Centro Properties, the heavily indebted Australian-listed property trust, was locked in talks with banks over the weekend after its shares were suspended on Friday 'pending an announcement'. Financial Times

The negotiations follow a 23% fall in the group’s share price to A$0.86 on Thursday amid fears over Centro’s financial future. The shares dropped 76% on one trading day in December when news of its funding problems became known.

Centro, the second-largest shopping mall owner in Australia and the fifth biggest in the US, has been forced to put itself on the auction block ahead of a February 15 deadline to refinance A$3.9bn ($3.5bn) of short term debt. Centro last month defaulted on A$1.3bn of debt.