commiss decis april amend decis juli subscript cdc particip bond issu air franc french text authent text eea relev ec commiss european commun regard treati establish european commun articl thereof regard agreement establish european econom area articl thereof protocol thereto juli commiss decid subscript cdc subsidiari french public entiti caiss de dépôt de consign bond issu air franc constitut illeg aid incompat common market eea agreement bond issu bond redeem share oblig rembours en action ora progress interest subordin note warrant titr subordonné intérêt progressif assorti de bon de souscript action tsip bsa total ff articl decis request franc ensur aid reimburs month date public decis offici journal european commun place octob articl stipul reimburs includ interest legal applic date grant aid interest paid bond air franc cdc octob franc appeal decis court justic european commun parallel action air franc appeal court instanc european commun view obtain annul decemb repres air franc french govern held meet brussel repres commiss french author inform commiss face difficulti implement decis intend submit commiss interim recoveri scheme light difficulti decemb french author note commiss explain step intend compli decis ii note commiss decemb propos decis challeng court justic recoveri subject interim scheme air franc deposit amount repaid block bank account remain durat judici proceed decis upheld air franc transfer cdc princip increas interest accru juli decis annul air franc close block account full access fund note stress scheme implement januari specifi natur account special account entail virtu account open agreement oblig air franc bank agreement air franc allow withdraw fund durat proceed bank ensur account constantli credit amount deposit scheme interest earn ad sum deposit commiss inform regular interv movement record account french govern justifi propos scheme abovement meet decemb technic difficulti air franc encount repay aid cdc difficulti aris french law summar repay amount subscrib cdc entail breach subscript contract cdc conclud air franc contract ora exclus reimburs share reimburs cash order prevent air franc breach subscript contract contract amend adapt order compli repay requir modif prejudic cdc agreement indispens obtain repay amount subscrib cdc oblig air franc cancel subscript reimburs amount subscrib privat investor particip oper legitim constitut aid air franc oblig breach contract conclud privat investor amend encount problem face cdc repay amount subscrib cdc prejudic posit parti past subscrib ora tsip bsa similar bond issu air franc offer possibl reimburs bond initi legal action air franc basi principl equal treatment reimburs cash altern sharehold earli reimburs price paid cdc privat investor interest contrari interest french govern assert cancel subscript order permit recoveri amount subscrib cdc ther subsequ repay amount subscrib privat investor definit irrevers decis annul air franc legal impos particip oblig reinvest amount condit french author meantim propos scheme offer solut ensur effect commiss decis air franc depriv access amount aid iii februari commiss letter french govern comment neutral scheme commiss stress letter prejudg posit regard compat scheme decis juli regard letter februari march french author agre modif initi propos iv franc assert difficulti encount implement commiss decis refer stem french legal system court justic consid member state plead provis practic circumst exist intern legal system order justifi failur compli oblig aris commun law legal difficulti justifi failur ensur aid repaid difficulti encount franc air franc provis french law render repay difficult air franc oblig amend breach contract conclud cdc investor infring principl equal treatment provis prevent franc take step whatsoev ensur air franc repai aid cdc court justic consid give effect commiss decis order recoveri aid member state encount unforeseen unforese difficulti perceiv consequ overlook commiss submit problem consider commiss propos suitabl amend decis question case commiss member state concern respect principl underli articl treati impos duti genuin cooper member state commun institut requir work good faith view overcom difficulti whilst fulli observ treati rule aid difficulti consequ link implement commiss decis led franc submit commiss interim recoveri scheme virtu articl treati commiss oblig examin scheme light abovement principl verifi amend decis juli need take account special featur aid form complex financi instrument involv public privat investor appear implement contest decis final decis court bring irrevers consequ overlook commiss repay aid cdc made entir subscript oper cancel imposs reestablish statu quo ant decis annul court justic take account abovement consequ commiss consid arrang implement decis juli reexamin context step ensur abovement decis effect effect requir evalu recoveri scheme econom standpoint light final object decis reestablish statu quo ant regard aim recoveri aid depriv recipi econom advantag stem grant aid object attain repay entiti grant aid object attain repay entiti grant aid ensur air franc depriv access amount aid lack access mention compani publish account aim pursu repay attain competit advantag enjoi air franc competitor remov fact cdc receiv amount immedi affect effect commiss decis scheme econom effect air franc repay cdc commiss author interim recoveri scheme propos french author amend decis juli element franc ensur fund remain block account durat proceed initi court justic fund releas directli cdc bank commiss decis confirm court justic proceed withdrawn amount credit account correspond amount aid recov increas interest reason amount credit account lower air franc oblig make differ delai order reflect correct account treatment sum concern clear statement indic circumst link block account includ air franc publish account durat judici proceed adopt commiss februari commun applic interest recoveri illeg aid interest rate refer articl commiss decis juli lower legal rate fix relev french author liabil state averag rate quarterli survei banqu de franc cost credit undertak long medium term abovement interest accru date grant aid actual repay cdc made commiss monitor function account provid account open agreement final statement closur account account open agreement expressli provid air franc access fund deposit durat proceed court justic court instanc bank transfer fund cdc abovement court final uphold commiss decis case withdrawn court regist adopt decis articl commiss decis juli amend articl replac articl franc ensur aid ff interest arrear run date aid grant date aid effect recov deposit block bank account month transmiss decis franc franc ensur fund remain account final judgment case deliv delet case regist court justic court instanc franc ensur aid interest arrear refer paragraph reimburs interest paid air franc cdc particip month date final judgment uphold decis case month delet case regist court justic court instanc recoveri aid place accord relev provis nation law rate applic interest arrear refer paragraph lower legal rate fix relev french author case liabil state averag rate quarterli survei banqu de franc cost credit undertak long medium term air franc access fund deposit account bank releas fund directli cdc particip commiss decis final upheld case refer paragraph case delet regist court justic court instanc air franc commiss decis final annul case refer paragraph fund deposit account compris princip refer interest due open account interest accru date account open date account close deposit account due time order ensur account perman credit sum repaid virtu paragraph clear statement indic air franc access fund deposit block account arrang oper account includ account publish air franc durat proceed annul case refer paragraph articl replac articl franc provid commiss account open agreement month public decis final statement closur account articl decis address french republ brussel april commiss neil kinnock member commiss