We would like to provide investors with an update on the status of Easy Debt Service (EDS).
What has happened since our last update
In our previous update, we shared that EDS expected to settle the delayed principal, coupon payments, and applicable late interest by the end of September 2026, following the completion of a real estate sale. That deadline has now passed. Despite our requests, EDS has not provided Mintos with information confirming the outcome of the real estate sale transaction, and the outstanding amounts have not been repaid. Since 11 September 2026, EDS has made no further payments.
Because the expected timeline was not met and the information we need to assess the transaction is missing, we no longer consider it appropriate to wait for the sale to close.
Next steps: early redemption and enforcement of collateral
As indicated in our previous update, Mintos is now moving to the enforcement stage. SIA Mintos Finance No.45, the Mintos entity that holds the EDS bonds on behalf of investors, will formally request the bond Trustee to demand early redemption of all EDS bonds held by Mintos Finance No.45 and to enforce the collateral securing them. This request builds on the Event of Default Notices already issued for the bonds that were not paid on time.
How the decision will be made
It is important for investors to understand how this process works. Under the bond terms, the decision to require early redemption and to enforce the collateral is not taken by Mintos alone. It is taken by the bondholders’ meeting, which we expect the Trustee to convene.
We will inform investors once the Trustee has convened the meeting and again once a decision has been reached.
Amounts outstanding
Approximately EUR 3.5 million of principal remains outstanding across the EDS bonds that have matured but remain unpaid, in addition to delayed coupon payments and accrued late interest.
What this means for investors
Investors do not need to take any action. Mintos acts on behalf of investors through Mintos Finance No.45 throughout this process. If EDS makes any payments in the meantime, they will be distributed to investors as usual.
Enforcement of collateral is a formal legal process and typically takes longer than a voluntary repayment. At this stage, we are not able to give a reliable estimate of the timing or the final amount that will be recovered, as both depend on the bondholders’ decision, the enforcement procedure, and the realisation of the collateral. We will share more concrete information as soon as it becomes available.
Next update
We will provide the next update once the Trustee has convened the bondholders’ meeting, or earlier if there are material developments.