Inter Milan Owners Suning Could Ask For Extension On Oaktree Loan Deadline Amid Hectic PIMCO Negotiations

Inter Milan owners Suning could ask for an extension of the deadline on a loan from Oaktree Capital amid hectic negotiations with PIMCO to refinance.

This according to today’s print edition of Milan-based newspaper Corriere della Sera, via FCInterNews.

Everything looks to be up in the air at the moment as the decisive turning point for Suning’s future at Inter nears.

Suning have been in talks with US-based fund PIMCO for a few weeks now.

These negotiations have been to try and secure a new loan of €430 million. That amount would be used the pay back the debt that Inter owners owe to Oaktree.

Oaktree loaned Suning €275 million in the spring of 2021. The Nerazzurri owners owe that plus all accumulated interest, totalling around €380 million, by the deadline on the 20th.

Because Monday is a public holiday in Luxembourg that date would be pushed back to the 21st.

Suning Could Ask For Oaktree Extension Amid Hectic PIMCO Talks

At the moment, however, there has been no confirmation of a new loan from PIMCO.

There are rumours that Oaktree have thrown up obstacles in the talks. However, sources from the fund have denied this.

In any event, Suning find themselves in a real time crunch now.

If the Inter owners cannot unlock the talks with PIMCO in the next day or two, they would face the prospect of defaulting on the loan from Oaktree.

In that event, the controlling 69% stake in Inter that Suning own would pass into the hands of Oaktree.

The Corriere della Sera report that Oaktree would consider taking over at the helm.

Not necessarily in the long term, but at least for a while with a view to a sale at a later date.

But if Oaktree were to take over from Suning, they would keep the club’s existing sporting and commercial project going more or less as it has been, with the same personnel.

That is certainly not an eventuality that Suning would be keen on, however.

The Corriere report that, behind the scenes, Inter President Steven Zhang remains calm and confident.

The Nerazzurri President is continuing to try and sort out the talks with PIMCO, once and for all.