Austria -Contractor Alpine insolvent -June 19, 2013

The second-biggest construction company Alpine filed for bankruptcy after banks did not agree to inject new cash into the ailing company. The subsidiary of Spanish builder FCC has been grappling with an expansion into Eastern European and Asian markets, which has proven unprofitable. The company has accumulated debts of €2.56bn, which makes it the biggest bankruptcy in the post-war period. 15,000 jobs are endangered. The workforce includes 7,500 in Austria and 1,900 in Germany. Only part of the Austrian division will be maintained, which will preserve some 4,600 jobs.

English: http://www.teletrader.com/us/news/details ...

http://www.thehindubusinessline.com/news/international/major-austrian-builder-alpine ...

 

For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) cbn-aias@uva.nl or the communications officer at the ETUI, Mariya Nikolova mnikolova@etui.org. For previous issues of the Collective bargaining newsletter please visit http://www.etui.org/E-Newsletters/Collective-bargaining-newsletter. You may find further information on the ETUI at www.etui.org, and on the AIAS at www.uva-aias.net.