By Aimee Chanthadavong
Debt troubled property group Centro Retail Trust (CER) has announced it continues to revise restructuring and recapitalisation options.
It says its main goal is to deliver the best value outcome for securityholders.
The company continues to explore alternate restructuring and recapitalisation options, including formally evaluating interest in its Australian and US investments.
Andrew Scannell, CER spokesperson, told Retailbiz that there have been a number of confidential expressions of interest and proposals.
“Accordingly, a process designed to allow Centro Properties Group (CNP) and its managed funds to jointly evaluate these expressions of interest through a formal competitive market process will commence,” he said.
“In addition, the responsible entities of the Group and the Boards of CNP and CER anticipate interest may emerge from other parties during the competitive process.”
However, the company noted that whilst CER has committed to explore a potential sale of all or part of its investments, this does not constitute a requirement by CER to commit to any sale.
“The process has been designed to maximise value for all stakeholders in the Centro Group. It is not possible to predict the eventual outcome of this competitive process as it could include the sale of all or part of the businesses, an investment in, or possibly a recapitalisation of, all or part of Centro.” Robert Tsenin, CER CEO, said in a statement.