Intu puts administrators on standby as rescue talks continue

Intu, owner of the Metrocentre, is in rescue talks with creditors

Troubled retail property group Intu has lined up administrators in case talks with creditors fail.

Intu, which owns shopping destinations such as Lakeside and the Metrocentre, is in negotiations to reach a standstill agreement with creditors as it reels from the impact of the retail downturn.

While there is hope that the talks will bear fruit, with a deadline this Friday, Intu cautioned: “Notwithstanding the progress made with lenders, Intu has also appointed KPMG to contingency plan for administration.”

”In the event that Intu Properties PLC is unable to reach a standstill, it is likely it and certain other central entities will fall into administration. In this situation, all property companies would be required to pre-fund the administrator to provide central services to the shopping centres.

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