Reuters: Bankruptcy News: Alpine bondholders are asked to support debt package

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Alpine bondholders are asked to support debt package Jun 17th 2013, 20:25 VIENNA, June 17 | Mon Jun 17, 2013 4:25pm EDT VIENNA, June 17 (Reuters) - Bondholders in Alpine, the Austrian unit of Spanish construction group FCC, may have to take part in debt restructuring at the group, it said after talks with creditors on Monday. "In the opinion of the creditors a sustainable restructuring of Alpine group cannot be conceived without a contribution of the bondholders," it said in a statement, without elaborating. It said talks had determined that Alpine needed a package of measures to meet its upcoming liquidity needs, but added it was confident it could manage a turnaround "based on the contributions of the financing partners and the shareholder". Alpine lost 450 million euros ($600.6 million) last year as it began to exit unprofitable projects abroad. Its creditors have already taken a 150 million-euro haircut this year but more debt talks are under way. Bondholders were spared any haircut so far. Alpine has struggled as government austerity programmes in the euro zone have put construction projects on hold. Parent FCC was already under pressure to sell billions of euros of assets amid recession in Spain.

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