FCC Drops Alpine in Austria’s Biggest Postwar Insolvency
This article is for subscribers only.
Alpine Holding GmbH, the Austrian builder owned by Fomento de Construcciones & Contratas SA, started a 2.56 billion-euro ($3.4 billion) insolvency today, the country’s biggest failure since World War II.
Alpine Bau, the company’s operating unit with businesses in Austria, Germany and eastern Europe, filed for insolvency at Vienna’s commercial court today, credit protection association Kreditschutzverband von 1870 said in a statement. Alpine Holding’s insolvency filing is expected to follow in the next few days, KSV said. The builder’s three bonds were suspended from trading in Vienna after falling to record lows yesterday.