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Intu's joint administrators propose distributions to certain creditors

FILE PHOTO: A logo of the Intu Trafford Centre is pictured, as Intu eyes possible administration in fight for debt standstill, Manchester, Britain, June 23, 2020. REUTERS/Jason Cairnduff/File Photo

(Reuters) - The joint administrators of Intu Properties on Wednesday proposed distributions to certain creditors of the collapsed mall operator from available funds and listed a number of exit strategies to end the administration.

KPMG, which was appointed as administrator in June after the owner of Manchester’s Trafford Center and Lakeside in Essex failed to reach a deal with its lenders, said they have realised cash at bank of 151 million pounds in the period covered by its proposals.

Earlier this month, a source told Reuters that Trafford Centre, one of Britain’s major shopping centres, is being put up for sale.

Exit strategies to end Intu’s administration included placing the company into creditors’ voluntary liquidation, applying to the court for control to be returned to the company’s directors and formulating a proposal for a company voluntary arrangement, among others.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri

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