This update covers the latest developments regarding Easy Debt Service (EDS).
What has happened since the last update
The bond Trustee, Grant Thornton Baltic UAB, convened a meeting of EDS bondholders following an Event of Default under the bonds. The meeting took place on 4 November 2026.
No further payments have been received from EDS since 11 September 2026, and the outstanding amounts remain unpaid.
Outcome of the bondholders’ meeting
At the meeting, the Trustee proposed two resolutions:
- to demand early redemption of the bonds and payment of all amounts due; and
- if the bonds are not redeemed immediately, to authorise the Trustee to initiate enforcement proceedings against the security.
Both resolutions were approved by a majority. SIA Mintos Finance No.45, which holds the EDS bonds available on Mintos, voted in favour of both.
EDS also put forward its own proposals for payment relief and an out-of-court bankruptcy procedure. These were largely not approved.
Next steps: repayment demand and enforcement
Under bond terms, the Trustee will now demand that EDS repay all amounts due. If repayment is not made, the Trustee will proceed with enforcement against the security, which means the collateral can be sold, with the proceeds used to repay bondholders.
What this means for investors
Investors do not need to take any action. Any payments received from EDS will be distributed to investors as usual.
Enforcement of collateral is a formal legal process and typically takes longer than a voluntary repayment. The timing and the final amount recovered cannot be reliably estimated at this stage, as both depend on EDS’s response to the repayment demand, any restructuring process EDS may initiate, the enforcement procedure, and the realisation of the collateral. Further information will be shared as soon as it becomes available.
Next update
The next update will be shared when there are material developments.
Questions from investors
What happens to my investments that haven’t matured yet?
They do not become due immediately. At the meeting on 4 November 2026, the bondholders demanded early redemption. Under the EDS bond terms, EDS must repay within 30 calendar days, which means by 4 December 2026. Until then, these bonds are not overdue, and your investments will show as active in your portfolio. If EDS does not pay by that date, these bonds will be treated the same as matured unpaid bonds, and your investments will show as in transit.
Interest on the bonds keeps accruing until EDS repays them. For your investments, interest and principal are paid only when and to the extent that payment is received from EDS. If amounts are unpaid on the maturity date of your investment, that date is postponed until they are paid. Under the terms of your investment, a payment delay caused by EDS does not count as a default. These terms are set out in the Base Prospectus.
Will I receive late interest?
Under the EDS bonds, EDS owes a late payment penalty of 0.02% per day on overdue amounts:
- For matured unpaid bonds and unpaid interest, the penalty is already accruing.
- For bonds under early redemption, the penalty applies only from 5 December 2026, if EDS has not repaid by then.
Your investments do not carry a separate late payment penalty. Any penalty EDS pays forms part of the amounts recovered from EDS, from which investors receive interest and principal. Recovery costs, such as enforcement costs, are paid first, and the remaining amounts are then paid to investors.