Alpine’s creditors have agreed to write off €150m (£127m) and FCC is providing a total of €250m under the agreement, of which €99m have already been converted into equity for the financial year 2012.
This solution was reached after weeks of intense negotiations between Alpine and more than 50 financing partners represented by the two Austrian lead banks, Erste Bank and UniCredit Bank Austria, and the bond insurers.
FCC provided the necessary cash to the construction company throughout the negotiating stage. Alpine said that this high financial commitment demonstrates FCC’s continued willingness to back Alpine’s long-term turnaround.
The business plan on which the programme for the future is based forecasts that Alpine will return to positive figures again in 2015.
Got a story? Email news@theconstructionindex.co.uk
