UPDATE 1-Australia's Centro says liabilities may rise
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MELBOURNE, Jan 15 (Reuters) - Australian property investor Centro Property Group (CNP.AX), which is struggling to refinance its maturing debt, said its current liabilities may be higher than previously stated, sending its shares down as much as 48 percent.
It also said in a statement on Tuesday that its U.S. private placement noteholders, who are owed a total of $450 million, believe some of the notes may be in default. Centro said it did not concede it was in default.
The company's shares hit a low of A$0.445 after the statement, in which it also announced the resignation of its chief executive.
Centro, which owns and manages 700 shopping malls in the United States, is Australia's second high-profile victim of the global credit squeeze and has put itself up for sale.
Centro and its affiliates, including Centro Retail Trust (CER.AX), have a total of A$3.9 billion ($3.5 billion) that must be refinanced before a Feb. 15 deadline.
Centro's shares had dropped 80 percent last month after it first revealed it was having difficulties refinancing the debt due to the global credit squeeze.
The group said that its adviser Lazard Carnegie Wylie had reported extensive interest in the group's assets from potential investors, and it expected a number of Australian and international parties to start due diligence shortly.
It said on Tuesday its Australian and U.S. lenders were considering an extension to its financing arrangements beyond the Feb. 15 deadline.
The group also said Chief Eexecutive Andrew Scott had resigned and would be replaced by Glenn Rufrano, previously the chief of U.S. property group New Plan, which was acquired by Centro last year.
The group's difficulties have sparked talk of a number of predators looking to take a stake.
Press reports suggested U.S. hedge fund Citadel Investment Group and U.S. investor Blackstone Group (BX.N) were among parties to have shown interest. ($1=A$1.11) (Reporting by Victoria Thieberger; Editing by James Thornhill)
