Centro resists firesale of trophy centres such as Bankstown

To avoid a firesale of its assets, such as its trophy shopping centre at Bankstown, refurbished last year at a cost of $114 million, Centro has asked for expressions of interest to buy the company or its stakes in two Australian and US wholesale funds.

Other options are a recapitalisation or finding white knights to invest in the company.Australia trusts including
Westfield, Stockland and Colonial First State are believed to be interested.

Centro has until February 15 to come up with a rescue plan to refinance $3.9 billion in debt amid the global credit crunch.