Intu the mire as distressed buyers circle UK property co

Retail
By Owen Sanderson
05 Dec 2019

GlobalCapital understands distressed debt buyers are seeking advice on how to target debt issued by intu Properties, especially its 2022 convertible bonds, now trading below 70, as the shopping centre company reels from the wave of restructurings and rent reductions by some of UK’s largest retailers.

Sky News, the UK broadcaster, reported that the company has asked PwC to advise on a restructuring, ahead of a round of year-end property valuations that could see it breach debt covenants.

The company, whose shares are down more than 80% in the last year, has said publicly that ...

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