Listed investment firm Centro Properties Group (Centro) has been granted a stay of execution by its US and Australian financiers.
US lenders have extended the repayment of $1.4 billion associated with the company's American joint venture with Centro Retail Trust until September 30, Centro announced to the Australian Securities Exchange yesterday.
Extension beyond April 30 is subject to a similar agreement being made under Australian extension arrangements.
Additional development funding of $90 million has been provided to the Centro/Centro Retail Trust joint venture.
Australian finance arrangements of $2.3 billion have been extended until April 30.
US Private Placement Noteholders owed $505 million have also agreed to extend finance arrangements
"The group appreciates the co-operation of its lenders which will allow sufficient time to complete the review of recapitalisation options," Centro chief executive Glenn Rufrano said.
"The strategic review is progressing well with a significant number of parties interested in pursuing a recapitalisation of the group."
Centro has struggled to refinance $3.9 billion worth of debt as a result of the US credit crisis. The debt-laden group is also under attack for playing down liabilities in its June 30 results.
The group will announce its half yearly results on February 28.
