No Requests By Inter Milan Owners Suning To Extend Deadline Of Oaktree Loan

Inter Milan owners Suning have not made any requests to extend the deadline of their loan from Oaktree Capital.

Today’s print edition of Turin-based newspaper Tuttosport, via FCInterNews, anticipate that there are no more options for the current Nerazzurri owners to maintain control of the club as the loan comes due.

Suning are currently still owners of Inter.

The Chinese company remain the majority shareholders at the Nerazzurri. That will be the case until Oaktree repossess their controlling stake in the club.

Today is the due date for the loan that Suning took on from Oaktree in the spring of 2021.

And for that loan, Suning put up their shares in Inter as collateral.

However, today is a public holiday in Luxembourg. Since that is the country where the holding company through which Suning own their shares in Inter, they technically still have until tomorrow to avoid defaulting on the loan.

But there would be little chance of that happening.

Inter Owners Suning Have Not Asked Oaktree For An Extension On Loan Deadline

For months the question has been how Suning would aim to move forward as Inter owners.

Two possibilities have been for the Nerazzurri owners to either agree an extension to the deadline with Oaktree, or take on an entirely new loan with which they could refinance their debt to the US fund.

Suning have reportedly been in negotiations regarding both possibilities.

However, despite there having been talks with Oaktree, the Inter owners instead opted to focus on negotiations with another fund.

The fund in question was PIMCO. There were reports that Suning were on the verge of securing a massive new loan with which they could pay off their debt to Oaktree.

But those talks collapsed. And since that was just last week, it left Suning with little time to sort out an alternative plan.

There was no backup in terms of a different fund.

That could leave Suning the last resort of trying to convince Oaktree to grant an extension with higher interest rates.