Oaktree Capital have made clear the only condition on which they will postpone the deadline of their loan to Inter Milan owners Suning.
Milan-based newspaper Gazzetta dello Sport, via FCInterNews, report that the US-based fund would want a written guarantee of selling the club by a certain date.
The deadline of Oaktree’s loan to Suning is now looming in the not-at-all-distant future.
The Inter owners took on the loan from Oaktree in the spring of 2021.
That loan, which was for €275 million with significant interest, was to cover operating costs at the Nerazzurri during a pandemic-related financial crisis.
The loan did serve its purpose in that respect. But it is now coming due, with Suning facing the prospect of €380 million in debt to Oaktree. That is the total amount with interest.
Suning put their shares in Inter up as collateral when they took on the loan.
Therefore, if the Inter owners were to default, then the US-based fund would take over Inter.
It is now widely known that Suning are attempting to negotiate a new deadline for the loan.
This would by the Inter owners more time. And according to the Gazzetta, there is willingness on the part of Oaktree to negotiate an extension.
But only on one condition.
Oaktree Want Guaranatee Suning Will Sell Inter By Certain Date To Extend Loan Deadline
According to the Gazzetta, Oaktree have asked Suning for a written commitment that they would sell Inter by a certain date if they are to extend the deadline.
That is the only way that the fund they can recover the money they are owed if they do not take over Inter and work to sell the club themselves.
Suning have ongoing liquidity problems of their own.
Therefore, even if the Inter owners were to get an extension, Oaktree are not optimistic about the prospect of Suning repaying them in a timely manner.
As such, the Gazzetta reports, the purpose of an extension on the deadline would be to buy Suning time.
Then, the Nerazzurri owners could organize a sale of the club themselves.
