Eros Media 26 Discussion Threads

[pyueck] 09/11/2022 15:57

Goonerbob - Yes but you missed a key requirement that it doesn't need to do anything unless we pre-fund any action! i.e. nothing will happen as no way enough bondholders will pay for this.

If we hadn't extended we may have got some of that STX cash that all went to JPMorgan. We may have not done so but not agreeing to extension, calling default and calling in our loans would definitely been better option as now they have sold the only thing that had some value and sent all the proceeds to JPMorgan.

Unfortunately lesson learned, nobody stands up for retail bondholders, all whilst larger bondholders can get exactly what they want. Saw it previously with the refinancing of retail bonds at Enquest and Premier Oil, retail bondholders got much worse deals than institutions, mainly because nobody was fighting for us and we had to take what we were given.

[goonerbob] 09/11/2022 15:21

The Trustees reply(see 572 above) included the following:

'At any time after the Bonds become due and payable, the Trustee may, at its discretion and without further notice, institute such proceedings or take such steps or actions against the Issuer and/or any Subsidiary Guarantor as it may think fit to enforce the terms of the Trust Deed, the Bonds and the Coupons, but it need not take any such proceedings, steps or actions....'

Can I suggest that Bondholders write/email the Trustees requesting they exercise their discretionary powers:

Reference: Corporate Trust re Eros STX Global Corporation
E-mail: [e-mail]
E-Mail: [e-mail]
E-mail: [e-mail]

Doing nothing is not an option if we are to get anything back from the issuer. Eros Media are hoping that the required 20% of Bondholders required for action will not materialise.

[verymaryhinge] 09/11/2022 10:17

hmm - if you hadn't agreed, where would you be today ? They would have been worth zero there and then, IMO.

[pyueck] 09/11/2022 08:30

We were crazy to agree to the extension of the bond last year. JP Morgan got all the cash from the STX deal. Now retail bond holders seem powerless to call in this debt. Retail bonds just make debt holders totally powerless to enforce.

[giammy85] 06/11/2022 15:30

I can confirm that the Eros Media World Plc 8.5% Stg Bds 15/04/23 was due to pay on 17th October 2022.

Eros have made an announcement on the 1st November confirming that there is a delay in the coupon payment due to ongoing administrative issues flowing from its demerger with STX Entertainment.

I can also confirm that we have chased our agent and at present they are unable to confirm when the coupon distribution will be paid.

Please see attached the link to the announcement -


Kind Regards
Dividend Department HL

[nailed] 03/11/2022 17:23

good point. They could have purchased 50m worth of bonds for 5-6m. Its a good trick!

[nicktheglobe] 03/11/2022 14:22

The trades published on the day are ATs. Ordinary trades are published 2 days in arrears if they choose to. So the daily trade may be much more.

[tsaras] 03/11/2022 14:16

Haha. I wrote this a few times in the past. There’s no way really and the volumes are tiny. 70k traded and price dropped 20 points. The issue is £50mio

[nicktheglobe] 03/11/2022 12:43

I smell a rat. Is it possible that they are deliberately depressing the price of the bonds to buy back some on the side, possibly through a third party? On iii as the price recovers a little, I see that I can sell but not buy at the moment. Not pretending at all that the company is in good shape but buying back your debt at this price is attractive.

[bobswest] 03/11/2022 11:15

And Wisealpha have now removed the interest they incorrectly credited to my account in October.

This did take me emailing them and pointing out Eros themselves had said they hadn’t paid the interest, and pointing them at the Trustees’ notice of an Event of Default.

Comically they are still describing the bond as “performing221; on their website.

Muppets.

[maisieme] 03/11/2022 10:26

Perhaps they could make a film about what they did?

[my retirement fund] 02/11/2022 15:23

Waste of time, an Indian company registered in Bermuda listed in the USA with sterling denominated debt through Isle man shell company, the entire operations having been divested and changed hands several times over the years. No lawyer in their right mind would touch this unless you can pay the lawyers fees upfront, in which case the lawyer will get rich too! This is a scam, I think I posted it was a scam many years ago. Sorry for your losses! I'm probably one of the very few who made money trading the debt in the past, however I gather there has been some big shorts in the equity making those savvy a fortune too when they publicised the dubious fake valuations in the accounts many years ago.

[goonerbob] 02/11/2022 15:16

Received the following from the Trustees

If you are in any doubt as to the action you should take, you are recommended to seek your own advice immediately from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (if you are in the United Kingdom), or from another appropriately authorised independent financial adviser.

NOTICE OF EVENT OF DEFAULT
EROS MEDIA WORLD PLC (formerly EROS STX GLOBAL CORPORATION, formerly EROS INTERNATIONAL PLC)
(the “Issuer”)
Notice to the holders of £50,000,000 6.50 PER CENT. SECURED BONDS due 13 April 2023 (the “Bonds”) of the Issuer
(ISIN: XS1112834608; Common Code: 111283460)

THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
We, U.S. Bank Trustees Limited, in our capacity as trustee in respect of the Bonds (the “Trustee”) refer to the RNS notice delivered by the Issuer dated 1 November 2022 (the “Issuer Notice”).

The Issuer Notice can be found here:


Event of Default: The Issuer has informed the Trustee that it has not been able to make the payment due on the Interest Payment Date on 15 October 2022 within the applicable grace period specified. The applicable grace period has now expired and this therefore constitutes an Event of Default pursuant to Condition 8(a) of the Conditions of the Bonds.
With regards to the non-payment, the Issuer Notice states that the Issuer: “hereby gives notice that, due to ongoing administrative issues flowing from its demerger with STX Entertainment, it has not yet made the coupon payment on the Bonds which was due on 17 October 2022, and payable by 31 October 2022.
[The Issuer] is committed to rectifying this delay in payment of the coupon as soon as possible and will do so shortly”
The Trustee accepts no responsibility for the contents of the Issuer Notice.

Directions and Indemnity: following the occurrence of an Event of Default, the Trustee at its discretion may, and if so requested by holders of at least one-fifth in nominal amount of the Bonds then outstanding or if so directed by an Extraordinary Resolution shall, subject in each case, to its being indemnified and/or secured and/or pre-funded to its satisfaction, give notice to the Issuer that the Bonds are, and they shall immediately become, due and payable as at such date at their nominal amount together (if applicable) with accrued interest.
2
At any time after the Bonds become due and payable, the Trustee may, at its discretion and without further notice, institute such proceedings or take such steps or actions against the Issuer and/or any Subsidiary Guarantor as it may think fit to enforce the terms of the Trust Deed, the Bonds and the Coupons, but it need not take any such proceedings, steps or actions unless (a) it shall have been so directed by an Extraordinary Resolution or so requested in writing by Bondholders holding at least one-fifth in nominal amount of the Bonds outstanding and (b) it shall have been indemnified and/or secured and/or prefunded to its satisfaction. No Bondholder or Couponholder may proceed directly against the Issuer or any Subsidiary Guarantor unless the Trustee, having become bound so to proceed, fails to do so within a reasonable time and such failure is continuing.

At the current time, the Trustee does not intend to take any steps to enforce the terms of the Trust Deed, the Bonds and the Coupons unless so directed and indemnified and/or secured and/or pre-funded to its satisfaction.

Contacts: Noteholders who have queries concerning anything mentioned in this notice may contact the Trustee along with relevant proof of their holding at:
Address: U.S. Bank Trustees Limited, Fifth Floor, 125 Old Broad Street, London, EC2N 1AR
Reference: Corporate Trust re Eros STX Global Corporation
E-mail: [e-mail]
E-Mail: [e-mail]
E-mail: [e-mail]
Capitalised terms used and not otherwise defined in this notice shall have the same meaning as in the prospectus dated 25 September 2014 which was issued by the Issuer in connection with the Bonds.
Notice is given by the Trustee dated 2 November 2022
U.S. BANK TRUSTEES LIMITED

[scoobysurfer] 02/11/2022 15:05

I wonder if there are any lawyer's out there who would be interested in a class action?

[my retirement fund] 02/11/2022 13:36

Yes it looks like this long running scam has reached the end of the road. Somewhere someplace there will of course be a couple of very large Indian families who have got more wealth than any off us can dream of and probably the money, connections and resources to evade any legal action to bring them to justice for their dishonesty and criminal behaviour. That's life !

[tsaras] 01/11/2022 22:03

That’s all folks. That’s how you steal £50mio. Eros knows that the retail bond holders are a bunch of nobodies (including myself) and won’t be going to court anytime soon. I only blame myself for being shortsighted and holding the bonds cause “the bid is low” or “there is no liquidity” or “wide bid/ask spread”. Now it’s 0. I’m sending an email to MISA (Saudi Investment Ministry) cc’ing Eros to inform them that they are about to cooperate with crooks.

[pyueck] 01/11/2022 19:34

At least they released a statement. Not looking good at all. They have been committed to releasing the results ‘soon’ too. Can’t see where they will get this cash from.

[top_barman] 01/11/2022 17:07

Announcement on LSE website. Coupon not yet paid. Rectifying ASAP.

[pyueck] 01/11/2022 12:45

Last bond was paid into my ii account on 5th after the month it was due. I believe they made some argument that they could pay it within 15 days of being due without it being late, but no idea how they came to that conclusion. Not giving up on interest being paid yet but looking dire. The bonds are not secured on the Indian business but the US one and with the complexity of the structure who knows how one relates to the other.

[tsaras] 01/11/2022 11:23

I was referring to the excitement of “20% increase in the USD stock”. As for the bonds. I have no idea. Someone mentioned they received the coupon. I haven’t. No idea what is going on. Bonds are trading all time low.

[maisieme] 01/11/2022 10:52

? Just wanted to know whether they are technically in default on the bond now.

[tsaras] 01/11/2022 07:23

Please don’t write such comments… it went for 0.40 to 0.50 on minimal volume. They are not listed and you only trade OTC. Nasdaq will review it on 15th of December, but the chance of re-entering are negligible, given that they don’t publish financial results. If you want to watch their stock. Watch the Indian entity. EROS IN is the ticker.

[maisieme] 01/11/2022 06:09

Do you know why? Aren’t they already in default?

[nailed] 31/10/2022 19:34

USD Shares of Eros up 20 percent