The Suning Commerce Group

[.h.]

From an Inter perspective, our bond agreement is the next thing to look at - I believe that's secured against some of our media revenue?? But I'm not 100% sure - so we could be in a position where we substantially drop revenue if we cant fulfill the bonds.

From a Zhang perspective, yes, if Suning Holdings Group for example goes bust. I'm not sure about the legal authority to seize Inter as an asset of Zhang directly, as strictly speaking we're owned by holding companies. I suspect if we were directly owned, then perhaps yes, but we arent. We're owned by a company that happens to be owned by Zhang.

Potentially Italy could place a lien on Inter so that if we were sold, the proceeds would be placed in forfeiture until creditors are paid off?

Its all very complex, tbh, with multiple international shell companies and all that sort of stuff. I dont know what Italian, nor international, law say in this scenario.

 

[compile]

Yup, and amortisation bill i guess as well?

I believe so, but not 100% sure.
They do have more 4y+ contracts though.

Highest paid player is Bennacer @ €7.04m p/y Gross

 

[compile]

From an Inter perspective, our bond agreement is the next thing to look at - I believe that's secured against some of our media revenue?? But I'm not 100% sure - so we could be in a position where we substantially drop revenue if we cant fulfill the bonds.

From a Zhang perspective, yes, if Suning Holdings Group for example goes bust. I'm not sure about the legal authority to seize Inter as an asset of Zhang directly, as strictly speaking we're owned by holding companies. I suspect if we were directly owned, then perhaps yes, but we arent. We're owned by a company that happens to be owned by Zhang.

Potentially Italy could place a lien on Inter so that if we were sold, the proceeds would be placed in forfeiture until creditors are paid off?

Its all very complex, tbh, with multiple international shell companies and all that sort of stuff. I dont know what Italian, nor international, law say in this scenario.

I believe that a trustee will be appointed to liquidate all assets, which would mean Inter would be up for guaranteed sale, and any revenue generated will be used to pay off debts (Oaktree, Bond etc).

To be honest, I think with Steven's issue, plus the problems they have in China, they will have no recourse but to sell. Between Oaktree (€275m), Bond (€415m), and this new debt to Construction Bank (€300m), selling the club would be the ONLY way these guys could pay off any of these debts (€990m). That is not including all the crap they pulled in China with Evergrand, ya the outlook does not look good.

 

[.h.]

The Construction Bank debt will depend where its held, to be fair - there are probably (presumably?!) other assets that can be sold to pay off that debt. Even if Oaktree is held by them personally, any default means Inter falls to Oaktree. Clearly the bond is a concern as well.

My big worry is that we default, Oaktree take over, and then liquidate the club because they dont want to invest another 415mil to clear the bonds debt. OR, they dont even take over, and just push for administrators to liquidate the club and recoup whatever they can.

I think we probably still have positive equity, so if Oaktree gave enough of a crap they could actually run the club, but we're on a fine line. One season out of the CL could dip us out of positive equity (for example, pure speculation)

 

[Pimpin]

IIRC Milan's revenue is lower than ours? They just have a much cheaper cost basis

I was being sarcastic

 

[.h.]

O soz bro. I mean you're not wrong, they turned a profit

 

[CafeCordoba]

Luckily that 400m bond the club has is due in 2027. So there are some time to make maneuvers but it really requires Zhangs to get the fuck out soon enough, hopefully within this year.

If Zhang could find a buyer, they would be able to pay back the Oaktree loan and whatever debts they have. Then the buyer would just pay club's debt. Club's price in the sale would have to be low enough to make it any sense for the buyer to commit to owning Inter.

That 400m debt is really the pain in the assholes as Borat would say. Cost of money has gone up a lot since it was taken and even then the rate was like almost 7% AFAIK.

Again, the stadium project is IMO a key here. It needs to be signed to get any buyers really interested.

 

[Mikele]

Luckily that 400m bond the club has is due in 2027. So there are some time to make maneuvers but it really requires Zhangs to get the fuck out soon enough, hopefully within this year.

If Zhang could find a buyer, they would be able to pay back the Oaktree loan and whatever debts they have. Then the buyer would just pay club's debt. Club's price in the sale would have to be low enough to make it any sense for the buyer to commit to owning Inter.

That 400m debt is really the pain in the assholes as Borat would say. Cost of money has gone up a lot since it was taken and even then the rate was like almost 7% AFAIK.

Again, the stadium project is IMO a key here. It needs to be signed to get any buyers really interested.

I do not think he can find a buyer who will pay Zhang 1B, and accept to pay: 400M bond+300M Oaktree+clubs dept. That comes to price of 2B.

 

[Corrode]

I do not think he can find a buyer who will pay Zhang 1B, and accept to pay: 400M bond+300M Oaktree+clubs dept. That comes to price of 2B.

zhang family/suning is delusional.

 

[.h.]

I would assume the debts would go with the ownership tbh. IIRC Oaktree debt is to Zhang anyway, its just that the collateral is Inter

The bonds is 50/50 but if you look at club transactions normally its price includes debt, or price excludes debt. I cant believe Zhang would want 1b + debts covered as well, but maybe im wrong

 

[Stefan]

I would assume the debts would go with the ownership tbh. IIRC Oaktree debt is to Zhang anyway, its just that the collateral is Inter

The bonds is 50/50 but if you look at club transactions normally its price includes debt, or price excludes debt. I cant believe Zhang would want 1b + debts covered as well, but maybe im wrong

Reports have been inconsistent regarding that. Some say he wants €1b excluding club debts. Others say it includes debts.

Him sitting with a personal €300 million debt probably doesn't help price negotiations.

 

[CafeCordoba]

Yeah I meant that whatever the price is debt stays in the club. Ie buyer buys a club with 400m debt so the price cannot be 1bn. Zhangs needs to understand no one pays 1bn for Inter which has 400m debt.

300m to Oaktree is a separate thing and not directly connected to Inter. Zhang needs to pay that.

 

[.h.]

offers will get cut repeatedly, as well, as he gets more desperate. The best thing to do right now is to take the best offer you get, it only gets worse from here tbh.

 

[sdvroot]

I do not think he can find a buyer who will pay Zhang 1B, and accept to pay: 400M bond+300M Oaktree+clubs dept. That comes to price of 2B.

Don't invent nonsense, the debt is included in the price of the club.

 

[sdvroot]

 

[sdvroot]

https://twitter.com/i/web/status/1543193648690610181

 

[Nerazzurri_Ninja]

we are worth 5b in my opinion

 

[Superminion]

Isn't Elliot sell bbilan @1,2 billion price (not including bonus that rumored to around 500 millions)? 1billion + 300 millions debt seems to be reasonable price for inter tbf

 

[Mikele]

Isn't Elliot sell bbilan @1,2 billion price (not including bonus that rumored to around 500 millions)? 1billion + 300 millions debt seems to be reasonable price for inter tbf

Elliot still keeps 30%. Redbird bought 70% for 1.2B. In 2 years, ACM will be bankrot, because Redbird does not have money, and borrow all around the World. But, I do not care about them. I am only affraid that some similar guy does not buy Inter, and our agony continue.

 

[.h.]

The difference is Milan are profotable atm and we aren't.