E-Star files for bankruptcy protection

Initiatives

Hungarian alternative energy services company E-Star filed for bankruptcy protection.

"The company had not been able to comply with its due payment obligations and the right of its creditors for initiating liquidation proceedings against the company has opened," E-Star said. E-Star recently terminated several contracts with local councils in Hungary and Romania for non-payment. Afterward, short of financing to pay back bondholders, it announced it would repurchase only some of the securities it had issued, and at a steep discount. E-Star CEO Csaba Soós said late Friday that Raiffeisen Bank had terminated all loan agreements with the company. "The company aims to conclude an agreement with its creditors under the bankruptcy procedure, ensuring the company’s future operation," E-Star said.

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Environment