:: Centro on the brink as shares collapse ::

· tar, den 18.12.07 in Amerika, Australien, Krise, Liberalismus, Probleme, Wirtschaft

Quelle: business.smh.com.au

Centro Properties Group has become the biggest local victim of the US sub-prime mortgage crisis after higher funding costs forced it to downgrade of its distribution guidance, causing its shares to plunge by more than 70 per cent.

Australia's second largest shopping centre owner today downgraded its full year distribution guidance by 14 per cent to 40.6 cents, from 47 cents.

It also announced it would not pay a distribution for the first half of the 2008 financial year as it revealed it had failed to refinance $1.3 billion of maturing debt although.

Centra has obtained an extension until February 15 to refinance the debt.

Centro Properties Group says its business is still solvent, at least until February, and says that up until late last week, it believed it could refinance its longer term debt...




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