The Suning Commerce Group

[brehme1989]

I also disagree with the comment above. If it is at simple as extending the loan, and increasing to the default rate of 25% why has it not been done? Zhang/Suning has been looking to restructure already for six months, hasnt he?

Takes two to tango


And there's no reason to increase your rate with 4 months to go on your current deal...

 

[Capo]

Takes two to tango


And there's no reason to increase your rate with 4 months to go on your current deal...

Assuming you cant pre-emptively agree of X% from 30 May 2025 or whenever the contract is to terminate?

We're talking millions, if i can do it with my bank on one million I am sure Zhang can do it with 300 million.

 

[Adriano@10]

I also disagree with the comment above. If it is at simple as extending the loan, and increasing to the default rate of 25% why has it not been done? Zhang/Suning has been looking to restructure already for six months, hasnt he?

And like any fund, at what point does it not make sense NOT to extend the loan? If the current parameters are true Oaktree would pay Zhang 70/150M on the sale of the loan, personally would believe Oaktree is better off selling it than open themselves to more risk, more debt.

Anyway, four months to go but I just don't see it happening, a deal like this I believe should be either be finalised or in the details of a deal being almost agreed. Zhang is pissing in the wind and Oaktree should be rubbing their hands together, I could be wrong but I doubt it.

Giving out such loans is part of oaktrees core business... The only question is will they get a rate good enough to justify the risk their taking.. Or lets put it this way who ever is leading their Loan book will just have to find another place to put those 250 some mio if he does not put it into inter again.. No such thing as that money just laying around on oaktree accounts.
Also selling the club does come with a cost wether the buyer is already lined up or not. Pretty sure the highest return for Oaktree would be if inter pays them the accured interest and the loan gets prolonged... As they would not need to do a thing.
Also lets ot forget that as we find out lion rock still holds 30% of inter....

It very much is in the zhangs interest to wait as loong as possible as the new loan will come at worse conditions due to current macro environment...

Think about it from the zhangs perspective would you wait till loan is due just to default o it and lose the company or would you already have sold inter if you did not see a chance to repay the loan...
Keep in mind the zhangs dont get a say in the selling price if they default on the loan and such appraisals can and will be way off of what would be paid in open market.

Also as has been pointed put that whole math in the article as to who gets how much is way fucken off on top of all that we dont know what role lion rock plays in all of this who after all still holds 30% of inter.

Assuming you cant pre-emptively agree of X% from 30 May 2025 or whenever the contract is to terminate?

We're talking millions, if i can do it with my bank on one million I am sure Zhang can do it with 300 million.

Who tells you that the zhangs dont already have that deal signed? Like the financial and sports media has done a terrible job on reporting on this and has been way off on most things... So why should they know if the zhangs already have a signed deal in hand?


Keep in mind we found out about the lion rock purchase as well as the oktree loan pretty much when they happened...
And the most recent reports had maths that was way off as well as not a single mention that lion rock still holds 30%....

 

[.h.]

Indeed. There's no obligation for them to report a deal for the future until it actually comes into force. We don't even officially report nosman transfers till they happen...

 

[Capo]

Giving out such loans is part of oaktrees core business... The only question is will they get a rate good enough to justify the risk their taking.. Or lets put it this way who ever is leading their Loan book will just have to find another place to put those 250 some mio if he does not put it into inter again.. No such thing as that money just laying around on oaktree accounts.
Also selling the club does come with a cost wether the buyer is already lined up or not. Pretty sure the highest return for Oaktree would be if inter pays them the accured interest and the loan gets prolonged... As they would not need to do a thing.
Also lets ot forget that as we find out lion rock still holds 30% of inter....

It very much is in the zhangs interest to wait as loong as possible as the new loan will come at worse conditions due to current macro environment...

Think about it from the zhangs perspective would you wait till loan is due just to default o it and lose the company or would you already have sold inter if you did not see a chance to repay the loan...
Keep in mind the zhangs dont get a say in the selling price if they default on the loan and such appraisals can and will be way off of what would be paid in open market.

Also as has been pointed put that whole math in the article as to who gets how much is way fucken off on top of all that we dont know what role lion rock plays in all of this who after all still holds 30% of inter.


Who tells you that the zhangs dont already have that deal signed? Like the financial and sports media has done a terrible job on reporting on this and has been way off on most things... So why should they know if the zhangs already have a signed deal in hand?


Keep in mind we found out about the lion rock purchase as well as the oktree loan pretty much when they happened...
And the most recent reports had maths that was way off as well as not a single mention that lion rock still holds 30%....

Zhang/Suning best interest would be to sell, this will allow him to walk away with something and at his price.

I cannot see the benefit of waiting to extend the deal due to what you call the current macro environment, assuming he cannot negotiate a new rate on the termination of the current loan. If anything I would say come six months, inflation will continue to rise and that means rates would be more than what can be negotiated today.

Oaktree would earn more by extending the new deal, correct. And it was matter of due course then we assume that the deal is signed with an extension and just not reported in bold as above.

In my mind its four scenarios; Best to worst

1) He sells the club between now and May

2) He extends or already extended the loan with Oaktree for x amount of years, with 25% (assumed) from May on the termination of the initial loan (Just not reported as you said...)

3) He extends the loan, or restructures with a new fund in May (I am assuming the rate will be higher than today, lets say 35/40%)

4) He can't service the loan; Inter is independently appraised and if there is a difference, Zhang is paid.

 

[CafeCordoba]

Numbers in the Panorama article aren't on point because the author of it is not an financial expert. He is a lawyer like I told earlier. He confessed he doesn't know the financial details (because he's not an expert) in twitter. And before you bash the guy, he's the one who told us about this clause / detail of the Oaktree deal.

It's the other media who's been out of the loop. This seems to be what @brehme1989 said, Zhangs will sell when they feel like ir. Oaktree deal wasn't as bad for them as we all thought so they are not forced to do anything.

 

[Adriano@10]

Numbers in the Panorama article aren't on point because the author of it is not an financial expert. He is a lawyer like I told earlier. He confessed he doesn't know the financial details (because he's not an expert) in twitter. And before you bash the guy, he's the one who told us about this clause / detail of the Oaktree deal.

It's the other media who's been out of the loop. This seems to be what @brehme1989 said, Zhangs will sell when they feel like ir. Oaktree deal wasn't as bad for them as we all thought so they are not forced to do anything.

Like i m happy somebody leaked that document to him but everything else in that article was wrong.....

 

[CafeCordoba]

That's not the point. The point is that clause which changes everything in this narrative of "Zhangs are fucked, they lose the club, they need to sell...".

Details in that article aren't relevant at all because other people can fill in with the financial implications. Tons of respect for that guy who broke these "news" as the incompetent Italian media hadn't been able to do it for almost 3 years.

 

[Adriano@10]

That's not the point. The point is that clause which changes everything in this narrative of "Zhangs are fucked, they lose the club, they need to sell...".

Details in that article aren't relevant at all because other people can fill in with the financial implications. Tons of respect for that guy who broke these "news" as the incompetent Italian media hadn't been able to do it for almost 3 years.

The narrative of his article is pretty much still the zhangs are fucked as he deducted a non existent 300 mio from their ownership.....
If anything give the props to who ever leaked that doc to him. Dude still was clueless and because of his cluelessness wrote an article that made the zhangs and inter look bad and i m not a fan of hit pieces with little substance....
Whats the point of even doing all these claculations of how little money the zhangs will get when you are just a lawyer and have no clue about the business?
You could have just leaked the doc and said here look all the previous reports were BS...
To me this is just another article trying to disrupt Inter... The fact that one I repeat one fact of the story was correct does not change that...

Last but not least if anything it goes to show how shit the other publications are and how much they like to throw shit on Inter/the zhangs...
Like that clause that you mentioned aint nothing special thats usually in every loan given against collateral... Your not allowed to keep proceeds from selling the collateral above the sum that is owed plus the cost to make the sale happen...
It s just absolute amateur hour when it comes to journalism and that pisses me off and i find it funny how often inter is the aim....Like it s not even all on the writer but does the publisher and editor not control the stories they put out? Just let one bussiness/econ savy guy read through the article and correct it and you ll end up having a good article.

Then again i m also an idiot for believing all these previous articles without triple checking.


Btw again this article still implies the zhangs are fucked look they ll only get 170 mio....

 

[WLEXT]

Thank You Zhang.

 

[bubba zanetti]

Thank You Zhang.

Thank Marotta, Ausilio, Limone and co, not this fucking twerp.

 

[IL Fenomeno]

Thank Marotta, Ausilio, Limone and co, not this fucking twerp.

Zahng hired 2 of those you mentioned and kept Ausilio at the club

 

[wera]

Fuck Zhang. I don't trust him and if he didn't have a rich daddy he would never have been our president.

 

[Darth_Ausilio]

Thank Marotta, Ausilio, Limone and co, not this fucking twerp.

Fuck Zhang. I don't trust him and if he didn't have a rich daddy he would never have been our president.

This is exactly the kind of ageism and classism that Steven has to battle against every day. It’s not his fault he was born rich and is a highly successful chairman at a young age.

 

[wera]

Haha, you got jokes. I'll keep writing messages with antiZhang rhetoric because I know somebody from Inter reads this.

Before Inter he was a nobody and he'll never sell Inter for enough money to make a real name out of himself.

Sure, when Suning came in, they did work on marketing, the webpage finally got updated, we got a new logo, we started making better videos,... But it doesn't take a genius to know we needed that.

 

[.h.]

But.. so what? Yeah he wouldn't be in this position if he wasn't from a rich family, but it's not like he's done a bad job. He's done a lot better than some of our recent owners. His circumstances aren't his fault or failures, his actions in position are the only thing that matters and with that in mind he's done pretty well.

 

[wera]

He has done well that he isn't trigger happy and that he brought Marotta. But when Inter is eventually sold, whatever happens to Inter will be his fault, be it positive or negative. Maybe unfair of me to already believe that Inter will fall off because of the debt, but atm this is the only reality that seems feasible to me. We can enjoy this for a few seasons but the fall will happen.

 

[brehme1989]

Sure, when Suning came in, they did work on marketing, the webpage finally got updated, we got a new logo, we started making better videos,... But it doesn't take a genius to know we needed that.

We definitely didn't need a new logo

 

[IL Fenomeno]

We definitely didn't need a new logo

From a football fan perspective not and there was also no need to change an already perfect logo regarding the aesthetic aspect. But from a design and marketing point of view it made sense. I'm no expert but professionell people who work in this branche will agree

 

[wera]

This is Marketing 101, first course. Change the logo into something more simple

I also like the old logo more, but if he wants to build a brand, it was the right step