Shopping centre giant Intu on brink of collapse - this is what the company owns

manchestereveningnews.co.uk:

hereOn Intu Properties' website it says it is proud partners of M&G Real Estate at Manchester Arndale, which has 1.8 million square ft of retail and food and beverage space.In a statement released on Friday, the company said the board is "therefore considering the position of Intu with a view to protecting the interests of its stakeholders.“This is likely to involve the appointment of administrators.

A further announcement will be made as soon as possible.”Earlier this week, Intu said it put administrators from KPMG on stand-by as it looked to secure a deal ahead of the midnight deadline on its current loan covenants.The group has struggled under a £4.5 billion debt burden for the past year, but has been hammered by significantly lower rent.