Centro saga

Centro has revealed its debt situation is far worse than previously thought.
The embattled shopping centre group says it's exposed to an extra $1.5 billion in liabilities.
Centro only disclosed details of the accounting mistake after it confirmed it had been given a last minute reprieve from its lenders to refinance its debt.
It has been granted a two month lifeline to repay a little over $2 billion worth of debt, which had been due last Friday.
Centro is expecting its lenders, including ANZ, Commonwealth Bank and JP Morgan, to extend the repayment to about September.

Meanwhile there's speculation that disgruntled Centro investors may launch a class action after seeing the value of their shares decimated over the past two months.

The rumours come after the company suspended its dividend payment, until it finds a way out of the financing crisis.
sky news

 

I wonder how close to $0.00 the share price will go.

 

Hehehe...very good question.
Do you remember HIH ??

 

Looks like the ol' Bear Market sport of "catching a falling knife" is alive and well!

 

I was going to buy into them during the year. But if they can't do their bookwork properly, they can't be trusted.