BOSSES at the Trafford Centre have announced a series of 'standstill' proposals with their creditors, as the coronavirus crisis continues.

Just a handful of essential stores are open within the sprawling complex due to lockdown restrictions.

And in an update for investors, released to the Stock Exchange this week, owners intu properties plc, have said the ongoing situation has had an impact on rental collections and valuations at the end of June.

An intu spokesman said: "Significant market uncertainty remains regarding the impact of Covid-19 on the operations of intu’s centres which, with the exception of essential stores, remain semi-closed until at least 1 June 2020.

"Additionally, at this time, the speed of recovery once the UK comes out of lockdown remains unclear.

"The resulting impact on rental collections and valuations at the end of June is likely to result in breaches of covenants or material liquidity requirements if any such breaches are to be cured in accordance with the financing documents at that time.

"This market backdrop, where the investment market is effectively closed, also creates material uncertainty for any asset disposal or additional funding process which intu might pursue to address these covenant issues."

The waiver for potential breaches of its 'revolving credit facility' runs until June 26, it has previously been announced.

The intu official added: "intu believes that in order to provide a stable environment in which to address this situation, standstill-based agreements with relevant financial stakeholders across its structures, at both the asset and the group level, are the best course of action and its primary focus to maximise value.

"These standstill arrangements would seek relief from financial covenant testing, debt amortisation and facility maturity payments for a period through to no later than 31 December 2021.

"The standstill provisions would also aim to achieve self-funded operational and financial costs only across the different property owning sub-structures, without recourse to intu properties plc for any shortfalls during the standstill period with interest being ‘pay if you can’.

"intu believes that the best way forward is achieving stability through such a standstill until the market dislocation has stabilised and asset valuations and portfolio performance can be better understood by investors and debt providers and risk can be appropriately priced. When market dislocation has passed, there will be greater opportunity to explore alternative capital structures and solutions and disposals to ultimately fix the balance sheet."

Earlier this week it was confirmed John Whittaker, a major shareholder in intu, had apparently seen his fortune drop by £350m.