U.K. Mall Owner Intu Collapses Into Administration As Talks Fail

British mall-owner Intu Properties Plc has collapsed into administration after failing to agree a reprieve from lenders.

The company, which owns nine of the U.K’s top 20 malls, has applied to appoint three administrators from KMPG LLP, according to a statement on Friday. The shopping centers will continue to trade, it said.

“Discussions have been ongoing with financial stakeholders to achieving standstill-based agreements,” Intu said in the statement. “However, insufficient alignment and agreement in relation to the terms of such standstill-based agreements has been achieved with financial stakeholders.”

Intu warned earlier on Friday that it would likely appoint administrators after ...