Centro latest credit crunch victim
With shopping centres across Australia, New Zealand and the United States, Centro has quickly found itself the latest victim in the global credit crunch.
A listed company, Centro has borrowed heavily to expand its business interests and now finds itself not only slashing profit forecasts but in grave danger of going belly up with its shares plummeting on the Australian Stock Exchange (ASX) falling by more than 50% at one stage on Tuesday.
153,982,429 Centro shares were traded by 1:30 pm today with shares selling for .745 as the company struggles to refinance more than $1 billion worth of debt.
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