Refinancing Debt: Inter ahead of Milan
Tuttosport, analyses the information from Sole 24 Ore, confirming Suning’s startegy to renegotiate the debt repayments with Goldman Sachs. “This is the legacy of Thohir’s management in 2015 who had negotiated a laon of 230 million euros with an American investment group”, as explained by the Turin based newspaper. It was a completely different phase of life for the Nerazzurri Club, with the Indonesian tycoon who is far less powerful than the current Suning owners who make a whopping 50 billion in revenue per year.
Now the scenario has changed, as Tuttosport stresses the difference with Milan. The Nerazzurri Club could refinance it’s debt even before Milan who are currently trying to persuade UEFA of the viability of their project. In light of UEFA’s previous ruling on the Rossoneri’s plan, it has forced the Club to search for a new financial partner, with Goldman Sachs and Merrill Lynch having already rejected them as well, Milan are now in talks with Highbridge to help complete the return payments of 303 million to Elliot before October 2018.
Soon an answer should be given because the mandate given to the British adviser, BGB Weston, consisted of a four week period for the due-diligence and another four for the drafting of key points in the contract. The outcome is not obvious.