Tuttosport’s updates on Inter’s corporate issue: Zhang could get the yes for the refinancing from Oaktree
“More time for Zhang, but only with the guarantee of finding a partner or, it goes without saying, a buyer for Inter. 53 days before the gong (20 May), Oaktree has given the cards to Suning. And – if he does not receive adequate answers from Nanjing – he is also ready to enforce the pledge from Great Horizon, the Luxembourg holding company which has control of the club, becoming owner of Inter, along the lines of what Elliott did with Yonghong-Li at the time.”. This is the incipit of the Tuttosport article regarding the Nerazzurri corporate situation, taking inspiration from what was stated yesterday by Il Sole 24 Ore.
Oaktree would also be willing to grant room for maneuver to Zhang, but in exchange for further guarantees and the concrete prospect of finding a new investor. “The refinancing would, in this way, be a tool to give the other party more time, a move whose objective is to find a new shareholder, the only way considered functional to get out of the impasse after Suning has scuttled all the negotiations, more or less advanced, for Inter in the last two years”adds Tuttosport.
“The fact that in London the dossier linked to Inter is managed by Oaktree’s insolvency office and the loan is classified as high risk shows how American private equity is the first to be aware of the fact that Suning is unlikely to repay the 385 million, interest included, on the loan. At the same time, Oaktree (whose men are always in the stands at San Siro and were also present in Madrid), cannot afford for Zhang to worsen the club’s accounts. However, the first to know is the president himself: he does not Randomly, the team’s “strengthening” campaign will once again have to be zero-impact with income offset by exits, while the renewals already in the works are still awaiting approval from the club.”the newspaper continues, which then underlines how Inter’s next budget should still close in the red but by 40 million, a clear improvement after the -85 in 2023 and the -140 in 2022.
