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E-Star fails to reach agreement with creditors

Troubled energy services company E-Star Alternative said it failed to reach a deal with its creditors at talks on Wednesday, but they agreed to extend E-Star's payment deadline by 120 days. The company said earlier it would propose to creditors the conversion of its liabilities into equity. Under the proposal, creditors were to get one of 50 million new shares issued for every HUF 367 E-Star owes. The total amount of the equity in the transaction would have added up to HUF 18.35 billion, roughly level with the company's registered liabilities. E-Star is under bankruptcy protection at present.