Struggling U.K. mall operator Intu Properties Plc is seeking standstill agreements from its lenders as it battles for survival after a collapse in rent payments from retailers.
The shopping center owner said it would “likely” breach its covenants at the end of June and is negotiating with its lenders to freeze its debts during the pandemic.
Intu secured debt waivers until June 26 earlier this month, and said the standstill agreements would seek to allow it to halt testing and repayments of debt facilities until no later than December 2021.
Intu said it would aim to achieve stability moving forward through the standstill until the market dislocation has stabilized and asset valuations and portfolio performance can be better understood by investors and debt providers.
The company said the agreements would seek a pause from financial covenant testing, debt amortization and facility maturity payments until the end of 2021.
The company has furloughe
