Los Angeles-based Oaktree Capital Management took ownership of Italy’s Inter Milan, one of the most storied soccer clubs in Europe, after its Chinese owner defaulted on a loan. The U.S. fund took control of the club Wednesday after conglomerate Suning Holding Group Co. failed to repay $428 million, Oaktree said in an emailed statement. The collateral backing the debt was a majority stake in the club.
In 2018, Elliott Management swapped the debt of the city's other major team, AC Milan, into equity in the club after the previous owner defaulted on its liabilities. For Inter, Suning had been in talks with Pacific Investment Management Co. to refinance its debt in recent weeks, but it couldn’t get a deal signed before the Oaktree loan came due on Tuesday. Suning’s takeover of Inter in 2016 marked the high point of Chinese involvement in European soccer .
Source: Loan Digest (loandigest.net)
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