the $600 mill CNP get from the US portfolio sales will pay off some of CNP's $1.6 billion debt.
The senior lenders will still be given all CNP's assets in exchange for the debt CNP owe.
Now as a wind up exercise, for CNP shareholders... "$100 million will be set aside for payments to junior creditors, including corporate bond holders, owners of Centro hybrid securities, security holders and class action payments."
So "Is it a good buy now going forward??"
No it's a near, if not total loss. CNP will disappear.
CNP Price at posting:
3.8¢ Sentiment: None Disclosure: Not Held
