- Mini-major entertainment studio Eros STX Global (NYSE:ESGC), halted in the last hour for news pending, is down 8.8% on heavy volume following an update about its UK retail bond amendments.
- The amendments are pinned to the company's £50 million in 6.5% retail bonds maturing on Oct. 15.
- The company had asked bondholders to extend the fiscal financial statement delivery date from July 31, 2021, to Nov. 30, 2021 - and to extend the maturity date of the bonds to April 15, 2023.
- But a bondholder meeting held today was adjourned for lacking a quorum of at least 75% of the bonds outstanding.
- An adjourned meeting now set for Sept. 20 will call for a quorum of at least 25% of bonds outstanding (and a successful proposal will need 75% of those votes cast). The company now expects to satisfy that quorum requirement.
- Last week, the company received an NYSE noncompliance notice over not meeting requirements for timely filing of its annual report and maintaining a minimum trading price.