Intu, the troubled retail property group has lined up administors in case current talks and negotitions with creditors fail. Intu is in negotiations to reach a standstill agreement with creditors as the impact of the retail downturn takes it toll.
Intu commented: ‘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.’
