About Eros International (NYSE:EROS)
Contributed By FG Alpha Mgmt
- Eros International (NYSE:EROS) annual report is late relative to its historical filing schedule
- Eros’ Indian operations accounted for over 58% of 2016 revenue, yet since April the company has quietly sold off or pledged over 23% of its stake in its primary Indian subsidiary, including a new July 7th pledge for 7.41% of the entity
- Eros’ April announcement that they were in “advanced stages of executing multiple long-term refinancing options” for its revolving credit facility has been followed by silence
- A recent switch of Eros’ auditor at its key Indian subsidiary raises questions about the parent company’s audit relationship
- At a time when liquidity is a looming question, instead of conserving cash, the company spent $8 million on a purchase of real estate from a related party
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