Inter owners Suning could have a difficult time refinancing the loan that they took on to inject cash into the Nerazzurri in 2021 amid a search by creditors to find assets held by President Steven Zhang.
This according to today’s print edition of Milan-based newspaper Gazzetta dello Sport, via FCInterNews, who note that with the China Commercial Bank (Asia) (CCBA) inquiring about the Nerazzurri President’s dealings in the US, there are question marks around the loan which matures in 2024.
Reports have emerged in the past couple days that the CCBA is investigating Inter President Zhang’s dealings to uncover possible assets held which could be used to repay outstanding debts held by the Nerazzurri President.
As part of their investigation, the Chinese bank are inquiring with US financial institutions that the Nerazzurri President has had dealings with.
These have included California-based fund Oaktree Capital, who made a €275 million loan to Suning in 2021 to inject cash into Inter, and investment bank Goldman Sachs, who have been working with Suning in searching for potential buyers for the Nerazzurri.
The aim of the CCBA’s search is to uncover potential assets of Zhang that could be used cover unpaid debts that the Inter President has from having taken on loans related to business dealings in China.
However, the Gazzetta suggests, the outcome of their search could cause problems for Zhang and Suning’s running of Inter.
Namely, the legal troubles faced by the Nerazzurri President and the involvement of Oaktree could mean that Suning will have a considerably harder time negotiating a refinancing the loan from the US-based fund which matures in 2024.
Considering that the terms of the loan would see control of Inter pass from Suning into the hands of Oaktree in the event of nonpayment by the due date next year, it could be very significant if the Nerazzurri owners are not able to negotiate refinancing of the loan.
