commiss decis april state aid grant spain porcelana del principado sl notifi document number spanish text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur alleg made competitor spain grant state aid porcelana del principado sl quot porcelana principado quot commiss inform request spain letter date februari letter date spain submit inform letter date juli inform request spain remind march spain submit request inform letter date region societi promot asturia region sociedad region de promoción del principado de asturia quot srppa quot state control entiti grant januari subordin loan profit particip porcelana principado septemb commiss decid initi procedur laid articl ec treati regard loan request time extens spain submit comment letter date novemb comment measur favour porcelana principado commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment aid measur commiss receiv comment aid beneficiari letter date januari comment forward spain letter date januari spain submit comment prescrib period letter date march regist march spain submit revis viabil plan letter date februari aid beneficiari submit evid capit increas april commiss decid extend investig procedur measur inform spain react initi formal investig procedur reaction spain extens formal investig procedur receiv letter date regist commiss decis extend procedur publish offici journal european commun commiss invit interest parti submit comment aid measur commiss receiv comment aid beneficiari letter date june regist june comment forward spain letter date august letter date august commiss request addit inform spain spain respond letter date octob regist octob commiss request addit clarif letter date decemb decemb meet held repres nation region govern aid beneficiari meet spain submit inform request letter date januari regist date ii descript compani porcelana principado limit liabil compani set emploi worker produc china porcelain dish household sector profession hotel decor product export spain strike led suspens activ period novemb januari porcelana principado enter financi crisi tabl provid spain pictur perform tabl gt tabl gt porvas sa quot porvas quot privat investor stake porcelana principado porvas limit liabil compani emploi peopl produc china porcelain dish household sector profession hotel decor product sold countri franc belgium switzerland unit kingdom germani greec tabl provid spain pictur perform tabl gt tabl gt restructur initi formal investig procedur spain explain viabil plan porcelana principado drawn end porvas privat investor agre acquir porcelana principado extens formal investig procedur spain submit updat viabil plan plan updat detail porvas work month porcelana principado gain insight compani plan run break expect spain year consolid result expect restructur explain extens investig procedur viabil plan contempl number measur intend ensur compani long term viabil compani aim close loss make activ reorient hotelwar market measur intend provid adequ debt equiti ratio invest foreseen plant machineri view modernis optimis capac addit plan porcelana principado invest mould isostat press kiln optimis product process workforc reduc measur undertaken improv product final plan provid compani financi restructur meet payment eur million accumul ran difficulti cost restructur measur detail tabl tabl gt tabl gt financi commit financ cost provid compani adequ capit basi measur compani increas capit subscrib public sector privat investor invest financ loan privat bank grant region govern final financi debt compani reschedul note public sector measur agre paid reason initi formal investig procedur region govern suspend payment commiss reach final decis measur compat tabl accuraci confirm spanish author overview tabl gt tabl gt measur loan préstamo participativo eur million grant porcelana principado srppa januari loan bear fix interest rate variabl rate depend profit rang profit eur million profit eur million profit higher eur million term loan year earli repay allow virtu quot liquid agreement quot sign porcelana principado srppa measur spain suppli evid show porvas provid fund amount eur million measur plan capit inject srppa plan inject capit worth eur million measur spain repli open formal investig procedur capit inject condit privat investor porvas decis inject amount compani measur spain confirm futur particip srppa porcelana principado provid prioriti subscript right srppa carri plan capit inject pend commiss decis present case measur cover invest eur million includ interest specif measur loan bancaja eur million grant condit measur grant spain confirm asturia region author made refund grant eur million measur spain state invest subsidi grant aid scheme approv commiss region invest aid refund subsidi paid pend implement invest commiss approv present case measur spain asturia mutual guarante compani sociedad de garantia reciproca de asturia quot asturgar quot provid guarante eur million cover bancaja invest loan measur cover cost kiln total eur million specif measur consist loan nation institut energi save diversif instituto nacion para la diversificacion el ahorro de energia quot ida quot eur million grant condit asturia region make grant kiln measur guarante arrang cost measur measur subsidi asturia region eur million applic submit autonom commun asturia decis pend outcom current investig commiss measur propos guarante asturgar cost kiln measur grant asturia region eur million grant grant intend financ retir plan worker ag paid pend commiss decis present case measur result agreement compani creditor reschedul partli waiv outstand debt measur april matur tax debt eur million includ interest arrear defer juli deferr subject doubl condit firstli asturgar provid guarante payment eur million measur compani real estat mortgag eur million measur guarante measur provid mortgag measur defer debt bear interest year laid spain financ law law decemb measur debt social secur eur million includ interest arrear defer april subject condit compani pai eur million resourc initi guarante asturgar foreseen amount guarante grant compani found suffici resourc pai amount social secur measur june payment remain amount eur million includ interest defer april measur extens formal investig procedur spain report octob compani chattel mortgag hipoteca mobiliaria favour social secur amount eur million ensur repay defer debt defer debt bear interest laid spain financ law law decemb measur novemb debt fogasa eur million includ interest arrear defer novemb defer debt bear interest guarante compani provid chattel mortgag eur million measur debt supplier reschedul march april agreement defer interest measur mortgag favour cajastur real estat porcelana gijon fail compani real estat acquir porcelana principado public auction march porcelana principado assum respons mortgag favour cajastur eur million spain provid evid porcelana principado meet payment mortgag promptli measur guarante request asturgar cover remain outstand debt porcelana gijon market brisk trade tablewar spain member state data eurostat januari octob spain export tonn tablewar product worth eur million import januari septemb ton worth eur million spain share intra commun trade tablewar good stand roughli porcelana principado eu major produc tablewar particip market export itali belgium ornamentalwar produc europ import region concentr tablewar produc exist northern bavaria germani staffordshir unit kingdom limousin franc plethora sme number larg undertak includ villeroi amp boch germani luxembourg hutschenreuth rosenth germani royal doulton wedgewood unit kingdom account total product commun special requir hotel cater trade rise quot hotelwar quot sector special design hard wear ceram uk germani itali main produc consum countri close link final consum compet design special featur labour intens industri enorm arrai product sale countri exce european import import exce export tonnag ow primarili low price import china porcelain industri overcapac product consumpt regist continu growth enter contract phase expect recoveri happen trade balanc recent year posit share import increas markedli household china segment export growth suffici offset increas competit sector contrari situat strong competit excess capac reinforc market entrant south east asia eastern europ czech republ hungari benefit preferenti trade arrang european union ceram uni websit european ceram industri record total sale eur billion tabl ornament ware account eur billion emploi close peopl european industri estim provid total world product maintain posit trade balanc countri eu singl market stimul concentr industri small medium size compani tend predomin iii reason intiti extens formal investig procedur initi formal investig procedur commiss analys financi measur favour porcelana principado light articl ec treati articl eea agreement measur deriv state resourc distort threaten distort competit affect trade member state confer advantag compani preliminari assess commiss consid porcelana principado compani difficulti doubt state behav privat investor make financi resourc firm preliminari assess measur regard state aid measur provision assess commun guidelin rescu restructur firm difficulti rescu restructur guidelin basi inform commiss doubt aid consid compat common market inform submit respons initi formal investig procedur provid detail addit measur commiss inform investig procedur extend assess light articl ec treati articl eea agreement iv comment spain initi formal investig procedur spain submit restructur plan elabor late context acquisit stake porcelana principado porvas investor inform submit spain provid detail numer measur commiss inform extens formal investig procedur spain provid detail inform measur subject extend assess updat viabil plan submit aid beneficiari repli initi formal investig procedur spain consid particip loan measur capit inject measur constitut aid state guarante measur regard aid similarli spain consid grant measur approv region author cover approv region aid scheme exist aid explain ad hoc aid measur regard compat aid rescu restructur guidelin final spain point payment public sector measur favour compani suspend initi formal investig procedur comment aid beneficiari aid beneficiari confirm inform submit spain particip loan measur part seri measur aim restor porcelana principado viabil aid beneficiari list measur spain respons initi extens formal investig procedur aid beneficiari deni state aid charact subordin loan grant srppa measur loan concomit capit increas made privat investor porvas amount measur aid beneficiari equal confirm intend capit increas eur million srppa measur concomit capit increas equival amount provid porvas measur reason aid beneficiari consid intend capit increas materialis constitut state aid guarante measur aid beneficiari asturgar grant grant normal market rate constitut aid grant measur aid beneficiari constitut exist aid cover aid scheme approv commiss region invest aid scheme aid beneficiari commiss conclud measur favour constitut state aid aid compat common market compli condit laid applic guidelin firstli decemb porcelana principado situat crisi mean rescu restructur guidelin restructur plan exist time grant relev measur thirdli porcelana principado claim sme reduct capac compulsori guidelin event beneficiari claim capac increas plan improv effici fourthli aid claim limit minimum pai creditor public privat make invest ii substanti contribut privat investor risk contribut fund capit increas iii porcelana principado regularli pai cost commiss link bank guarante repai loan includ subordin loan iv revis restructur plan show compani maintain balanc cash flow situat aid launch aggress price campaign aid beneficiari submit updat financi forecast indic breakeven achiev tabl aid beneficiari admit forecast origin restructur plan overoptimist revis forecast accur base depth knowledg porvas work close porcelana principado month beneficiari point forecast achiev aid beneficiari provid market analysi show main featur china porcelain sector spain analysi distinguish sector basi end user home hotel restaur confirm sale spain china porcelain hotel restaur segment import product remain broken tabl gt tabl gt aid beneficiari porcelana principado share spanish market fallen confirm compani competit eu manufactur costa alegr vista alegr portug lastli porcelana principado refer restructur measur mention origin viabil plan forward detail inform record oper vi assess aid mean articl ec treati financi assist deriv public resourc grant porcelana principado confer advantag vi vi competitor decis initi procedur product market porcelana principado trade member state competit manufactur porcelana principado confirm submiss sale spain china porcelain hotel restaur segment import product ii competit eu manufactur costa alegr vista alegr portug financi support grant state porcelana principado deem affect trade distort competit initi extens formal investig procedur commiss conclud porcelana principado firm difficulti mean rescu restructur guidelin spain contest point initi extens formal investig procedur commiss provision consid number measur regard state aid mean articl ec treati spain contest state aid charact number measur measur analys turn measur loan particip profit préstamo participativo eur million srppa srppa public institut promot region develop asturia region region govern asturia principado de asturia control stake fact enter file show action present case imput state spain contest point event insolv porcelana principado loan repaid creditor satisfi sharehold receiv payment loan qualifi subordin loan loan grant period year repai instal earli repay loan allow virtu quot liquid agreement quot sign porcelana principado srppa loan fix interest rate addit variabl rate depend profit rang profit eur million profit eur million profit higher eur million profit expect year tabl assum rate interest remain year interest rate applic refer rate remain rate year spain confirm collater loan spain loan grant difficulti crisi made offici annual account publish end spain draw distinct crisi difficulti due spanish version rescu restructur guidelin term quot empresa en crisi quot languag version guidelin make distinct treatment firm experienc difficulti firm crisi fact guidelin adopt commiss basi text draft work languag french english german precis term quot entrepris en difficulté quot quot firm difficulti quot quot unternehmen schwierigkeiten quot mean commiss consid languag version impli differ treatment compani member state logic system impos uniform approach porcelana principado compani difficulti mean guidelin irrespect crisi declar relev point time fact compani difficulti time loan grant admit spain suffici expect dilig lender cautiou approach case loan repaid creditor satisfi grant refer rate collater difficulti compani public irrelev lender exercis due dilig aid beneficiari disput state aid charact loan concomit privat capit increas amount measur view fact measur grant time compar condit commiss exclud presenc aid aid beneficiari event bankruptci loan repaid creditor sharehold paid precis natur measur aid beneficiari claim loan grant circumst favour srppa capit increas porvas measur place final aid beneficiari emphasis fact srppa account exist viabil plan porvas stake commiss document quot applic articl eec ec treati public author quot hold state aid involv fresh capit contribut circumst accept privat investor oper normal market economi condit appli principl public hold compani increas provid capit inject proportion number share held author inject capit privat sharehold privat investor hold real econom signific acquisit decid outset constitut state aid circumst presumpt state aid author intervent take form acquisit hold combin type intervent notifi pursuant articl hold industri experienc difficulti present case commiss note subordin loan grant measur regard state aid mean articl ec treati recit porcelana principado difficulti time award commiss acknowledg concomit subordin loan capit increas main sharehold event bankruptci capit increas reimburs subordin loan view low asset compani doubt reimburs commiss consid posit porvas srppa compar porvas main sharehold forc increas capit porcelana principado avoid insolv state interven secur invest infer event porcelana principado insolv porvas face number claim amount bound surpass capit inject compani porvas inject fresh capit porcelana principado econom viabl solut allow compani file insolv srppa hand bound consider behaviour srppa compar porvas view commiss conclud market economi investor award subordin loan refer rate compensatori revenu foreseen demand substanti guarante compani difficulti commiss consid behaviour srppa compar market economi investor subordin loan concomit aid measur paragraph commiss maintain view loan state aid element mean articl ec treati measur capit inject propos srppa condit privat investor porvas decis inject amount compani measur spain confirm futur stake srppa porcelana principado give prioriti subscript right spain explain condit capit increas place fix purchas contract price establish higher valu theoret account nomin upgrad euribor commiss acknowledg fact capit inject place pend commiss decis current case commiss note porvas increas capit wait commiss decis compat restructur packag spain claim measur constitut state aid behaviour srppa compar porvas commiss consid propos inject regard isol connect subordin loan measur support measur form part oper intend provid porcelana principado adequ capit basi restructur commiss consid argument measur regard state aid mean articl ec treati appli propos capit inject srppa measur loan bancaja profit financi entiti jointli set save bank bank servic compani save bank credit institut constitut privat foundat assign part profit social purpos case bancaja social purpos find employ young peopl support voluntari social work organis confer exhibit save bank board director includ repres region author bancaja case gener meet constitut generalitat valenciana depositor municip corpor employe royal econom societi friend valencia region real sociedad económica de amigo del paí valenciano fact public bodi domin influenc directli indirectli automat impli state exert control case matter fact save bank bound act market economi principl fact file provid evid case bancaja loan public author exert influenc loan grant year rate review month basi euribor reimburs monthli rate start month disburs note loan grant condit guarante present amount measur grant award cover invest measur measur advantag favour compani look measur refund grant autonom commun asturia state extens formal investig procedur measur regard aid fact contest spain measur approv region author spain consid cover approv aid scheme descript exist aid analys section measur loan ida institut public bodi attach ministri econom financi affair respons promot effici energi renew energi spain loan deriv state resourc grant advantag compani view difficulti obtain privat sector oper measur guarante asturgar commiss note measur decid measur simpli envisag extens formal investig procedur commiss basi inform disregard fact asturgar privat financi entiti control author asturia region refer sharehold commiss inform condit guarante grant provision assess commiss regard guarante state aid capit asturgar broken data tabl gt tabl gt spain admit region asturia principado de asturia hold capit asturgar presid asturgar held instituto de fomento region link region asturia region asturia appear refer sharehold extens formal investig procedur spain submit data respect asturgar statut forbid institut partner monopolis control spain state capit influenc decis make process asturgar inform submit decis board counsellor counsellor vote irrespect stake asturgar capit counsellor asturgar board link region govern asturia region govern small minor vote right agreement employ pacto interinstitucion por el empleo region labour bodi consejeria de trabajo promocion de empleo state instrument region promot instituto de fomento region servicio de asesoramiento promocion empresari srppa asturgar respons region minist industri commerc tourism asturgar present bodi link asturia region govern condit guarante extens formal investig procedur spain inform commiss asturgar requir porcelana principado pai annual premium commiss transact cost addit obtain guarante asturgar compani acquir stake asturgar capit stake depend amount guarante obtain porcelana principado bought share worth eur guarante agre measur commiss note inform possess guarante guarante societi charg premium rang quarter commiss guarante asturgar porcelana principado market condit explan found statement websit region institut technolog develop instituto de desarrollo economico del principado de asturia idepa cost asturgar guarante low account subsidi region author agreement employ mention state order support technic viabl project resourc alloc asturgar aim reinforc posit assum risk view commiss rule advantag subsidi grant asturgar pass porcelana principado guarante grant condit market economi oper afford subsidi subsidi autonom commun grant asturgar view promot region develop commiss adher view express extens formal investig procedur guarante aid element aid element loan cover guarante pursuant commiss notic applic articl ec treati state aid form guarante quot time loan grant strong probabl borrow default financi difficulti guarante high amount effect cover guarante quot final commiss assess reschedul debt public author aid element outstand tax debt commiss note deferr april amount eur million includ interest subject doubl condit asturgar provid guarante payment eur million measur compani mortgag real estat eur million measur condit fulfil guarante amount higher debt defer debt bear interest year spain provid evid debt paid back outstand social secur debt amount eur million payment eur million compani remain amount eur million includ interest defer april measur amount compani chattel mortgag set mortgag good order assur repay defer debt bear interest equival rate shown financ law law decemb spain provid evid debt paid lastli novemb outstand debt fogasa measur amount eur million defer novemb secur compani provid chattel mortgag eur million defer debt bear interest equival rate laid financ law law decemb spain provid evid debt paid back view commiss consid public creditor exercis due dilig reschedul repay debt amount waiv outstand amount fulli secur mortgag guarante defer debt vi vi public creditor bear interest statutori rate reschedul debt repaid effici recov public creditor enforc repay result insolv compani public creditor account decis porvas invest compani draw sound restructur plan note debt supplier measur reschedul march april agreement debt defer interest secur agre deferr view commiss consid deferr public sector debt aid element commiss conclud measur constitut state aid mean articl ec treati measur amount eur million addit guarante measur deem state aid element exist aid part aid favour porcelana principado allegedli award approv aid scheme commiss doubt complianc aid measur term scheme allegedli award issu inform injunct pursuant articl council regul suppli document inform data assess measur claim exist aid measur refund grant eur million eur million note measur paid pend commiss approv region author decid measur reason spain invest subsidi decid aid scheme approv commiss region invest aid extens formal investig procedur commiss note qualif exist aid sustain light comment receiv spain spain aid beneficiari porcelana principado firm difficulti mean guidelin decemb data provid formal investig procedur show porcelana principado unabl resourc fund obtain owner stem loss intervent public author condemn busi short medium term commiss decis case approv region scheme invest aid asturia assist area scheme lai condit access public assist condit scheme compani difficulti exclud scheme spain state measur grant region author base decis grant aid consolid account show loss high account spain state aid grant basi origin viabil plan subject achiev object plan commiss note porcelana principado incur loss fact aid grant basi restructur plan allow spanish region author deni aid region invest aid aid invest context restructur exist restructur plan frustrat descript porcelana principado firm difficulti exclud aid scheme question time aid grant porcelana principado compani difficulti mean rescu restructur guidelin admit spain aid beneficiari invest aid grant compani fulfil condit laid scheme measur regard aid measur commiss note reason regard aid aid propos benefit compani difficulti cover invest propos restructur plan order restor compani viabil qualifi region invest aid regard aid compat common market articl ec treati lai save provid aid distort threaten distort competit favour undertak product good affect trade member state incompat common market articl ec treati provid exempt gener rule incompat state paragraph articl authoris state aid grant facilit develop econom activ aid advers affect trade condit extent contrari common interest assess financi measur award compani difficulti commiss issu specif guidelin rescu restructur aid light measur scrutini assess point restructur guidelin lai condit authoris restructur aid firstli firm qualifi firm difficulti mean guidelin state previou section admit spain aid beneficiari porcelana principado firm difficulti mean guidelin decemb grant aid condit implement restructur plan endors commiss case individu aid measur restructur plan durat short restor long term viabil firm reason time scale basi realist assumpt futur oper condit restructur aid link viabl restructur plan member state concern commit spain submit restructur plan drawn end subsequ updat porvas insight compani commiss acknowledg amend simpli concern financi forecast stage cost restructur remain unalt compar draft plan viabil plan firmer shape financi forecast tabl note forecast complet simpli intend provid gener overview main item gt tabl gt note manag report year report turnov esp million eur million oper result esp million eur slightli surpass initi forecast spain state forecast year achiev spain reason initi formal investig procedur spanish author suspend payment financi support commiss decid compat lack financ neg impact implement restructur compani financ mean compani financi situat note spain provid evid porcelana principado incur debt pai tax social secur contribut supplier payrol regularli addit spain provid evid compani meet instal defer debt view commiss consid porvas experi support aid porcelana principado restor long term viabil thirdli measur mitig advers effect aid competitor aid regard quot contrari common interest quot incompat common market condit take form limit presenc compani enjoi market market end restructur period condit regard appli small medium size enterpris provid rule state aid sector commiss recal porcelana principado locat articl area econom social cohes prioriti object commun accord articl ec treati polici requir contribut object accord articl commiss region develop account assess restructur aid assist area condit authoris aid stringent implement compensatori measur aid sme affect trade condit grant larg firm appli restructur aid condit laid point guidelin appli strictli grant restructur aid sme link compensatori measur stipul rule state aid sector commiss note china porcelain sector sector porcelana principado satisfi requir recommend definit small medium size enterpris commiss point end porvas investor acquir stake porcelana principado compani surpass ceil laid recommend account combin number employe total oppos provid definit statu sme lost phenomenon repeat consecut financi year point refer moment aid grant basi restructur plan occur novemb part measur paid end porcelana principado lost statu sme porvas acquir stake porcelana principado consid sme lost sme statu aid grant commiss consid appli strict condit porcelana principado capac reduct commiss note combin sale porcelana principado porvas eur million insignific percentag european sale tablewar ornament ceram sector eur billion ceram uni lastli compani situat area elig region aid articl treati spain aid beneficiari state capac increas restructur period spain explain compani capac determin vitrif kiln creat bottleneck kiln capac plan invest vitrif kiln beneficiari market presenc small locat assist area undertaken increas capac restructur period commiss consid distort effect aid eur million limit fourthli amount intens aid limit strict minimum need enabl restructur undertaken light exist financi resourc compani sharehold busi group belong aid beneficiari expect make signific contribut restructur plan resourc event demonstr commiss aid purpos restor firm viabil enabl recipi implement restructur plan expand product capac present case aid limit eur million addit element includ guarante guarante consid aid total state aid work eur million approxim total restructur cost remain cover beneficiari commiss consid aid limit strict minimum beneficiari contribut substanti restructur final restructur plan fulli implement commiss remind spain commit submit annual report implement restructur condit laid guidelin appli case vii conclus commiss find spain unlawfulli implement aid question breach articl treati commiss take note spain decis suspend pend payment decis aid measur initi formal investig procedur basi inform commiss conclud aid question consid compat common market adopt decis articl state aid spain implement benefit porcelana principado compat common market accord articl ec treati articl decis address kingdom spain brussel april commiss mario monti member commiss oj oj oj oj month euribor januari case decis oj confidenti inform data extract websit ceram uni http www cerameuni org panorama eu industri nace revis commiss decis case tripti porzellan gmbh oj http www cerameuni org industri htm oj footnot footnot remain share distribut public privat institut http europa eu int comm competit state aid refer rate html bulletin ec quot bancaja profit financi entiti combin social spirit save bank manag criteria commerci bank quot http bancaja es grupo queesentidad asp menu judgment court justic case franc commiss ecr paragraph refer rate year base year interswap bank rate fix rate quot institut energi save diversif ida public corpor attach ministri econom affair state secretariat energi industri develop small medium size enterpris quot http www ida es home home asp quot oper point view corpor develop instrument region ministri industri commerc tourism respons instituto de fomento region servicio de asesoramiento promocion empresari sociedad region de promoción del principado de asturia sa asturgar sgr function integr singl director director gener instituto de fomento region quot http www idepa es ifr documento asp doc commiss decis case oj paragraph quot cost function amount quarter interest rate financi technic low result subsidi autonom commun case virtual nil quot http www idepa es ifr documento asp doc quot support project consid technic econom viabl asturgar role mutual guarante compani ser strengthen resourc increas assum busi risk quot http tematico princast es trempfor trabajo inferior pacto promo htm oj point judgment court justic case spain commiss ecr paragraph oj footnot quot empresa en crisi quot spanish version footnot commiss recommend ec april definit small medium size enterpris oj