June 11, 2020 / 10:22 AM / a month ago

Lakeside owner Intu's administrator-in-waiting seeks additional funding - Sky News

June 11 (Reuters) - Intu Properties Plc's administrator-in-waiting is looking for additional funds from creditors to keep some of the struggling mall operator's best-known avenues open during an insolvency process, Sky News reported here on Thursday.

The report said the funding request by KPMG for 12 million pounds ($15.24 million) was designed to “focus minds” as the company’s lenders decide whether or not to grant an 18-month standstill on its 4.5 billion pounds debt pile.

Intu, which owns Manchester’s Trafford Centre and Lakeside in Essex, did not immediately respond to a Reuters request for comment. ($1 = 0.7875 pounds) (Reporting by Samantha Machado in Bengaluru; Editing by Krishna Chandra Eluri)

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