Cat XL
Shizuka Minamoto
Copio e incollo
Alpine Holding
ALPHOL EUR 5.25% July 2015 70 – 73 YTM 21.52%
ALPHOL EUR 5.25% June 2016 66 – 70 YTM 18.94%
ALPHOL EUR 6% May 2017 68 – 70 YTM 16.61%
Restructuring plan
Austrian press Salzburger Nachrichten reported on Saturday that Alpine holding, the troubled Austrian construction company, would be in the need of more than €500m from FCC (its parent company) and creditors. The newpspare added that Josef Schultheis, who was brought in Nov-12 as Chief Restructuring Officer, together with Boston Consulting Group presented the plan of reorganisation which envisages the downsizing of the company by half.
The plan aims to raise more than €250m by selling assets and new capital from the FCC. The company is also in talks with creditors led by Erste Group and Unicredit’s Bank Austria about reducing bank debt of over €600m by €250m. On November 13 the company reached standstill agreement with banks and insurers until the end of February.
A person familiar with bank negotiations noted the situation is a lot worse than expected.
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