“Today by 6.30pm, if there are no sensational surprises, Inter will move from Suning to Oaktree”, writes Tuttosport
“We’re here, today by 6.30pm, if there are no sensational surprises, Inter will move from Suning to Oaktree Capital Management. By the aperitif time, i.e. when the offices in Luxembourg, headquarters of the holding companies with which Suning controls Inter’s shares, if Steven Zhang has not found a way to repay the American fund of the 385 million owed, he will lose the Nerazzurri club. Without money, in fact, Oaktree will immediately start the procedure for enforcing the pledge, established in the documents signed by the two parts on May 20, 2021 (official communication tomorrow)”. This is how the Tuttosport article opens regarding the corporate issue for Inter, with Zhang increasingly on the sidelines.
Oaktree will not grant extensions and, if the loan is not repaid by today, it will take 99.6% of Inter’s shares, with the remaining 0.4% remaining in the hands of small shareholders. “No extensions are foreseen: Zhang did not ask for it because due to his status as a “debt accumulator” he evidently does not have the requirements to do so, but also because he probably would not have obtained it from Oaktree after Saturday’s accusatory letter. Considering that the path to obtaining a new loan from Pimco has disappeared in recent days – if it really existed (yesterday Bloomberg raised doubts) – the only chance that Zhang has to save himself is that in the last few hours, in particular his father Jindong, got help from the Chinese government. However, a remote hypothesis, also considering the 320 million debt of Steven Zhang himself at home towards China Construction Bank, a state-controlled credit institution”explains Tuttosport.
