UPDATE 1-Centro shares on trading halt ahead of deadline

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MELBOURNE, May 30 (Reuters) - Centro Properties Group (CNP.AX), one of Australia's highest profile casualties of the global credit crunch, requested a trading halt of its shares on Friday ahead of a refinancing deadline.

Centro has until May 30 to meet conditions required by its banks that would allow an extension on about A$2.8 billion ($2.6 billion) of debt.

Although the banks agreed earlier this month to the extension in principle, the agreement was dependent on a number of conditions being met, including the banks' agreeing to a process for Centro to refinance or sell assets.

By the May 30 deadline, Centro also had to finalise a A$155 million credit line to pay for capital spending, fees to advisers and higher borrowing costs.

Centro, which owns about 700 U.S. shopping malls, borrowed heavily last year to fund a rapid expansion in the U.S., but ran into trouble after credit markets dried up and it was unable to refinance expiring debt.

Its shares have fallen about 90 percent since it revealed the debt problems in December, and are trading at a fraction of their 2007 high above A$10. Centro shares closed on Thursday at A$0.38.

Centro is also fighting two class action law suits from shareholders alleging the group failed to disclose the full extent of its debts last year.

The value of one claim, being run by law firm Maurice Blackburn, is about A$700 million, the firm's lawyers said outside court this week.

Centro has said it would vigorously defend the cases.

Analysts have said the law suits could deter potential buyers of some of Centro's assets. ($1=A$1.05) (Reporting by Victoria Thieberger)