Inter Milan owners Suning could face difficulties in refinancing a loan from Oaktree Capital due to a reported lawsuit from the US-based fund against the company.
This according to today’s print edition of Turin-based newspaper Tuttosport, via FCInterNews.
Suning’s future as owners of Inter has looked to be in some doubt for several years now.
The reason for this has been the debt and liquidity issues at the club, as well as the Chinese company’s own financial situation.
In the spring of 2021, Suning took on a major loan from US-based fund Oaktree Capital. The purpose of this loan was to cover operating costs during a post-pandemic financial crisis at the club.
However, Suning put the Nerazzurri up as collateral in taking on the loan.
Therefore, if the Inter owners do not either pay back the loan in full including interest, or agree terms on refinancing, then control of the club would pass into the hands of Oaktree next spring when the due date for the loan arrives.
New Lawsuit An Obstacle For Inter Owners Suning Financing Oaktree Capital
Tuttosport note that Suning have recently received a loan of $650 million from the Chinese government.
This loan will arrive over the next ten years. The aim is to help the embattled company restructure their debt and recover from the wake of post-pandemic financial collapse.
According to Tuttosport, however, two of Suning’s creditors are ready to respond with a lawsuit.
The aim would be for the creditors to collect on some of the money that Inter owe them.
This would include US-based fund Bain Capital. And more pertinently to Inter, Oaktree Capital are also preparing legal action to collect on Suning’s debts.
This would not seem to be an optimistic sign for Suning to remain in control of Inter.
Oaktree may have little intention of renegotiating terms on the loan. Therefore, it could become difficult to envision a path forward for Suning at the Nerazzurri.
