Eros Media 26 Discussion Threads

[my retirement fund] 18/8/2022 16:28

Looking like the final curtain here. There's been so many encores it's unreal but this must be curtains down lights off now!

[pyueck] 18/8/2022 09:17

The US stock is being delisted by regulators for lack of filings. Anybody any idea what this means for this bond, I keep losing track.

[goonerbob] 05/8/2022 14:18

Eros Receives NYSE Extension for Annual Report Filing -

Eros Media World Plc (NYSE: EMWP) (“Eros”, the “Company”;) today announced that the New York Stock Exchange (the “NYSE”) has granted the Company an extension through August 17, 2022, subject to reassessment on an ongoing basis, to complete and file with the Securities and Exchange Commission its annual report on Form 20-F for the fiscal year ended March 31, 2021 (the “2021 20-F”) and the Company’s Semi-Annual Report on Form 6-K for the six months ended September 30, 2021 including the unaudited financial statements to be contained therein (the “2022 HY 6-K”)

hxxps://www.businesswire.com/news/home/20220803005993/en/Eros-Receives-NYSE-Extension-for-Annual-Report-Filing

[tsaras] 03/8/2022 06:25

Yeah, what’s that about!? The NASDAQ listing is doing so bad that even after a 20:1 split will go below $1. On the other hand, the Mumbai listing is holding in fine, and they were able to raise more money few months back (warrants). That company is a mystery. I’m keen to hear a bullish view. They don’t have the money to repay the retail bonds, but they haven’t even talked to us about rolling… we are in that time window usually. So to me, seems they are heading to administration

[my retirement fund] 02/8/2022 18:58

Looks like a step closer to administration but bonds seem to have jumped. Weird

[alphajo] 12/5/2022 16:46

The market conditions are not favourable. If there's no chance that we get the face value of the bond, what is the best course of action (price today 28).
Has anyone thought about what could be the recovery rate in the event of default? (I see the average is 40%).
Selling now is an option for me...
Has anyone thought of this in more detail?

[grahamg8] 04/5/2022 17:57

Tsaras I agree with the general sentiment. An all paper transaction would do the trick. I'm not too excited about Netflix shares but it would all depend on the price.

[tsaras] 04/5/2022 16:30

So, coupon payment received. Less than 365 to go till maturity. There’s no way they can repay the debt. Refinance looks unlikely (high interest rate). So it’s either some form of default/restructuring or a buyout. Netflix say they want to penetrate into the Indian market, maybe Eros should pitch their customer base to them? Don’t see that happening though, Netflix has other problems now… so we are back with very gloomy outlook and waiting for some piece of news to see where these bonds will land between 0-100. Good luck

[jamesramage] 30/4/2022 11:20

Ditto. Coupon in my HL account today. Phew

[grahamg8] 29/4/2022 20:26

Disappointing and rather surprising share price reaction to modestly upbeat statement from CEO. To me a sale or JV for Eros Now looks pretty much bolted on.

[g2000t] 29/4/2022 18:47

Interest payment in my account today

[my retirement fund] 29/4/2022 11:55

going down

[pyueck] 29/4/2022 11:13

Well the 29th is here and no money received...

[grahamg8] 26/4/2022 17:11

The November interest was paid on 29th. So it looks like Friday for our overdue money. Any later and they would be in default. The Indian film unit is of questionable value as it is under a cloud for causing the problem with the year end accounts. That leaves the film library. Does Elon Musk have any cash left?

[my retirement fund] 26/4/2022 15:51

It would seem the bonds need to be pushed out a few years and possibly a haircut. The price is indicating a haircut.

[tsaras] 26/4/2022 13:45

The deal is for real. We all agree. I just cannot see how they will service the retail bond debt. It just doesn't add up. Even if they generate cash... they will go into manamgent's pockets via back doors. They are professionals

[my retirement fund] 26/4/2022 12:15

Reading between the lines on the US forums, it seems this is not a fake deal it's for real, this would explain why the court granted the extra time (the courts would have been privy to their finances and checked they really did have the means to complete it).

[pyueck] 26/4/2022 08:34

What do I think of the Eros bonds? Don’t understand what this company owns, didn’t understand the announcement yesterday, don’t understand the delays in the results and don’t understand the change in auditor. Maybe I am stupid but I suspect not. I suspect the creation of ambiguity and confusion is all part of the plan. In short I have zero confidence in this board or any results they announce. Please remember that EBITDA is not net profit and definitely not free cash flow. That’s if you trust it in the first place.

[tsaras] 26/4/2022 05:31

Thanks grahamg8, always very insightful. I don’t trust Eros at all… still they have my money…

[grahamg8] 25/4/2022 20:54

Having merged with STX the divorce has now concluded. Bond debt is £50m appx $72m out of a total of $130m net debt. With adjusted EBITDA of $30m for 2023 there is no chance in hell that these can be repaid in April 2023. The best we can hope for is to roll over for a few more years, so the interest should be secure - failing to pay the interest would guarantee any rollover proposal would fail. Except two good hints: XET Utility tokens are said to be worth $8-80m and are in the books at zero. Second an interesting steer on 'strategic opportunities' which I take to be mergers or asset sales. Eros is certainly not in a position to be buying anything.

Hang in there, we may just get our money back. DYOR

[tsaras] 25/4/2022 18:20

Any view on Eros and bonds now? What do people think of the headlines wrt the retail bonds?

[my retirement fund] 25/4/2022 15:07

Incidentally my broker confirms there are 12 days accrued interest payable and that they still trade clean, so those awaiting their coupon should defiantly get it.

[my retirement fund] 25/4/2022 15:04

This sounds like fantastic news right?
Key Highlights

- Completion of previously announced sale of STX subsidiary

Eros to retain 15% non-voting stake in STX with long-term monetisation potential
Company has fully repaid $152 million of outstanding JP Morgan credit facility and subordinated credit facilities at STX level
- Several strategic additions to Board of Directors and management team

Rishika Lulla Singh as the new Executive Chairperson
Pradeep Dwivedi as the new CEO
Rajesh Chalke as the new CFO
- Company to change corporate name to “Eros Media World PLC” (“Eros Media”)

- Strong near-term revenue growth and significant reduction in net debt

Over $120 million in revenues expected for FYE 2023
Current Net Debt of $130 million as of the end of FYE 2022, expected to decrease to $115 million by the end of FYE 2023
- Deep and valuable content library combined with multiple monetisation channels positioned to drive long-term revenue growth and underpin capital efficient growth strategy

Eros Now to target monetisation of existing content library and new original series through global partnerships and distribution arrangements, with a focus on more profitable direct-to-consumer subscribers
Innovative opportunities such as AVOD, blockchain and non-fungible tokens (NFTs) expected to drive significant incremental upside, as well as renewed focus on growing Eros Now Music