Shopping centre giant intu has said it is “likely to call in administrators” after failing to get an agreement from creditors.
intu, the company behind Nottingham’s Victoria and Broadmarsh shopping centres has said it is “likely” to collapse.
The announcement comes ahead of the revolving credit facility covenant waiver expiring at 11:59 p.m. this evening.
The business has over £4.5 billion in debts, no forward arrangement with creditors and has already lined up administrators KPMG.
A statement from the company reads; “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.
“A further announcement will be made as soon as possible. The person responsible for arranging the release of this announcement is Susan Marsden, Company Secretary of intu.”
The company is the UK’s biggest shopping centre group, with 17 centres in the UK and three in Spain.