https://www.friedlnews.com/article/alpine-creditors-face-haircut
Alpine: Creditors Face Haircut
Published: February 2, 2013; 18:03 · (FriedlNews)
The financially stricken Austrian construction company
wants its creditors to contribute to the restructuring.
Alpine, which is a wholly-owned subsidiary of the Spanish FCC Group, has already presented a restructuring concept to its creditors. In 2015, Alpine wants to record black numbers again.
At the moment, Alpine has debts of more than € 660m. The biggest lenders are Erste Group, RLB Upper Austria and Bank Austria. Alpine has more than twelve main creditors. Erste Group comes at € 100m, RLB´s exposure amounts to € 82m and Bank Austria comes at € 78m. Further creditors are Russian VTB, Hypo Group, Bawag and VBAG.
According to the corporate spokesman Johannes Gferer, it would be too early to talk about an agreement. However, the creditors have signaled their willingness to support Alpine, he said. At the moment, details are not known yet. Next week, Alpine will announce the agreement.Gfrerer explains that FCC, the company itself and the creditors will have to contribute to the restructuring. FCC Group will inject capital into its Austrian subsidiary.
In the next years, the construction company has to downsize drastically. About a third of the jobs will be cut. At the moment, Alpine employs 15,000 workers. About the half of the workforce is based in Austria. Moreover, Alpine will withdraw from CESEE markets. The remaining core markets will be Austria and Germany. Alpine´s sales are expected to shrink from € 3.6bn to € 2.0bn. In Austria, revenues of € 1.5bn were generated last year. Furthermore, some middle-sized subsidiaries may be sold.
e certo no?? gli viene di calata chiedere sacrifici ai suoi creditori....
PS. posso fare l'appello dei possessori di bond Alpine, presenti su questo forum?