Braehead owner intu has confirmed it is on the brink of administration after talks with creditors broke down.
The retail landlord, which also owns the Trafford Centre in Manchester and Metrocentre at Gateshead, had asked for breathing space as the deadline to make its next payment looms tonight.
Intu has amassed around £4.5 billion of debt, had seen its property portfolio plunge in value and made massive losses even before coronavirus resulted in tenants defaulting on their rents.
The firm said today that since it announced it was in discussions over a standstill of its revolving credit facility covenant waiver: “Unfortunately, insufficient alignment and agreement has been achieved on such terms.
“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.”