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Intu Verges on Bankruptcy as the Term to Refinance its Debt Comes to an End

The British company has only three days left to renegotiate its debt amounting to €5 billion with the banks. If it does not meet the solvency requirements demanded by them, then it will have to file for bankruptcy.

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The British real estate group Intu Properties, owner of 50% of the Xanadú shopping centre in Madrid, has hired the consulting firm KPMG to assume the management of its assets in the event that it has to file for bankruptcy this week. The term granted by the banks to refinance its debt, which amounts to nearly 5,000 million euros, is coming to an end.

Friday 26 June is the deadline that Intu has been set to comply with some of the solvency requirements on its loans. The coronavirus pandemic has affected the rental income of the group’s shopping centres, making it impossible to meet these conditions, and so banks may have to enforce the clauses in their contracts.

Read the full article in Spanish.

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