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Centro Clears a Hurdle

Centro Properties Group, the Australian property trust seeking to refinance A$4.9 billion ($4.5 billion) of debt, had its biggest three-day gain since January in Sydney trading after a unit was released from a $450 million bond guarantee.

Centro Retail Group no longer has to guarantee bonds sold by Centro Properties after the companies met a deadline today to provide "necessary documentation" to the U.S. holders of the notes, the two Melbourne-based trusts said today in a statement to the Australian Stock Exchange.

"It's just one minor hurdle they've got over the top of, but there's many more that lie ahead," said Jamie Spiteri, a senior dealer at Shaw Stockbroking Ltd. in Sydney. "There's a lot more to be successfully negotiated going forward for Centro."

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