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Intu’s Bankruptcy Puts At Risk the Macro Retail Project on the Costa del Sol

KPMG, Intu's new administrator, is going to meet with Eurofund, the property developer's minority shareholder in Spain, to discuss carrying out the project, in order to assess the different options.

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The macro-project to build the largest shopping centre in Spain, in Torremolinos (Malaga), may not go ahead after Intu, the British property developer that was going to execute it, filed for bankruptcy.

The company went to court last Friday 26 June after failing to reach an agreement with the banks to refinance its debt, which amounts to 5 billion euros in total. Following the bankruptcy, the firm KPMG (through James Robert Tucker, Michael Robert Pink and David John Pike) has been designated as the administrator of the company and will be responsible for deciding the future of the Intu Costa del Sol project.

Read the full story in Spanish.

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