CENTRO Properties Group, the Australian developer restructuring its business, said its first-half loss narrowed after declines in property values slowed.
Net loss was $A63.2 million in the six months ended December 31, compared with a loss of $A2.4 billion a year earlier, the Melbourne-based company said yesterday in a statement to the Australian Stock Exchange.
Centro's assets shrank $A5.7 billion in the first half of 2009 after it failed to refinance $A5.1 billion of debt accumulated as it acquired 650 US malls. In December it named JPMorgan Chase and Moelis & Co as advisers on its restructure, which it agreed to with creditors in exchange for a three-year extension on its debt facility.
Centro extended and refinanced $A1.4 billion of debt across its managed funds in the latest half.
''These refinancings are a pleasing result for the group and we are already in discussions with our lenders around debt maturities over the coming 12 months,'' said chief executive Glenn Rufrano, who will step down to be replaced on March 1 by Robert Tsenin, who has been serving as CEO designate since February 5.
BLOOMBERG
