Embattled retail landlord Intu has said it is ‘likely’ to appoint administrators as negotiations with its lenders stall.
The retail landlord had aimed to reach a standstill agreement with its creditors, which would have paused financial covenant testing, debt amortisation and credit facility maturity payments up until the end of next year.
Intu’s revolving credit facility is due to expire today and the retail landlord has said that “insufficient alignment and agreement has been achieved” with its lenders for the property firm not to breach its covenants.
Intu, which put KPMG on standby in the event that its financing talks failed, said it is “considering the position of Intu with a view to protecting the interests of its stakeholders” and that process “is likely to involve the appointment of administrators”.
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