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The credibility of this management is non-existent. I saw a note from an equity broker (who had only earlier this week reiterated equity target px at $20) today saying mgmt made a “clerical” error in not repaying $80m to the banks and will pay it by next week. I mean come on... they are not helping themselves at all.
Why don’t they buy back the bonds at 50c and reduce their leverage at the same time? Nice return for company + somewhat positive signal to the market.
Has anyone got a clue why the bond has moved up so much over the past few days on no news? Strikes me as a very shady company whose securities prices are seriously manipulated
And yesterday on Bloomberg (and no reaction on bonds!):
”Eros Tumbles After Delaying Annual Report for Auditors’ Review
By Catherine Larkin
Eros International briefly fell as much as 15% post-market after saying its annual report will be delayed. The shares pared declines and were down 2.4% at 4:25 p.m. in New York.