UPDATE 2-HeidelbergCement cuts debt on strong Q3 oper profit

* Q3 oper income 571 mln eur vs 481 mln poll avg

* Q3 sales, net income below analyst estimates

* Cuts net debt to 8.6 bln eur from 11.3 bln at end-June

* Still sees decline in 2009 oper income, sales

* Shares up 5.0 pct

(Adds shares, analyst comments, CEO comment)

FRANKFURT, Nov 4 (Reuters) - HeidelbergCement (HEIG.DE: Quote, Profile, Research) managed to wiggle further out of the stranglehold of creditor banks after posting third-quarter operating profit which exceeded expectations and slashing its debt.

The world's fourth-largest cement maker said quarterly operating income slid 15 percent to 571 million euros ($841.9 million), but was well above the 481 million expected on average in a Reuters poll of analysts.

The company, which used to be controlled by Germany's Merckle family, in recent weeks cut its total net debt to 8.6 billion euros from 11.3 billion at the end of June using proceeds from its 2.3 billion euros capital increase in September, its Chief Executive Bernd Scheifele said on Wednesday.