commiss decis march aid grant spain industria mediterranea de la piel sa imepiel spanish text authent eec commiss european commun regard treati establish european econom commun subparagraph articl thereof notic parti concern submit comment provid articl regard comment imepiel incorpor segarra famili own manag compani acquisit stave bankruptci spanish state date spanish state properti offic ministeri econom affair patrimonio del estado acquir capit investor caja de ahorro de valencia caja de ahorro de castellón compani manufactur sell footwear produc prepar hide bulk resold rubber pure intermedi product emploi manufactur sole premis locat vall uxó castellón provinc town inhabit km north valencia km castellón km sagunto town suffer recent due ration steel industri compani premis extend build occupi compani expand post war year diversifi complementari activ glove make farm acquisit state ancillari activ elimin compani lead spanish footwear manufactur largest workforc highest product capac locat site ration cut made result reduct workforc period public ownership compani gener incur oper loss year year amount pta million seri capit inject made cover loss addit publicli fund capit invest expenditur incur attempt modern factori face continu loss major sharehold commiss viabil plan mid foresaw reduct capac due redund capit inject pta million pta million manageri shakeup reassess market product ii result press report decemb commiss learn state author prepar rescu plan compani allegedli grant capit inject amount pta million cover trade loss respect commiss request letter date januari inform capit inject cover trade loss repli commiss receiv telex date april spanish author confirm capit inject amount pta million place respect request spanish author bilater meet commiss arrang discuss case place june meet inform provid respect compani histori importantli spanish author inform commiss capit inject pta million made respect state moni restructur compani redund addit commiss inform relev document offici notif transact provid inform receiv meet insuffici assess compat capit inject provis articl eec treati meet commiss letter date juli request spanish author provid promis notif inform agre timescal repli request commiss receiv letter date juli spanish author formal data compani background previous provid meet june gener detail compani viabil plan provid plan requir capit inject pta million pta million manageri strategi achiev profit short period time product market research capit invest improv plant machineri specif detail numer data provid plan commiss promis detail inform novemb bilater meet held commiss spanish author novemb meet discuss gener term compani moni fund redund programm job loss restructur plan moni invest amount pta million pta million plan prepar appar foresaw reduct expens product diversif sale price increas product gain lead long run compani elig privat previou meet data forthcom enabl commiss judg capit inject compat articl eec treati letter date decemb commiss inform spanish author initi proceed accord articl eec treati pta million spanish state inject imepiel letter result request comment interest parti publish offici journal european commun spanish author repli commiss letter januari claim monei inject imepiel amount total pta million pta million pta million pta million view context year recoveri plan result privat compani recoveri plan object return compani profit year reduct capac footwear million pair year million pair hide million squar feet annum million squar feet closur rubber section decentr compani organ ration manufactur premis sale superflu space expans brand sale attempt move higher qualiti product avoid labour disput detail negoti reduct workforc plan flaw wai compani earn profit addit subsequ plan profit foreseen reduct capac product shoe million pair million pair subsequ plan product excess million pair million subsequ februari commiss request inform spanish author inform request requir detail aid grant aid envisag cash flow profit loss forecast detail local economi imepiel base invest detail privat detail letter date march commiss receiv detail propos offer purchas compani group spanish entrepreneur essenc offer purchas compani long state prepar pai respect loss year trade acquisit pta million invest pta million redund pta million amount equival net current liabil spanish author repli commiss request letter date april spanish state believ compani requir capit inject pta million cash loss compani pta million loss compani pta million invest requir compani pta million author conclud intent privat compani letter date april commiss receiv detail revis offer privat entrepreneur fund amount pta million oppos pta million earlier offer april novemb spanish author commiss consid buyer plan compani correspond exchang matter connect creation vall uxó special invest area commiss receiv telex date novemb spanish state state difficulti privat imepiel subsequ commiss receiv letter date decemb confirm privat negoti broken spanish author carri viabil plan submit commiss januari result letter commiss telex date januari request updat inform receiv spanish author letter date januari spanish author submit updat financi inform respect imepiel histor forecast data importantli suppli detail term propos privat compani detail liquid sale term confirm letter date februari copi sale purchas agreement date januari broadli sale term purchas compani circulo de financiación gestión sa share capit pta million paid balanc paid year acquir undercapit effect long term viabil project purchas price pta million purchas retain ownership imepiel year allow chang purchas share capit structur imepiel time author state vendor sale provid capit inject pta million improv compani financi posit restructur workforc make invest equip letter purchas provid commiss financi plan subsequ revis year letter date januari summari financi aspect plan actual data respect set year product sale volum sale result invest shoe hide shoe hide pta million thousand pair thousand squar feet obviou purchas target ambiti histori compani lack detail assumpt support forecast solid base achiev importantli purchas intend increas volum effect increas pressur market bilater meet held commiss spanish author januari meet commiss servic stress fact restructur plan unaccept fact sale volum increas spanish base year comparison million pair sold addit author confirm sale million pair breakeven point workforc admit offer receiv imepiel accept imepiel privat februari result privat commiss extend procedur articl account amount aid capit inject pta million pta million privat pta million bargain price aris privat pta million decis commun spanish author letter date august subsequ publish offici journal european commun letter date octob spanish author respond set object extens procedur iii commiss decis initi articl procedur notifi spanish govern letter date decemb invit spanish author submit observ provid detail inform request inform relev commiss assess compat aid member state interest parti inform commiss decis public letter offici journal european commun date februari correspond note spanish govern submit observ letter date januari question submit commiss provid inform letter date april firstli govern consid aid grant compat provis articl govern believ aid view light privat programm recoveri plan measur need boost local economi appar attempt made privat compani fail due inabl buyer provid requisit guarante recoveri plan conjunct measur design boost local economi aid justifi govern argu aid link restructur compani primarili short term medium term resourc need aid proportion problem design resolv competit footwear sector distort industri problem unemploy transfer member state compani intra commun export pta million turnov expect fall maintain compani allevi structur problem commun compani allow fail gap fill countri govern point provis treati spain access commun respect articl summari spanish author confirm intent sell compani restructur plan crucial enabl place minimum distort local economi part procedur member state submit comment capit inject uk govern share commiss opinion incompat aid danish german portugues italian govern support commiss posit extens articl procedur cover aid grant compani aid privat notifi letter date august spanish govern publish offici journal european commun decemb invit comment member state interest parti spanish govern repli letter date octob firstli spanish author disagre commiss conclus aid pta million privat aid pta million constitut aid exempt base fact spanish believ aid grant compli commun rule design bring govern fund end whilst ensur viabil compani econom develop favour area opinion support fact imepiel problem aros pre access industri polici govern sale involv aid believ compani dispos comput basi net asset basi present futur return support fact imepiel sold highest bidder addit respons consid buyer plan compani includ invest restructur workforc product capac capac cut compani smaller impact market place social aspect problem stress compani locat town inhabit unemploi wind compani expens dismiss cost respect ongo unemploy retrain cost essenc spanish author consid except case believ aid grant compat treati result public letter offici journal european commun respons obtain uk base british footwear manufactur feder stress spanish import increas uk shoe compet lower end market competit price qualiti base state aid enabl manufactur reduc sale price neg effect competit march meet held commiss offici repres patrimonio imepiel restructur plan main point rais commiss concern necess recoveri plan provid reduct product capac sale market share ensur viabil compani involv aid exceed minimum requir offici commiss stress due condit attach sale contract bid imepiel consid open uncondit addit compani benefit capit inject allow continu oper long time artifici maintain level meet patrimonio repres remind commiss present condit imepiel consequ pre access polici confirm comment suppli open articl eec treati procedur addit affirm reduct product capac market share compani undermin viabil record meet commun spanish author april detail list inform suppli order enabl commiss assess case date inform receiv iv examin capit contribut patrimonio del estado imepiel time privat term sale contract circulo de financiación gestión sa commiss verifi extent public intervent state aid element mean articl note patrimonio del estado intrins part spanish state statu director gener depend spanish ministri econom affair financi requir wholli provid state basi budgetari appropri financi resourc patrimonio del estado consid resourc state capit contribut provid imepiel constitut public intervent provis public fund compani form capit contribut involv element state aid fund provid circumst accept market economi investor oper normal market condit case financi posit compani structur volum debt normal return dividend capit gain expect reason time capit invest inadequ cash flow reason compani unabl rais fund need invest programm capit market posit made commiss letter member state septemb applic articl treati public author hold respect note recent commun juli introduc report system identifi aid present financi flow public author publicli own compani commiss remind member state principl determin aid involv state intervent part iii commun court justic european commun clarifi applic articl respect public hold judgment case intermil meura boch court distinguish action minor major sharehold provis capit judgment case alfa romeo eni lanerossi order determin capit contribut state aid court held compani question obtain financ privat capit market evid suggest beneficiari surviv public fund rais capit requir open market privat investor conclud payment constitut state aid time post access provis capit patrimonio del estado imepiel made loss previou year state oblig recapit compani repeat occas busi invest result capit return market economi investor base decis forese profit disregard social region sector consider provid imepiel success capit increas total pta million consider state aid involv accept state nomin sale price imepiel amount pta million sale procedur compani conduct open market basi advertis intern bank similar bodi detail offer commun spanish author commiss inform net cost spanish state capit inject purchas price respect chosen purchas lowest fact compani earn profit recent year plan futur year loss minim importantli note compani account decemb displai net liabil pta million indic neglig consid reason fact sale contract requir purchas maintain invest year sale price pta million accept sale place basi capit inject pta million made spanish state order attract buyer compani order determin state aid exist capit contribut verifi ration state behaviour market economi investor market economi investor intend maxim profit invest made capit contribut action made econom term take account sale monetari return capit contribut limit framework sale contract pta million consid adequ return invest extens articl procedur consid element aid exist sale price buyer believ imepiel worth pta million subsequ state capit inject time sale consid ground capit inject pta million compat treati subsequ reflect believ sale price addit element aid spanish author provid liquid imepiel octob amount minu pta million argu redund cost pta million employe met amount total pta million cost pta million argu excess capit contribut privat state proper econom decis note contrari observ spanish author option wind imepiel costli state prefer option sell compani accept term state owner compani oblig cover balanc proce liquid asset liabil link wind imepiel joint stock compani limit respons honour debt liquid asset normal circumst owner compani respons deficit import note analysi liquid cost compani state separ owner sharehold compani bodi respons payment unemploy social secur benefit assess behaviour state market economi investor commiss appli test similar circumst privat sharehold regard forese obtain return leav social region polici sector consider subscrib capit question judgment case meura ground cost consid commiss amount grant member state power rescu compani difficulti basi reason pure nation interest situat creat distort competit contrari common interest contradict principl eec treati empow commiss determin compat state assist context commun singl member state summari detail examin commiss arriv conclus state aid grant imepiel compris pta million capit contribut patrimonio del estado period aid pta million aris capit contribut patrimonio del estado compani privat moni artifici strengthen imepiel financi posit aid imepiel affect trade member state distort threaten distort competit common market mean articl fact financi assist state strengthen posit enterpris compar compet commun deem affect enterpris judgment case philip morri note market good produc sold imepiel highli competit commun footwear product amount million pair shoe declin trend caus shrinkag total market million pair intra commun trade involv million pair product market industri assembl emploi peopl directli peopl indirect ancillari hide compon product sector character fragmentari structur larg number small busi unit averag workforc spain commun market term product export compani signific produc term number personnel emploi averag shoe produc volum term take margin share commun market market price volum orient financi assist grant state bound signific neg effect competit imepiel continu level maintain resourc retain artifici high market share transfer redund problem competitor imepiel particip significantli spanish export market artifici presenc spanish market make market penetr commun produc difficult judgment case franc commiss legal statu aid imepiel commun law conclud illeg spanish govern fail notifi advanc commiss requir articl situat produc breach treati provis aid question paid recipi respect recal view imper charact rule procedur laid articl import public polici direct effect court justic recogn rule case capolongo lorenz steinick illeg aid issu remedi posteriori notwithstand note commiss oblig carri due procedur relat articl recogn court justic rule case boussac saint frère vi articl eec treati aid meet criteria laid principl incompat common market except provid articl applic case natur aid direct attain object articl treati list aid compat common market compat treati determin context commun singl member state order ensur proper function common market regard principl embodi articl except provid articl constru narrowli aid scheme individu aid award scrutin invok commiss satisfi aid market forc insuffici guid recipi pattern behaviour serv object except appli except case contribut object aid purpos amount confer advantag industri firm member state financi posit artifici strengthen affect trade member state distort competit justif base common interest refer articl treati compani grant aid spanish author form capit inject amount pta million commiss share spanish author view capit contribut made respons circumst develop prior spain access commun preaccess industri polici spain respect public compani base principl radic emploi formul competit polici eec treati time loss make public compani maintain poor manageri principl busi artifici financi assist state spain access commun compani forc adapt environ fair competit aid imepiel question aim facilit adapt note assist repres signific effort creat basi definit restructur compani capit contribut pta million concern commiss arriv conclus consid compat common market pursuant except provid articl respect aid contain inject pta million made context privat examin derog articl appli articl lai except aid promot facilit develop area respect imepiel situat vall uxó area present standard live abnorm low underemploy mean articl applic except articl region ground vall uxó commiss accept grant maximum product capit invest commiss decis june made derog articl decis accept area elig region aid commiss reason stimul diversif invest safeti net redund imepiel aid imepiel aid question made basi ad hoc decis spanish govern take form discret capit contribut grant creat product capit invest result region derog articl capit contribut privat pta million requisit featur aid facilit develop econom area made form oper aid firm difficulti capit contribut condit invest job creation explain commiss commun principl coordin region aid commiss capit contribut region guidelin aid justifi firstli contribut real long term develop region lead viabil undertak concern undertak contribut factor restructur plan enhanc competit situat capit contribut consid facilit develop econom area aid advers affect trade condit extent contrari common interest derog articl grant aid except provid articl aid measur question intend featur project common interest project remedi disturb spanish economi spanish author invok except observ commiss except provid articl aid facilit develop econom activ aid advers affect trade condit extent contrari common interest firstli note aid imepiel fall categori aid compani difficulti compani financi posit financi record precari aid firm difficulti carri greatest risk transfer unemploy industri problem member state act mean preserv statu quo prevent market economi forc normal consequ term disappear uncompetit firm process adapt chang condit competit reason commiss take strict approach assess compat aid restructur firm difficulti commiss requir public intervent strictli condit implement sound restructur convers programm capabl restor long term viabil beneficiari compensatori justif aid form contribut beneficiari develop sector commun level reduct presenc market capit inject pta million made time privat compani repai loan pta million make redund pta million balanc provid work capit compani oper note action effect futur competit compani aid met compani resourc purchas provid plan compani futur subsequ revis fact product increas reduc make restructur interest sector concern level commun result fact privat commiss present restructur plan demonstr compani futur viabil portrai reduct compani product capac show decreas compani presenc market place consid restructur facilit develop econom activ compat common interest aid incompat articl letter date june juli spanish author request commiss postpon decis respect case submit altern restructur plan negoti imepiel letter date august commiss inform spanish author view fact addit month elaps expir deadlin submiss altern restructur plan delai take final decis vii conclus light forego consider state aid element imepiel pta million involv term sale circulo de financiación gestión sa illeg commun law award spanish govern violat provis articl aid pta million reduc sale proce pta million order reflect net cost transact state net procedur benefit acquir circulo de financiación gestión sa cost state fulli reflect aid element meet condit fulfil order except articl appli reason incompat eec treati case aid incompat common market commiss make possibl court justic judgment case kohlegesetz confirm judgment case deufil requir member state recov recipi aid grant illeg adopt decis articl aid grant pta million grant illeg grant breach procedur rule articl notwithstand aid meet condit derog articl compat common market articl net state aid pta million capit inject pta million net sale proce pta million contain capit contribut provid patrimonio del estado imepiel simultan privat februari illeg commun law award spanish govern violat provis articl aid meet condit fulfil order except articl appli reason incompat common market articl incompat state aid withdrawn recoveri patrimonio del estado recov pta million imepiel aid element recov accord procedur provis nation law relat interest arrear payabl state liabil interest start run date illeg aid grant articl spanish govern inform commiss month date notif decis measur compli herewith articl decis address kingdom spain brussel march commiss leon brittan vice presid oj oj ecr ecr ecr ecr ecr ecr ecr ecr ecr ecr ecr ecr ecr