May 18, 2020 / 6:29 AM / 11 days ago

Intu says on course to default, seeking debt standstill

May 18 (Reuters) - British mall operator Intu Properties Plc warned on Monday it would likely breach its debt commitments at the end of June due to falling rental payments and will seek standstill agreements with creditors to ride out the coronavirus crisis.

The owner of Manchester’s Trafford Centre and Lakeside in Essex, which secured debt waivers until June 26 earlier this month, said the standstill agreements would seek to allow it to halt testing and repayments of debt facilities until no later than December 2021. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Patrick Graham)

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