Major Austrian construction company says it's insolvent

VIENNA – Alpine Bau GmbH, one of Austria’s biggest construction companies, says it is insolvent.

In making the announcement Tuesday, the company said it is seeking a reorganization plan that would allow parts of the conglomerate to continue functioning.

A statement issued by Alpine said it was not possible to reorganize internally, “despite significant support from financing banks and intensive efforts of the owner.”

The company says if a feasible reorganization plan can be devised, it will be reviewed and implemented by insolvency administrators who are to be appointed.