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Xanadú’s Owner, Intu, Files for Bankruptcy with Debt Amounting to €5 Billion

The British shopping centre operator has filed for bankruptcy after it failed to reach a new agreement with its creditors. In Spain, it owns the Xanadú shopping centre in Madrid and a macroproject on the Costa del Sol.

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Intu Costa del Sol.

After intense negotiations, attempts by the British company Intu Properties, which owns shopping centres in Spain and the United Kingdom, to avoid bankruptcy have ended in failure, forcing the company to go to apply for bankruptcy.

Intu had asked its creditors for a new deferral in the repayment of its debt, which amounts to 5 billion euros, after the last refinancing term granted by the banks expired on Friday. In the end, no agreement could be reached and so the company has initiated bankruptcy proceedings. Following the announcement, the company’s share price plummeted by more than 50%, at which point the London stock exchange regulator decided to suspend trading.

Read the full article in Spanish.

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