Alpine to Discuss with FCC regarding Finances

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The Austrian division of Spanish construction group FCC, Alpine will host discussions with the company owners regarding how to fulfill its financial requirements and other possible options, according to Arnold Schiefer, Chief Executive Officer of Alpine. Mr. Schiefer was commenting on reports in newspapers that FCC was apprehensive about the financial situation of Alpine and that it may need to secure an additional EUR150 million or US$192 million this year regardless of being able to get a deal with its creditors in March.

In 2012, Alpine lost EUR450 million as it started to leave projects overseas that were not generating revenue. Aside from that, in the debt restructuring it secured from its creditors, it lost another EUR150 million. From the statement that was released on Friday, according to Schiefer the original plan, as accepted by creditors, was to increase its liquidity for the construction season by selling its assets.

The sales have already started but there is the possibility that it may conclude after summer and the company may need to find alternatives to secure the required finances. Schiefer said, "Together with our owners FCC, we will now determine in which way to meet the expected liquidity requirement - by asset sales, bridge financing via banks, cost cuts or other financing opportunities."

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FCC, Spain

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