Centro in trading halt
Centro Properties Group, a leading retail property and services organisation, has announced a trading halt to the ASX pending an announcement with regard to their debt financing. The trading halt is to remain in place until Friday, unless an announcement is made prior.
Centro shopping centres are typically geared toward non-discretionary retail spending with many supermarkets and fresh food stores located within. Their stores are primarily located in Australia and the US and, with 121 centres in Australia, they are Australia’s second largest shopping centre owner.
A 77% profit downgrade, coupled with revelations that they are struggling to refinance short-term debt in the wake of the global credit crunch, sent their share price plummeting in December.
Centro have previously suggested that a number of potential investors have shown interest in the company, while talks with their lenders have been progressing. Retailers, meanwhile, wait with uncertainty to see if there will be any fallout that will impact on them.