Eros Media 26 Discussion Threads

[pokerperson] 10/8/2021 13:59

Disgusting Dags… agree with your analysis…just trying to shift retail down the track so it won’t screw up the secured creditor negotiation. No intention to ever repay this bond. People would be mad or vote for it

[gypsyfortuneteller] 10/8/2021 13:21

Crooks is too polite for these people mate.

[dagsteeth] 10/8/2021 12:35

Actually if we organised ourselves we could form a retail bond holder committee to act in concert but we are too disparate.

The whole thing is a sham. As I said all they are doing is trying to bribe us to let the other creditors pick off the carcass with us relegated to the bottom of the heap. So actually we stand more chance of getting something back by pushing the company into bankruptcy now then seeing all the assets sold of and cash distributed to other creditors first. All we will be left with will be worthless goodwill and a manky old VCR of a smiling Indian crook laughing at us

I actually think today’s bond price is an absolute steal…to sell every last penny I have left in this. No way will this ever see 60 cents in the dollar when it all plays out

[pyueck] 10/8/2021 10:50

Minded to agree. If they are selling assets to raise funds to pay off bank loans why are we not seeing this, our bonds mature first.

Also hate this mechanism where we get 0.5% if we vote for it but none if we don't. Seen this a few times recently, basically being paid to vote one way.

The trouble as retail bondholders is that you cannot negotiate on mass and therefore you end up having to take what is on the table. If we vote against this we probably wont get anything, at least if we vote for it we will get 0.5% + maybe the next interest. Crazy that they don't say how long the extension will be for. Probably longer would be better than shorter as if its say only 6 months then we get 4.125% for pushing our redemption date behind other creditors.

[spectoacc] 06/8/2021 07:29

Seem to recall them getting a clean bill of health after the allegations of a few years ago - who did that report?

Who did the DD for the merger?

And what did the ERO1's end up secured upon - nothing, to start with, but that changed after a reorganisation I believe.

Hats off - once again - to the shorters who spotted the fraud. But commiserations to anyone caught in ERO1.

[dagsteeth] 06/8/2021 07:24

Auditors?
Directors?
lSE?
SEC?
Bond trustees?
Cannacord as the promotors of the bond?


Meanwhile a bunch of Indian crooks have stolen our money after the most disgusting fraud.

Where is the class action?
Or someone tell me where these people live…if we don’t get our money back they should spend every night scared witless about footsteps in the night seeking retribution

[pyueck] 05/8/2021 22:22

This looks awful. Sounds like the last few years of Eros income was hugely overinflated as receivables will never be paid. This was predicted years ago. Looks very unlikely the bond will be repaid maybe we will get some debt for equity swap or the bond will be extended. However with no results released and JPM bond dependent on accounts expect all debtors to try to call everything in. Bankruptcy seems serious likelihood and not sure any value will be obtained for creditors. This one stunk for years, shame it has blown up just before repayment. Was hoping our debt could be offloaded to some other poor creditor before the .... hit the fan.

[grahamg8] 05/8/2021 17:28

That's the third price crash in two years. I'm not convinced it's terminal though. Total debt is $242.3m against an mcap of $328.3m this morning. Highly geared but not extreme. Timing is the problem as the bonds and JPM credit need to be repaid or replaced in October. With no accounts filed no bank will touch this. The RNS gave a strong steer that the bond's life will be extended under revised terms.

Although originally issued by Eros the information sheet now lists them as issued by EI plc with an 'undertaking not to create more secure debt other than within India' so again not convinced that the banks get the first bite of the cherry. The shareholders meanwhile will no doubt sue the company. They are Americans after all.

Overnight indicated price 29p rose to 39p. Rally or dead cat bounce? We shall see over the next three months.

[spectoacc] 05/8/2021 17:06

Strewth. There but for the grace of God. Sympathy to those holding, particularly those in for these final few months - thought the merger had put paid to the (justified, as it turns out) accounting rumours.

[speedsgh] 05/8/2021 14:29

Eros STX Global Warns On Debt Covenant Violations Amid Audit Committee Investigation - Sell

Aug. 04, 2021 10:22 PM ET

Summary

Company discloses its inability to timely file its annual report on Form 20-F with the SEC due to an audit committee investigation into its Indian subsidiaries.

Apparently, the former Eros International has recognized substantial amounts of highly questionable revenue prior to the merger with STX Entertainment 12 months ago.

As a result, the company expects to impair up to $643 million in goodwill and intangible assets.

Ongoing inability to file audited financial statements has caused the company to violate covenants governing a large part of its debt.

Bankruptcy might be in the cards here. Given the uncertain outlook, investors should consider selling their shares...

[my retirement fund] 05/8/2021 14:20

I would imagine you couldn't sell them if you wanted to could you?

[scoobysurfer] 05/8/2021 13:55

Have they been declared insolvent??? I’m holding the bonds, no point selling now.

[my retirement fund] 05/8/2021 13:11

As had been flagged a number of years ago, Eros had been miss stating its revenue and assets. Now the business is being declared insolvent it would seem and its new owners who are probably part of the scam should be bloody good cover to ensure no Indian can be charged with fraud. All very convenient. I guess there would have actually been some genuinely nieve ERO1 holders who actually imagined their investment was going to be redeemed. All very sad, but all very predicable.

[my retirement fund] 05/8/2021 13:04

Are they bust yet ? I assume debt holders other than the most senior will be wiped out as is generally the case with all Indian businesses who've managed to find foreign investment outside of India.

[scoobysurfer] 05/8/2021 11:17

Not looking good

[chdaow] 03/7/2021 21:35

Price is still quite a bit below par, though October is not too far off I’m considering whether it could be worth a top up.

Would be interested to hear how confident people are feeling regarding the maturation date.

[grahamg8] 01/7/2021 17:01

I agree Specto. 102 days left so we should get a price increase of 0.1 per day.

I think the lack of news on refinancing is holding the price down. It's such a thin market that any purchase/sale seems to have an effect. No sign as far as I can see of a rush for the exit doors.

I topped up again with a small purchase at 87.6 this morning. A dummy trade half an hour later gave the price at 88.24. Say no more.

[spectoacc] 30/6/2021 08:32

Hmm. Should be ticking up the nearer we get to October, not going down.

[grahamg8] 04/6/2021 19:09

Has anyone noticed that the tone of the RNS's since the STX merger has changed completely? No longer 'we are making X films and recruiting Y subscribers'. Now the emphasis is on 'monetisation'. How much is each partnership worth, how much income is each subscriber going to generate?

Topped up in the dip, 4 months till realisation.

[grahamg8] 27/4/2021 17:16

The market is very thin. Weekly trades according to LSE are w/e 27/2 3,500, 17/4 50,000, 24/4 150,000, 1/5 727,400. ie nothing in March. So, putting aside conspiracy theories, it looks like a slight excess of sellers over buyers. Which hopefully is only temporary.

The merger with STX should make the refinancing fairly straightforward.

[aamhager] 27/4/2021 09:48

The shares have been in freefall last week for unknown reasons.
I have cut my holding in half last week between 95 and 96.
I see more sell transaction today, that is why they are dropping.

The company should release audited results on Friday, we will know whats going then.

The situation in India is not helping either.

[verymaryhinge] 27/4/2021 09:22

.. any clues why this is going lower as we get ever closer to the maturity date ? tia vmh