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Austria: Alpine’s Future Sealed

Published: March 26, 2013; 15:55 · (Vindobona)

The restructuring contract has been signed by banks and insurance companies. Shareholders are not affected by a haircut.

Austria: Alpine’s Future Sealed / Picture: © Alpine Logo Press Photo

Today, Alpine was able to agree on the restructuring measures with Austrian and international financial partners as well as with parent company FCC. All the required signatures have been collected and the pursued quorum of 95 % has been achieved.

The now existing solution was found in several weeks of intense negotiations between the construction company Alpine, its more than 50 financial partners, which were represented by the two leading banks Erste Bank and UniCredit Bank Austria, and the guarantee insurance company Euler Hermes. FCC has supported Alpine with the necessary liquidity during the negotiation period and proves to fully stand behind the company in the future and the long-term restructuring program.

Already on March 3, 2013, an agreement in principles for the restructuring program could be found between Alpine, representatives of the Republic of Austria and the banks.

According to the future-program, the business plan intends for Alpine to return to profit by 2015. The creditors agreed on a debt waiver of € 150m. Shareholdes of Alpine are not affected by a haircut. Their legal position remains intact. FCC will be generating € 250m according to the agreements. € 99m have already been turned to capital for the financial year 2012. With the conclusion of the contract a stable development of the company has been secured.