Shopping centre owner Intu could lose some of its key retail assets as early as June, as bondholders draw up plans to seize control.
Law firm Clifford Chance and investment bank Moelis & Company have been appointed to advise bondholders of £1.3bn of debt secured against some of Intu’s centres.
Lakeside in Essex, Braehead in Glasgow, Watford in Hertfordshire and the Victoria Centre in Nottingham could be seized if Intu breaches debt covenants in June.
Intu has already acknowledged that a breach of its upcoming debt covenants after it received less than one-third of UK quarterly rent payments. It received just 29% of rent due yesterday across its UK centres, compared with 77% of rent for the same quarter last year.
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