Shopping centre owner Intu is on the verge of administration after restructuring talks with lenders fell apart.
The company owns 17 shopping centres across the United Kingdom along with three more in Spain.
The company had been struggling before the coronavirus outbreak to fill outlets in some of its centres, and had debts of about £4.5bn.
The company, which began talks with creditors in May, had said on Tuesday the main sticking points of the debt talks were the duration of a standstill, how much creditors would share in any future recovery and funding.
The firm has issued an update today, saying: "On 23 June 2020, intu properties plc ('Intu') provided an update on discussions with key stakeholders to progress its standstill strategy ahead of the revolving credit facility covenant waiver expiry at 11:59 p.m. this evening, 26 June 2020".
"Unfortunately, insufficient alignment and agreement has been achieved on such terms", it said in a statement.
Intu said it has filed to appoint James Robert Tucker, Michael Robert Pink and David John Pike from KPMG as administrators for the company. It promised a further announcement would be made "as soon as possible".
It is hoping to arrange a so-called standstill agreement with lenders and warned that if it can not reach a deal "there is a risk that centres may have to close for a period".
The owner of the Trafford Centre, Intu, has called in administrators, placing thousands of jobs in doubt.
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