Intu said there are doubts that it continue as a going concern unless it raises extra funds.
Its comments came as the firm – which operates Victoria and Broadmarsh centres in Nottingham – reported a £2bn loss in 2019.
The crisis in the retail sector led intu to write down the value of its shopping centre sites by nearly £2bn.
Intu will try to raise extra cash after an earlier cash call to raise £1bn failed.
Intu has incurred debts of nearly £5bn.
In January, the firm approached its shareholders to ask for more money as the retail sector suffered.
Intu said it was at risk of breaching debt covenants after it was forced to abandon the fundraising attempt. It said “extreme market conditions” deterred investors from giving fresh cash.
To help it keep going, the firm said it would try to engage with investors, or it might have to sell more of its assets.
The company has already been selling shopping centres to raise cash.
Intu said it could also try to seek waivers on its debt commitments to lenders and spend less in the short term.
