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Unable to Sell Xanadú, Intu Asks the Banks for Support

The British real estate group Intu Properties, which owns 50% of Madrid's Xanadú shopping centre, has indicated that its liquidity problems may result in its bankruptcy in June.

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Madrid Xanadú shopping centre.

The British real estate group Intu Properties, which owns 50% of Madrid’s Xanadú shopping centre, has warned that its liquidity problems may lead to its suspension of payments in June. To avoid this, the company has asked its banks for flexibility in meeting their financial commitments.

The company, which has been in financial difficulty for several months now, has announced that it will not be able to meet the liquidity requirements demanded by its creditor banks before the next feasibility test scheduled for 26 June. If financial support is not obtained, then the owner of shopping centres in the United Kingdom and Spain will be forced to suspend its payments.

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