An announcement to be made this week according to this...

An announcement to be made this week according to this article...

http://www.businessday.com.au/business/no-end-to-woes-at-city-pacific-20080907-4biw.html

"Meanwhile, the fate of the City Pacific-managed listed developer CP1 remains unclear, a fortnight after its shares were suspended when it entered discussions with the Commonwealth Bank, which it owes more than $120 million.

The chief executive, Phil Sullivan, said CP1 would provide an update to the market this week, but declined to say when the listed entity would report its overdue annual results.

Asked if CP1 would resume trading on the sharemarket, Mr Sullivan said: "Of course it will."

But he said he was too busy to discuss the matter further. "I'm with people. I'm in a cab headed to the airport," he told the Herald.

Shares in CP1 closed at 7c before they were suspended from trading a fortnight ago, and have slumped 90 per cent since November. City Pacific has a $100 million debt facility with the CBA due for repayment next month."