VIENNA, June 7 Alpine, the Austrian unit of
Spanish construction group FCC, needs more bridge
financing from creditors and has drawn up a new business plan
given delays in planned asset sales, it said.
Alpine is struggling as government austerity programmes in
the euro zone put construction projects on hold, adding to the
woes of parent FCC, which is under pressure to sell billions of
euros of assets amid recession in Spain.
Alpine said the sale of its energy, renovations and special
underground construction units were taking longer than expected,
and it had put together a new business plan as a basis for
negotiations with its creditors about bridge financing.
It did not provide details of the new plan.
"Based on the support of the shareholder and positive
negotiations with the financing partners, the issuer continues
to assume its ability to satisfy its financial obligations,"
Alpine said in a statement late on Thursday.
Alpine lost 450 million euros ($594 million) last year as it
began to exit unprofitable projects abroad. Its creditors, who
include Erste Group and UniCredit Bank Austria
, took a 150 million-euro haircut this year.
($1 = 0.7579 euros)
(Reporting by Georgina Prodhan; Editing by Mark Potter)