Eros Bonds

[Martinv]

Anyone know what is the situation here?

[Seasider]

Clearly everyone is too busy keeping everything crossed for whenever a payment date approaches.

I am not sure if this is allowed, but you may get more joy over on advfn which has a chat for ERO1.

[passerby]

The company was given another extensions to file accounts. it is 1st Aug now.

The nightmare continues.

[purpleshaman]

The trustees for this recently defaulted bond have been asked to collate a list of bondholders to be shared with other bondholders. If you hold Eros bonds and would like to add your details, please email them as below:


"We, U.S. Bank Trustees Limited, in our capacity as trustee in respect of the Bonds (the “Trustee”;) refer to our previous notice dated 2 November 2022. As at the date hereof, the Trustee has not been directed by the requisite number of Bondholders in accordance with the terms of the Trust Deed to take any action (or refrain from taking any action) in response to the matters set out in our previous notice.

We have been contacted by a number of Bondholders, who have expressed a desire to enter into correspondence with other Bondholders to discuss the matters raised in our previous notice. The Trustee does not maintain a list of Bondholders or their contact details and given the Bonds are held
in global form, it is unable to access any such list. In any event, the Trustee is unable to share any details of any Bondholder without its express consent. If you would like to enter into correspondence with the other Bondholders and are happy for your contact details (comprising of your name and email address) to be shared with the other Bondholders who have also consented to their contact details being shared, please get in touch with
us at the below email address by 5pm London time on 9 December 2022. In order for your details to be shared with such other Bondholders, you will be required to provide your express consent and satisfactory proof of holding to us.

In facilitating the above, the Trustee assumes no responsibility to the Bondholders as to the accuracy of any details provided and the Trustee is not able to advise Bondholders as to what course of action (if any) they may wish to take.

Capitalised terms used and not otherwise defined in this notice shall have meanings give to them in the prospectus dated 25 September 2014, which was issued by the Issuer in connection with the Bonds.

29 November 2022
U.S. BANK TRUSTEES LIMITED
Email: CDRM@usbank.com "

[geoffp]

Oh dear! I've just spotted this message and, although not a holder of Eros Bonds, sympathise with those who are. Once again US Bank Trustees are looking for the bondholders rather than themselves to do something about a problem. Take a look at their involvement with WASPS bonds to see that, as Trustees, they do not take a very pro-active stance in that role but leave it for others to act.

[gnawsome]

Oh dear! I've just spotted this message and, although not a holder of Eros Bonds, sympathise with those who are. Once again US Bank Trustees are looking for the bondholders rather than themselves to do something about a problem. Take a look at their involvement with WASPS bonds to see that, as Trustees, they do not take a very pro-active stance in that role but leave it for others to act.

Hi Geoffp,
I'm one of the sorry crew as a holder of these.
Also am firmly established in the ignoramus camp. Have been expecting to have to write off the remnants of a bad mistake. Then I see the invitation from US Bank Trustees.
My interest is aroused but the tone of it seems to have all those things we are warned to guard against, as
provide all your details and identity. I'm feeling that the bonds may end up worthless but my details will be of some value to some one else.
I notice that the time scale is rather short - is that not a big red flag?
I'm taking the hint - - - thanks

[Seasider]

I think the trustee is responding to some bond holders who wrote in suggesting that they would be prepared to share their details with other bond holders to get an action group formed. This may have been after the trustee issued a notice saying it was not going to do anything unless enough bondholders asked it to and indemnified the trustee against its costs.

Good money after bad??

[Hallucigenia]

People who bought an Eros bond are surprised when they get shafted?

[Seasider]

You mean like people who bought WASPS bonds might have been surprised they got stung?

[purpleshaman]

The below is copied from the ADVFN website (ERO1 chat thread). The trustees were able to put over 50 bondholders in touch with each other, but we are still looking for more holders - we need 20% of the bond to get the trustees to take action on the default. There's a bit more info on the ADVFN chat thread as well as the discord chat as below. The xx at the start of the link needs changed to tt:

alphajo27 Dec '22 - 10:27

Hi all, some of us have given our contact details to the Trustee to share, so we've started chatting.
Here is also a link to a Discord server exclusively for bondholders: hxxps://discord.gg/TC3Ytgf5MX
Hope the link works here, let's see.