For Zhang’s Inter it rains in the wet, Evergrande’s failure drives Suning away
The Chinese owners are no longer the first shareholders of Suning, which with the bankruptcy procedure declared by Evergrande find themselves a further hole of 3 billion dollars. A situation that pushes the parent company away from Inter, now almost a private asset of the Zhang family.
With the bankruptcy procedure initiated by the Evergrande Real Estate group, a Chinese real estate group with debts of 340 billion dollars, the economic situation for Inter worsens further. In fact, among the creditors of the group there is Suning of the Zhang family, owner of Inter, who had advanced around 3 billion euros (2.6 billion euros plus interest) to subscribe the Class A shares of Evergrande, betting on the promise of strong dividends after the listing on the stock exchange, or at least in a loan repayment in 2021. Which has not happened and which, given Evergrande’s bankruptcy filing, will never happen again.
The economic problems caused by Covid
According to what was reported by Repubblica, the outbreak of the Covid pandemic has scourged the Suning group, which in May closed the balance sheet with a debt deficit of 2.1 billion, in any case less than the 5.5 it had accumulated in 2021 upon recovery after the pandemic . Just to give an idea, Covid brought the holding’s assets from 33 billion in 2020 to 9.4 last year. And as if that weren’t enough, the hole of 3 billion caused by the bankruptcy of Evergrande is now added.
Suning increasingly distant from Inter
It is clear that in this situation Suning can no longer take charge of Inter, which now appears more as a private asset of the Zhang family itself rather than of the holding company. The rights to the Suning name of the Pinetina sports center also expired in 2021 and have never been renewed. The same Zhangs are still present in Suning, but no longer as first shareholders. Great Horizon, the Luxembourg company that holds the Inter shares pledged to the Oaktree fund has ties to the Zhangs but not to the Suning group. Another evidence between the neckline of the parent company and the private property of the Zhangs. And the Oaktree loan will have to be repaid by June 2024: in this situation it seems difficult for the Zhangs to be able to find the necessary funds.
2023-08-20 18:44:49
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