Bleak news on the Centro front. The company has posted a huge quarterly loss. Centro says its U.S. properties have lost 8.8 percent of its value. It also said it may not be able to continue as a "going concern" given all the problems it is facing.
Centro Properties Group, the Australian owner of more than 650 U.S. malls, said the unit that manages U.S. assets acquired last year for $5.2 billion posted a second-quarter loss after writing down the value of the business.
Centro NP had a net loss of $299 million for the three months ended June 30, the Melbourne-based parent said today in a statement to the Australian stock exchange. The unit booked a $95 million charge for writing down properties and a $173.5 million impairment in the company's goodwill and the value of its property management business.
"There is substantial doubt about the company's ability to continue as a going concern given that the company's liquidity is subject to, among other things, its ability to negotiate extensions of credit facilities,'' Centro NP said in a statement filed yesterday with the U.S. Securities and Exchange Commission.
- July 16, 2008, Centro Clears Minor Hurdle With First Asset Sale
- July 1, 2008, Centro to Sell Five Australian Malls
- May 29, 2008, Report: Centro Close to Big Sale
- May 14, 2008, Centro's Shield
- May 9, 2008, Centro Reaches Debt Agreement, Shares Surge
- April 3, 2008, Centro Takeover Rumors Cause Share Surge
- April 1, 2008, Centro Clears a Hurdle
- Feb. 29, 2008, Report: Blackstone, GE, Mulpha, Mirvac Bidding for Centro.
- Feb. 28, 2008, Centro Shares Surge
- Feb. 15, 2008, Centro Wins Extension
- Jan. 15, 2008, Scott Out, Rufrano In at Centro
- Jan. 10, 2008, Daily Centro Update
- Jan. 9, 2008, UBS Cuts Stake in Centro
- Jan. 3, 2008, Centro: Morgan Stanley, Westfield Have Approached Firm
- Jan. 2, 2008, Centro Says Its Getting Offers
- Dec. 18, 2007, Another Round of Centro Coverage
- Dec. 17, 2007, Centro Hit by Credit Crunch
- May, 10, 2007, Centro's Structure
- Feb. 28, 2007, Centro To Buy New Plan