EANS-Adhoc: ALPINE Holding GmbH / Efforts to reach an out of court restructuring of the ALPINE Group have been terminated

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Financially Distressed Companies 18.06.2013

Efforts to reach an out of court settlement for the restructuring of ALPINE Group have, contrary to expectations, and despite significant support by financing partners and intensive efforts by the shareholder, not been successful and thus been terminated. The management of ALPINE Bau GmbH is preparing to file for reorganisation proceedings without self management ("Sanierungsverfahren ohne Eigenverwaltung") and will shortly apply for the opening of such proceedings. Due to these developments, insolvency proceedings of ALPINE Holding GmbH are imminent.

In the course of these proceedings a concept has been developed by experienced subject-matter-experts to save parts of the ALPINE Group and related employees as well as subcontractors. This concept shall be assessed and implemented in the next weeks by the competent administrators.

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(END) Dow Jones Newswires

   June 18, 2013 13:54 ET (17:54 GMT)- - 01 54 PM EDT 06-18-13