There is movement aroundInter. And – as reported by The Corriere dello Sport – it would all be on the side of Oaktree. The surveys of possible buyers possibly interested in taking over the Nerazzurri club from the hands of Zhang family (or from the fund, if the pledge were to be enforced) would have been transformed into something more than an expression of interest.
Oaktree is not willing to give the Nerazzurri president any more time. The deadline to repay the 275 million obtained on loan (385 million euros, including interest) remains May, 20th. However, the fund would have given Zhang one last chance: the willingness to give an extension would have as its only possible purpose the finalization of the Suning group’s negotiations with a new investor.
For the American fund it would be a guarantee of fresh capital. And, consequently, Oaktree would have the certainty or almost certainty of recovering the money lent. Without compliance with that condition, however, and obviously without the repayment of the loan, Oaktree would confirm its decision to enforce the pledge. And like this would take over the majority package of Inter.
However, there are currently no ongoing negotiations between Suning and other parties. The interest of potential investors has so far clashed with the requests of Zhang junior: he had started with one billion euros as the overall valuation of the company, but has now settled at share 1.2 billion. But if that condition has been set, the Californian fund will demand that the process to reach a sale of shares has begun and with a precise timetable to be respected.
It is therefore no coincidence that Zhang, leaning on Goldman Sachs, has returned to “knocking” on the doors of a series of funds – mainly American – to secure new financing. Furthermore, in this story, Oaktree did not seem interested in taking charge of Inter. And this was one of the aspects Zhang was counting on to achieve a new deadline. The US fund, however, estimated that even if it granted more time, the prospect would be that of not recovering the money. It is therefore better to immediately proceed independently with the enforcement of the pledge and then dedicate yourself directly to the enforcement Inter transfer.
