Intu: Administration looms as talks with lenders fail

Intu has announced that talks with lenders have failed, meaning the British shopping centre operator is expected to appoint administrators.

The company had been in crunch talks with key stakeholders to reach a standstill agreement on terms of up to 18 months ahead of the revolving credit facility covenant waiver deadline of 26 June 2020.

The company said in a statement on Friday: “Discussions have continued with the Intu group’s creditors in relation to the terms of standstill-based agreements. Unfortunately, insufficient alignment and agreement has been achieved on such terms.

“The board is therefore considering the position of intu with a view to protecting the interests of its stakeholders. This is likely to involve the appointment of administrators.”

Intu warned earlier this week that if it falls into administration it could be forced to close shopping centres.

Photo credit: Intu Lakeside