Intu said it has “appointed KPMG to contingency plan for administration” as discussions continue with lenders.
Work stopped in March at Intu’s £86m revamp of the Broadmarsh Centre in Nottingham where Sir Robert McAlpine is main contractor.
Work has not restarted on the job and demolition specialist Coleman blamed cancellation of a major contract on the site for having to lay off 50 staff.
Intu has until Friday to reach a new agreement with lenders.
The company runs 17 shopping centres across the country.
Intu’s current development plans show a spending commitment of £141m over the next two years.
At intu Broadmarsh in Nottingham £68m of work is yet to be completed.
Vinci is also completing the revamp of the Trafford Centre and mac-group is working on a £12m scheme to modernise the external façade at Merry Hill Shopping Centre in Dudley.