the new reit

CNP

CENTROs Business given to Senior lenders
CENTROs Shares in CER given to Senior lenders
CENTROs Australian assets ( NOT ALL <<< important) given to senior lenders.

CENTRO recieves debt wiped out from these lenders
CENTRO recieves 100millions cash to payout Shareholders and some smaller lenders etc etc


Just before CENTRO dies, it takes one last look at it's little brother (CER) and smiles, "thanks little brother for your help" and then gives CER some more debt. BAD BIG BROTHER :P

but wait... big brother might of finally came through for his little brother now this time.

With this debt CER is given some Australian properties as well.
And little brother is surprised as it must be worth more then the debt passed on as it decreases it's LVR by another 10% to 33%
Centro properties will then dissapear it seems.


CER

CER Recieves New major owners (51percent that centro gives)
CER Recieves more dept :P
CER Recieves The rest of CENTROs Australian shopping centres.

CER manages it's own properties now
CER will be have it's own staff now
CER LVR reduces from 43% to 33%
Lets hope I'm right in my understanding here