May 1, 2020 / 6:31 AM / a month ago

BRIEF-Intu Properties Appoints Chief Restructuring Officer, Agrees RCF Waiver

May 1 (Reuters) - Intu Properties PLC:

* APPOINTMENT OF DAVID HARGRAVE AS CHIEF RESTRUCTURING OFFICER

* DAVID HAS ALSO BEEN APPOINTED TO BOARD AS A NON-EXECUTIVE DIRECTOR

* AGREED WAIVERS FOR CERTAIN POTENTIAL BREACHES WHICH COULD HAVE ARISEN, INCLUDING IN PARTICULAR UNDER OUR RCF

* RCF WAIVER IS UNTIL 26 JUNE 2020 AND IS SUBJECT TO CERTAIN COMPLIANCE CONDITIONS

* AGREEMENT WITH COUNTERPARTY ON SOME INTEREST RATE SWAPS ENTERED INTO BY UNIT WHICH HAD MANDATORY BREAK AT END OF APRIL

* EFFECT OF AGREEMENT IS FOR AMOUNTS DUE ON CLOSE OUT OF SWAPS TO BE LEFT OUTSTANDING TO BE REPAID ON 26 JUNE OR AGREED LATER DATE

* NOW RECEIVED 40 PER CENT OF RENT AND SERVICE CHARGE FOR QUARTER

* OFFERING MONTHLY RENTS TO END OF 2020, ADVANCED TALKS WITH CUSTOMERS REPRESENTING FURTHER 28 PER CENT OF AMOUNTS DUE

* VERY SMALL NUMBER OF CASES WHERE CUSTOMERS NOT CURRENTLY ENGAGING WITH US TO FIND A CONSENSUAL SOLUTION

* IN INSTANCES WHERE LARGE, WELL-CAPITALISED BRANDS WHO HAVE ABILITY TO PAY BUT CHOSEN NOT TO, CO PREPARED TO TAKE MORE ROBUST ACTION

* FURLOUGHED AROUND 60 PER CENT OF STAFF IN CENTRES AND AROUND 20 PER CENT AT OUR HEAD OFFICE

* BOARD HAVE AGREED TO A 20 PER CENT SALARY REDUCTION FOR NEXT THREE MONTHS

* IDENTIFIED AROUND £3 MILLION OF COST SAVINGS IN SHORT-TERM

* GOT FINAL REGULATORY APPROVAL FOR SALE OF INTU PUERTO VENECIA AND WORKING TOWARDS CLOSING TRANSACTION IN MIDDLE OF MAY Source text for Eikon: Further company coverage:

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