Published May 18, 2013
VIENNA – Alpine, the Austrian unit of Spanish construction group FCC , will hold talks with its owners on how to meet its financing needs and has many options open, Chief Executive Arnold Schiefer said.
He was responding to a newspaper report that FCC was worried about Alpine's finances and that Austria's second-biggest construction group had to come up with another 150 million euros ($192 million) this year despite reaching a deal with creditors in March.
Alpine lost 450 million euros in 2012 as it began to exit unprofitable projects abroad. Its creditors took a 150 million euro haircut in the debt restructuring this year.
In a statement issued late on Friday, Schiefer said the original plan was to raise liquidity for the main building season by selling assets, as agreed with creditors.
These sales were now under way, but could wrap up after summer should it find other ways to raise the cash it needs.
"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," Schiefer said.
He declined to comment on the newspaper report, which he said had not made life easier for the group. He said he would personally discuss the situation with FCC within two weeks.
He said FCC had always fully backed Alpine and had already made 200 million euros available for implementing its revamp.
"Alpine can if needed draw on more funds committed within the framework of the agreement," he added. ($1 = 0.7798 euros)
(Reporting by Michael Shields; Editing by David Holmes)