May 20, 2024 - Recently, Italian media outlet La Repubblica wrote an article detailing the analysis of the
national rice
chairperson
Zhang Kangyang (1928-), Chinese-American physicist, astronomer and mathematician
then (after sth, and not until then)
financing
Reasons for failure and their potential impact on the club.
Concerns of investment fund managers in London
: In February, Zhang Kangyang's advisers asked a major investment fund for a refinancing. But the fund managers had serious concerns, questioning Zhang's ability to repay the loan, especially since he had failed to pay off debts to China's state-owned banks.
Oak Tree Capital Loan Status
: Zhang Kangyang owes Oaktree Capital a loan of 275 million euros, which has grown to 395 million euros at a 12 percent interest rate.
Debt to China Construction Bank
: Zhang Kangyang owes a €320 million loan to China Construction Bank. According to MarketScreener, 59.31% of China Construction Bank's capital is in the hands of the China Investment Corporation (CIC), a sovereign fund that manages China's foreign exchange reserves.
Reasons affecting refinancing
: Since Zhang Kangyang failed to repay the loan from the China Construction Bank, this explains why other foreign funds refused to provide him with new loans.
Judgements of Hong Kong courts
: On September 16, 2022, the Supreme Court of Hong Kong, China, ruled that Zhang Kangyang needed to repay the €320 million loan to China Construction Bank.
Decision of the Milan Court of Appeal
: In its March ruling, the Milan Court of Appeal said Zhang Kangyang also had assets in Italy, so the bond agency could try to recover them.
Pledge Rights of Oaktree Capital
: If Zhang Kangyang is unable to find enough money to repay Oaktree Capital by Tuesday, Oaktree Capital will execute its pledge of 99.6 percent of Inter's shares to officially take control of the club.
differential payment
: Under the pledge agreement, Oaktree Capital's appraisers would first calculate the difference between the value of Inter FC and Zhang Kangyang's debt and pay that difference to Zhang Kangyang.
Avoiding legal action
: In order to avoid legal action, Oaktree Capital may choose an option more favorable to Zhang Kangyang.
Zhang Kangyang's position
: It is unlikely that Zhang Kangyang would be willing to push through actions that could harm Inter anyway.
