Speaking to TvPlay, Alessandro Giudice, a finance expert, spoke about Inter’s corporate future
Speaking to the microphones of TvPlay, Alessandro Giudice, a finance expert, spoke like this about Inter’s corporate future: “It’s clear that there is something moving around Inter. There is a very close deadline which is May 20th, i.e. the loan that Oaktree granted to Suning in 2021. We are talking about 400 million euros: it seems unrealistic that Zhang can repay this amount of the loan. In recent weeks, very optimistic hypotheses of a refinancing of the debt had spread, which would mean adding further interest that would raise the figure exponentially. Let us remember that the loan debt started with 275 million and reached almost 400 through the capitalization of interest at 12%.
Oaktree is unlikely to allow a refinancing of the loan. It appears to me that procedures have been started for the evaluation of Inter’s capital and that at this stage of the assignment of tasks Oaktree wants to evaluate the Nerazzurri in the hypothesis of an enforcement of the pledge or that there is a buyer ready to intervene . The first hypothesis means that on May 20th Oaktree will exercise its right and will be able to purchase Inter’s property, after which it will have to compensate Suning, as required by law, for the difference in value between the asset pledged (Inter) and the value of the loan: everything that will remain from Inter’s valuation, less the financial debts and the 400 million that Oaktree must recover, will be the responsibility of Zhang.
The problem is that everything depends on the subjective evaluation of an evaluator. There is already a precedent, a certain Grimaldi who was the expert who evaluated Milan. The interest of the Court is not to protect the debtor but the creditor. This assumption would be very inconvenient for Zhang. The other hypothesis, however, would be more positive for Zhang, because he could also convert his share of expertise into participation while remaining as a minority shareholder. To date, however, there is a process underway. Oaktree being more present in the market than Zhang, has an easier time finding investors. Oaktree is an American fund and it is easy to think that it could come from that region of the world. I don’t imagine investors of any other nature.”
