Metrovacesa to launch 3 yr plan -shareholders

MADRID, June 29 (Reuters) - Spanish property firm Metrovacesa (MVC.MC) is preparing a three-year plan to steady its finances by cutting costs and lowering its 6.1 billion euro ($8.5 billion) debt mountain, shareholders said on Monday.

"They have talked about a new plan for 2009-12," said a shareholder at the company's AGM, to which journalists were barred. A spokeswoman confirmed the company was launching a restructuring plan but said it was not finalised and declined to give further details.

Spain's biggest property firm will drop unprofitable projects and sell non-strategic assets, it said in a stock market statement, though it did not specify which projects would be dropped.

Chairman Vitalino Nafria said in the statement the future would be marked by a period of austerity at the company.

The commercial property firm said in March it would develop 11 projects in coming years. (Reporting by Andres Gonzalez; Writing by Ben Harding; Editing by David Holmes)