The article link is listed below and the author is Carolyn Cummins who has followed Centro for some time.
Looks like any split in the securties into the USA assets and Austtralian assets are a no go for the creditors (banks) based on the current price on the market. Suggests that the Banks are interested in getting a solution that does not see them owning 90% of the business through the conversion of the hybrid securities. DYOR my opinion only fro reading between the lines.
