Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

E-Star Gains Most in Six Weeks After Receiving State Payments

Oct. 29 (Bloomberg) -- E-Star Alternativ Nyrt., a Hungarian energy supplier, rose the most in six weeks after saying it will use payments from the state to help buy back overdue bonds.

The shares jumped 14 percent to 375 forint at 11:54 a.m. in Budapest, the biggest advance since Sept. 17 and paring its decline this year to 91 percent.

E-Star’s ESCO unit received funds from the State Treasury for projects in two Hungarian counties. ESCO will lend 190 million forints ($862,000) of the funds to the group to help buy back bonds which expired on Oct. 24, E-Star said in a statement to the Budapest Stock Exchange on Oct. 27.

E-Star “intends to settle its liabilities against creditors and credit institutions” from the funds and receivables due to be credited in the future, it said in the statement.

The company will delay the repurchase of bonds maturing in 2014 and later because of lack of funds, it said.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.