First-half losses at eSun Holdings, the media and satellite-television associate of struggling property firm Lai Sun Development, soared 40.3 per cent to $46.72 million. Sales dropped from $56.57 million to $49.75 million, while operating losses grew to $39.61 million from $15.79 million last year. Lai Sun, which owes eSun a loan of $1.5 billion, said last month it would submit by the end of this month its final debt-restructuring proposal to reduce its liabilities from $8 billion to $3 billion. Creditors, including eSun, banks and bondholders, could possibly be asked to take a 'haircut' and accept less than 100 per cent of the value of the debt. The firm was considering a spin-off of its 49.77 per cent-owned film production house, Media Asia Group. Media Asia, which produced the award-winning film Infernal Affairs, recorded a net profit of $20.37 million last year. Media Asia executive director John Chong said that the film-making firm was financially qualified for a public share sale and it was eSun's decision whether to make a spin-off.