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Eros

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thegr8destructo avatar
(@thegr8destructo)
Posts: 9
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Topic starter
 

Brief thoughts on the unsecured Eros 8.5% '23s XS1112834608

Any Eros restructuring needs to be coordinated and led by Institutional investors to accelerate the bonds with a minimum threshold of 20% being needed to start discussions around restructuring/ recovery.

Any solution will likely need to have them on board - if that happens the Trustee can be instructed to contact Eros and start negotiations around recovery/ restructuring.

The bonds have already been restructured once having had their maturity extended and covenants suspended - this was a poor outcome in itself, so there is no guarantee that institutional investors will act rationally.

There is a dedicated discord channel for EROS bondholders here with the Trustee having put existing bondholders that wanted to be in touch with other bondholders. Speak to @alphajo if you would like to get access.

Hopefully, the institutional investors with the requisite holdings will instruct the Trustee and there will be some kind of public announcement once this has occurred.  

Outside of the discord channel feel free to use EHYO for comments /questions on the topic.

EROS IR site can be found here: https://www.erosmediaworld.com/investors/ and I have attached the Prospectus and docs/consent from the first restructuring.

There are unaudited accounts for EROS International Media Limited to 30th September 2022 - these are worth a read - the Securities and Exchange Board of India has appointed a forensic auditor to verify the financial accounts for this entity for FY 18,19 and 20.

The bonds are issued out of Eros Media PLC and Eros International Media is its Indian Subsidiary.

Eros Media PLC still has to file its financials - the last numbers were for '21 9M in Feb '22 so getting upto date financials would be high up the list when and if EROS can be brought to the table.

 
Posted : 28/12/2022 9:34 pm
alphajo avatar
(@alphajo)
Posts: 2
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Great summary thank you!

 
Posted : 29/12/2022 1:03 am
alphajo avatar
(@alphajo)
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I actually had missed the part about the covenants being suspended I assumed the two bonds were the same but with different maturity. There's no prospectus for the new bond, do you know if there is some kind of rulebook that applies?

 
Posted : 29/12/2022 1:11 am
thegr8destructo avatar
(@thegr8destructo)
Posts: 9
Active Member Admin
Topic starter
 

Hi @alphajo / everyone - attached are bond prospectus, consent docs and company presentation at the time of amend and extend.

 
Posted : 30/12/2022 2:51 pm
Lojong avatar
(@lojong)
Posts: 1
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Hi All Eros sufferers. Not sure of the operation of this forum format. Just clicked the embedded @alphajo but I received a 404.  I would like to join others for any news/opinions re. Eros 8.5% 2023. Any guidance appreciated.  M Tks  Lojong

 
Posted : 19/04/2023 6:45 pm

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