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Today's talks between the Austrian state attorney's office (Finanzprokuratur),
Oesterreichische Kontrollbank, representatives of Alpine's creditor banks and
Alpine concerning Alpine Bau's restructuring agreement have had a positive
result. Accordingly, the banks will participate in the haircut in accordance
with the restructuring concept also in respect of the loans secured by a
guarantee of the Republic of Austria. This means that a vital condition for the
group's going concern has been met.
The formal signing of the restructuring agreement is expected to take place
during the coming days. Creditors are already supporting this by an overwhelming
majority and have underpinned this with undertakings for a continued standstill.
The bondholders' legal position will be unchanged, they are not affected by the
haircut. Alpine group is solvent.
Today's talks between the Austrian state attorney's office (Finanzprokuratur),
Oesterreichische Kontrollbank, representatives of Alpine's creditor banks and
Alpine concerning Alpine Bau's restructuring agreement have had a positive
result. Accordingly, the banks will participate in the haircut in accordance
with the restructuring concept also in respect of the loans secured by a
guarantee of the Republic of Austria. This means that a vital condition for the
group's going concern has been met.
The formal signing of the restructuring agreement is expected to take place
during the coming days. Creditors are already supporting this by an overwhelming
majority and have underpinned this with undertakings for a continued standstill.
The bondholders' legal position will be unchanged, they are not affected by the
haircut. Alpine group is solvent.