La Repubblica: “Oaktree Study: It’s Unlikely Zhang Will Be Able to Repay Debt”
La Repubblica report that Inter president Steven Zhang faces an uphill battle to reschedule his loan with Oaktree capital. According to the newspaper, the fund appear to lack sufficient assurances from the Inter president regarding future debt repayment. La Repubblica (via FCInter1908) outline: “In two months, in addition to repaying Oaktree the initial capital, Inter’s […]
La Repubblica report that Inter president Steven Zhang faces an uphill battle to reschedule his loan with Oaktree capital. According to the newspaper, the fund appear to lack sufficient assurances from the Inter president regarding future debt repayment. La Repubblica (via FCInter1908) outline:
“In two months, in addition to repaying Oaktree the initial capital, Inter’s majority shareholder will have to pay almost 100 million in interest accrued over the 36-month duration of the loan.
“Handling the matter within the American fund is the London-based team dedicated to special situations, dealing with struggling companies, insolvency, or pre-insolvency states, and debtors classified as unlikely to pay.
“Translated: unlikely to pay, at least with the proceeds from their own activities. Inter has gradually reduced its deficit year after year, but the latest fiscal year, ending June 30, 2023, still closed with a loss of 85.5 million.
“This is an improvement compared to the previous season’s loss of 140 million, mainly due to a successful player transfer market, but the break-even point is still far off. With a revenue of 425.5 million, in the season ending with the Champions League final in Istanbul, Inter incurred costs of 465 million. The net worth is negative at 161.9 million, and the total gross indebtedness amounts to 807 million.”
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