holders, they'll get nothing.

"There'll be receivers appointed at various places in the group - the uncertainty that that will cause, the chaos."

Mr Tsenin said lawsuits may follow a rejection of the new structure.

"It's totally unchartered waters," he said.

"If receivers are appointed, I doubt that there are enough receivers in Australia, we will have to import receivers."