commiss decis june state aid grant itali seleco spa notifi document number italian 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 procedur letter regist receiv march autonom region friuli venezia giulia act accord articl treati notifi commiss region law special assist seleco spa pordenon hereinaft refer quot seleco quot letter april juli commiss ask italian author inform repli receiv letter commiss learn press report notifi transact carri august express view august aid measur delet regist notifi aid enter regist notifi aid number nn commiss learn ristrutturazion elettronica spa hereinaft refer quot rel quot partial written loan made seleco agreement conclud cover loss financi year absenc inform italian author view doubt compat aid common market commiss decid septemb initi articl procedur italian author inform initi procedur letter octob present observ letter march commiss invit comment interest parti publish copi letter offici journal european commun comment receiv parti letter date octob januari april juli august novemb commiss ask italian author detail inform receiv novemb march june decemb januari decemb februari detail provid meet held novemb repres commiss italian govern commiss termin procedur learn press report state aid grant seleco letter novemb ask italian author detail repli italian author receiv commiss decemb februari view inform contain letter commiss decid februari extend articl procedur measur letter inform italian author extens procedur februari itali comment extens deadlin set commiss invit interest parti comment aid question publish letter offici journal european commun repli receiv fail repli italian author remind juli state event continu failur repli itali order repli juli italian author request extens deadlin septemb formal inform request italian author notifi commiss letter septemb seleco declar bankrupt april month notif extens procedur commiss respond letter septemb italian author inform wind seleco receiv partial inform novemb commiss adopt decis decemb order itali provid inform requir repli receiv commiss letter date januari clarif request letter april italian author repli ii descript aid ii recipi seleco compani locat pordenon friuli venezia giulia engag consum electron busi specif sector colour televis decod encrypt programm pai tv sector profession televis equip video projector monitor firm industri itali seleco regularli receiv state aid year rel seleco group hereinaft refer quot group quot oper chiefli itali subsidiari malta spain end germani netherland group sale cover entir european union eea countri group turnov profit equiti set tabl gt tabl gt result provid turnov account colour televis decod video projector april italian court declar seleco bankrupt firm liabil itl billion cover preferenti right commiss notifi septemb number remind request inform connect extens procedur ii recapitalis decemb seleco equiti capit total itl billion held sofin rel friulia spa hereinaft refer quot friulia quot gt tabl gt sofin spa privat compani friulia financ compani wholli control region friuli venezia giulia respons promot region econom develop rel set control ministri industri trade craft trade rel purpos reorganis consum electron industri set firm take sharehold financ firm share commiss examin rel activ past decis januari ask italian govern end restructur electron industri carri rel decis termin procedur initi juli commiss requir italian author wind rel note italian govern undertak transfer rel hold electron firm privat sharehold financi year difficult group preced year net result itl billion loss exceed significantli equiti capit itl billion italian law sharehold situat wind firm reduc capit cover loss recapitalis firm liquid place annual report sharehold opt altern wind seleco decis administr board februari announc measur prompt strong reaction part workforc endeavour prevent liquid ensu demonstr result nation local author interven urg sharehold chang decis annual report cover event month show intervent public author sharehold reach agreement basi cover loss recapitalis compani agreement formalis direct adopt italian govern subsequ notifi compani agreement rel requir cover loss exceed equiti capit includ cover sharehold partial write loan seleco itl billion total itl billion exchang write sharehold reconstitut seleco capit tune itl billion friulia contribut itl billion sofin itl billion balanc itl billion provid consortium bank part privat sector bank proport loan seleco itl billion total debt capit distribut gt tabl gt ii recapitalis year prove difficult compani previou year delai recapitalis end august product interrupt week workforc cut person subsidiari file bankruptci compani incur loss itl billion end seleco show fresh loss amount itl billion reduc equiti capit itl billion statutori level disappoint result due renew interrupt product last dai definit closur subsidiari file bankruptci workforc reduc sharehold face situat compel choos wind compani recapitalis decid inject fresh capit amount itl billion sharehold privat sector sorec contribut itl billion requir februari seleco capit distribut gt tabl gt transact involv sharehold ti addit intervent rel june year consist repurchas seleco outstand debt itl billion rel itl billion transact seleco amount itl billion transact capit fell statutori level ow accumul loss measur suffici guarante continu busi legal standpoint measur essenti debentur loan itl billion issu seleco subscrib consortium chiefli privat sector bank ii convert loan itl billion grant friulia iii sale hold seleco multimedia srl hereinaft refer quot multimedia quot itl billion annual report cover larg part seleco continu experi difficulti februari recapitalis extraordinari transact net result remain neg notifi commiss april italian court declar seleco bankrupt ii set multimedia multimedia set capit itl million privat sharehold seleco mr rossignolo march seleco major sharehold sorec privat compani sole administr mr rossignolo hive profit asset video projector monitor multimedia provid itl billion capit sole owner multimedia seleco multimedia srl juli month enter liquid seleco sold stake multimedia italtel partli public partli privat compani italian produc type product stake friulia packag share sold itl billion remain transfer seleco finanziaria elettronica srl shell compani own stake multimedia held seleco finanziaria elettronica sold privat compani formenti spa seleco bankruptci sale decemb ii matter cover procedur cover procedur partial write amount ow rel seleco itl billion total itl billion convers seleco share itl billion loan capit contribut itl billion public fund friulia part recapitalis inject itl billion consortium bank chiefli privat sector part recapitalis seleco repurchas seleco juli outstand itl billion debt rel itl billion convert loan itl billion grant april friulia year guarante consist seleco industri brand seleco brionvea elb tandberg debentur loan itl billion grant consortium bank chiefli privat sector year ten month acquisit friulia italtel share multimedia price itl billion iii doubt express commiss initi extend articl procedur decis septemb initi procedur commiss express doubt applic privat investor principl public measur compat aid common market reason commiss initi procedur summaris regard measur commiss note italian govern undertaken ensur rel sold sharehold seleco privat sector decemb accord decis note recapitalis effect replac public sharehold rel public sharehold friulia basi inform possess commiss unabl conclud friulia public sector bank concern withdraw seleco decemb point statement decis effect quot matter principl adopt neg posit futur assist industri receiv aid long period quot partial write rel loan seleco tantamount grant fresh aid practic allow seleco recapitalis friulia sofin bank view temporari natur sharehold acquir friulia bank commiss doubt profit invest question complianc commun guidelin state aid rescu restructur firm difficulti extend procedur februari commiss question rate appli repurchas seleco outstand debt rel hand convert loan grant friulia case repurchas transact italian author consid rate accur reflect consider econom risk econom posit compani seleco case loan claim rate correspond market rate applic firm similar posit seleco time commiss doubt privat investor principl applic acquisit friulia italtel packag share multimedia iii posit italian author debt waiver rel itl billion total itl billion italian author transact compli principl privat investor oper normal market condit commiss decis rel requir withdraw seleco addit rel put liquid decemb requir italian law pai debt endeavour recov lend electron compani poor result choic face rel sharehold wind seleco make provis surviv view commiss decis rel particip recapitalis cover seleco loss write part amount ow solut allow recov lend italian author rel write debt reciproc contribut sharehold agre underwrit itl billion recapitalis subsequ repai rel amount outstand itl billion contribut friulia recapitalis seleco amount itl billion itl billion consist convers share loan amount itl billion repres capit italian author state transact justifi risk failur recov entir loan seleco wound order assess profit invest econom posit seleco period friulia commiss studi consult peat marwick basi inform possess conclud firm posit gradual improv restructur plan drawn privat sector sharehold period italian author view friulia act privat investor point sofin seleco privat sector sharehold prepar reinvest compani convinc econom financi viabil consortium bank privat sector contribut itl billion recapitalis seleco italian author bank convinc seleco econom financi viabl convert loan itl billion annum grant friulia april guarante lien brand own seleco spa seleco brionvega elb tandberg italian author loan fulli justifi view fact consortium bank privat sector bank subscrib debentur loan seleco amount itl billion paid seleco june redeem itl billion debt rel italian author justifi applic discount rate rate obtain ad basic rate rate appli bank time mortgag loan medium term secur loan quot spread quot reflect difficulti seleco group difficulti market oper decis italtel acquir stake multimedia italian author state explicit approv privat sector sharehold siemen ag italian author state sorec stake seleco recapitalis privat compani worth note voluntari liquid juli failur restructur plan due thing poor prospect consum electron market compani oper seleco allegedli set multimedia order merg italian produc type product video projector monitor decod italtel benefit pool technic custom seleco market sale multimedia share provid seleco liquid need order cover loss seleco declar bankrupt begin debt amount itl billion preferenti debt creditor benefit initi partial alloc asset total itl billion end employe receiv itl billion medio credito public sector bank receiv itl billion itl billion interest banca antoniana privat sector bank receiv itl billion preferenti creditor lastli receiv brought action revok repurchas seleco itl billion debt rel itl billion court abolish preferenti natur seleco debt itl billion friulia receiv itl billion compens loss lien industri brand offer seleco guarante iv assess aid articl treati articl eea agreement state save provid treati aid grant member state distort threaten distort competit favour undertak product good affect trade member state incompat common market reason set commiss consid measur cover procedur constitut state aid mean articl treati articl eea agreement measur financ state resourc distort threaten distort competit constitut econom advantag produc unabl benefit advantag allow recipi surviv artifici market avoid larg proport cost surviv measur affect trade member state recipi subsidiari member state product export eea countri year growth european consum electron industri start declin consumpt fell ecu billion product ecu billion significantli redund manufactur labour cost rose proportion growth product extra unit growth product econom recess caus slowdown growth stronger competit sharp fall price result surplu market fall price stimul sale electron good panorama eu industri demand divid segment top rang bottom rang success depend segment price sale servic distribut qualiti segment improv brand imag expans distribut network includ supermarket year run downturn italian consum electron market sale term reason rest europ price eros rapid member state italian market seleco competitor invest advertis amp thomson grundig blaupunkt launch product distribut chiefli small retail europ supermarket main sale outlet panorama eu industri prospect year poor short term compani endeavour reduc cost rationalis product improv qualiti exist product launch long term win strategi consist concentr amp forecast italian market similar februari issu euromonitor italian economi continu declin econom recess affect issu growth forecast italian televis industri term volum price gt tabl gt aid question grant scheme approv commiss contrari articl grant notifi advanc unlaw true inject itl billion friulia seleco notifi carri commiss decis transfer public resourc involv commiss determin public author act privat investor oper normal market economi condit guidelin govern capit inject state aid involv fresh capit contribut circumst accept privat investor oper normal market economi condit point principl analysi financi posit firm long term viabil establish public resourc constitut state aid iv partial write loan grant rel rel wrote part amount ow seleco itl billion total itl billion remain busi italian author rel safeguard bulk claim recov seleco financi posit improv commiss note state seleco annual report sharehold largest rel decid begin wind compani view year poor financi result loss half time greater equiti capit report state decis wind seleco implement ow action workforc subsequ intervent public author notabl prime minist offic aim secur revers sharehold decis intervent contrari decis sharehold decid recapitalis seleco rel cover compani loss waiv monei ow itl billion itl billion argument put forward italian author rel interven privat creditor prevent liquid seleco order safeguard bulk loan seleco accept commiss italian law enabl sharehold avoid liquid recapitalis compani cover loss clear polit intervent italian author consequ action forc rel sharehold reinvest compani receiv state aid year fail make profit period small financi year decis wind compani sharehold includ rel lead sharehold time explain fact sharehold assess true posit compani consid surviv seleco costli liquid event compani viabl long term rel withdraw seleco seleco largest creditor time liquid seleco ensur recov loan view forego commiss conclud measur rel decis contradict origin intent write loan itl billion total itl billion decis outstand debt itl billion repurchas itl billion direct result intervent public author aim prevent wind seleco cost fact rel agre waiv debt total itl billion await end recov balanc tantamount write entir debt itl billion constitut aid behaviour rel conform privat investor principl priori regard state aid accord commun guidelin govern capit inject point financi posit compani volum debt investor seleco public privat prepar reinvest decis investor privat sector recapitalis compani rel cover loss subject oblig alter conclus reach commiss consid seleco recapitalis rel prior undertak cover loss partial write practic amount complet write loan strong possibl immin wind compani occur year fact rel endeavour recov part amount ow itl billion total itl billion transact receiv initi proceed articl decre march bankruptci law ground rel necessarili awar seleco insolv time agreement simpli confirm merit commiss posit matter iv convers loan share seleco inject capit friulia part recapitalis seleco friulia convert share loan itl billion grant year inject addit fund total itl billion measur sharehold seleco stake held previous italian author justifi transact ground compli privat investor principl claim hand friulia act protect repay loan unlik rel loan guarante amount itl billion privat sector bank friuladria guarante amount itl billion seleco hand friulia convinc basi restructur plan drawn expert invest profit italian author friulia behaviour consist privat sharehold prepar invest itl billion seleco commiss consid conclus partial write rel loan seleco constitut state aid applic intervent friulia seleco sharehold annual report decid wind compani seleco creditor unlik rel larg part claim amount tenth rel guarante event liquid friulia recov proportion higher share loan rel argument safeguard exist claim accept commiss state procedur initi stake friulia temporari repurchas price friulia share agre sofin italian author relat variat number share acquir friulia price paid equal purchas price paid friulia discount averag treasuri refer rate section commun guidelin govern capit inject state aid hold short term durat sell price fix advanc return provid capit consider expect capit market invest similar period italian author time procedur claim demonstr return friulia sharehold greater equal return expect capit market invest similar period hold constitut state aid iv commiss assess studi commiss friulia seleco restructur plan period commiss consid provid suffici evid contribut friulia recapitalis seleco conform privat investor principl examin argument put forward italian author friulia privat investor convinc profit invest commiss studi seleco restructur plan decid part recapitalis basi assess compani viabil restructur plan drawn begin plan cover period forecast return signific profit base hypothet recapitalis itl billion plan forecast return profit absorpt residu restructur cost main point plan summaris concentr product reduct cost reorganis reduct workforc invest amp plan provid cut product colour televis increas product decod sale european market increas product video projector monitor sold european market includ china provid redund pordenon plant request friulia plan studi expert kpmg peat marwick corpor financ conclus restructur plan seleco ambiti firm posit assumpt underli plan studi point commerci econom financi structur seleco present consider structur weak highli labour intens sector job structur inappropri manag staff relat worker chiefli complex structur group oper subsidiari liquid compani unabl bring amp marketplac sector essenti factor guarante continu busi seleco succeed produc chassi televis set year essenti renew part product regularli studi emphasis seleco develop strategi design market product fact total depend major produc sector basic compon product expos variat product financi fluctuat studi reveal strong influenc rel financ group financi posit depend rel loan rel fund characteris extrem low cost market rate worth consequ forese withdraw rel seleco extent obtain financ capit market assumpt underli plan account group weak plan forecast fall product cost base reduct labour cost studi note end seleco reduc labour cost earli retir measur cassa integrazion plan propos strategi solidar contract futur forecast realist seleco assum contract conclud nation level studi highli strategi group focus improv compani imag deterior poor result previou year invest strateg move supermarket distributor improv consum imag product consum appreci high qualiti sale servic receiv product distribut specialis shop studi stress consider invest advertis need result expect success plan depend amount fund commit extern factor firm control strong bargain power supermarket solidar contract conclus studi forecast signific contract sale counterbalanc increas price half unfound seleco mean launch product advanc qualiti product assumpt price rise account bargain power supermarket subsequ narrow seleco profit margin weak point seleco posit rang averag price allow establish term margin high price term quantiti insuffici market share develop profit sector seleco profession product predict expand risk hamper group financi crisi commiss conclud strategi adopt seleco situat firm posit top end bottom end product rang chosen distribut network product manufactur bottom medium rang product seleco sought compet top rang product supermarket commerci logic product stand competitor difficulti attract consum advantag provid specialis store strategi base incorrect price assumpt studi includ commiss friulia agre growth imposs contrari price continu fall end year recov level slightli predict plan order absorb residu restructur cost provid plan spectacular increas turnov develop view seleco past futur prospect market oper clear seleco mean achiev object plan longer predict view forecast result sharehold inject capit italian author made claim seleco resourc ensur surviv implement plan friulia studi comment aspect true budget forecast provid quot busi plan quot base unrealist assumpt inadequ strategi commiss consid studi commiss friulia reason expert basi restructur plan market condit prospect drew proper conclus viabil seleco note accuraci studi confirm assess compani perform subsequ year confirm assess half output colour televis decod remain unsold growth sector video projector monitor commiss conclud friulia expect invest produc return accept privat investor oper normal market economi condit friulia entir contribut itl billion seleco capit constitut state aid mean articl treati iv capit contribut public sector bank consortium bank part privat sector bank contribut itl billion recapitalis seleco protocol agreement bank seleco sharehold show fund provid bank pure supplementari bank agre inject capit seleco obtain firm assur sharehold rel sofin friulia loss preced financi year cover rel sharehold contribut itl billion agre renegoti proport amount ow repay seleco debt public privat sector bank subscrib capit increas proport amount ow seleco itl billion loan firm total indebted decemb commiss conclud intervent inevit design chiefli safeguard loan measur bank caught articl treati iv repurchas outstand debt rel seleco paid rel itl billion redeem outstand debt itl billion conclud analysi intrins aspect transact benefit seleco differ discount rate appli debt state procedur extend take account risk rate appli privat investor real market rate reason risk premium reason explain point iv commiss consid transact simpli continu time equal incompat privat investor principl event commiss note date outstand debt itl billion payabl period repurchas place ten month bankruptci seleco prompt receiv initi proceed revok transact articl bankruptci law ground rel seleco sharehold unawar firm insolv basi consider set point iv loan recov judic grant rel seleco regard state aid articl ec treati iv convert loan grant friulia loan question itl billion grant year friulia receiv industri brand own seleco guarante italian author claim friulia act privat investor consortium bank privat sector grant seleco debentur loan itl billion year author date intervent bank commiss comparison behaviour friulia bank relev unlik friulia bank acquir seleco share ow itl billion compani small proport guarante friulia fact ow seleco type loan concern deni italian author transact bank involv debentur loan loan grant friulia convert loan commiss note italian law bankrupt compani wound debt aris debentur loan repaid unsecur claim addit friulia obtain guarante loan annul court laid articl bankruptci law shown friulia awar seleco insolv year bankrupt unlik friulia bank interven protect claim public resourc rel friulia inject larger scale itl billion itl billion commiss doubt guarante studi commiss friulia point iv seleco imag deterior point consider invest advertis improv long term low market industri brand own seleco confirm price exclud elb sold asset liquid itl billion commiss base conclus posteriori analys note book brand higher real appear itl billion lent result interest rate account seleco precari posit risk premium inadequaci guarante offer commiss note basi inform suppli italian author market rate appli time loan grant friulia vari justif discount rate repurchas seleco debt rel italian author state rate obtain ad basic rate appli medium term financ cover guarante risk premium reflect compani posit commiss conclud rate appli friulia correspond market rate commiss note friulia act privat investor annul court guarante show friulia fulli awar grant loan account seleco financi posit invest produc return commiss point loan grant friulia seleco sharehold unawar profit asset transfer multimedia month previous month grant loan friulia purchas stake seleco privat investor grant loan question entir amount itl billion constitut state aid articl treati iv debentur loan grant consortium bank consortium bank part privat sector bank grant debentur loan major bank privat sector bank conduct fall scope articl ec treati public sector bank constitut minor appli condit privat sector bank conclud intervent cover articl commiss note bank particip consortium time bankruptci ow itl billion seleco assum intervent aim primarili safeguard loan iv friuli italtel invest multimedia view condit multimedia set invest italtel seek approv privat sharehold siemen order acquir sharehold multimedia friulia element state aid mean articl treati constitut invest firm oper dynam promis sector state point ii compat aid common market aid grant rel friulia regard compat common market virtu exempt provid articl treati constitut aid social charact grant individu consum aid make good damag caus natur disast except occurr exempt articl recipi locat assist region articl aid intend promot import project common european interest remedi disturb economi member state promot cultur heritag conserv commiss analysi limit determin abovement aid qualifi exempt articl regard rescu restructur aid firm difficulti view financi posit seleco regard firm difficulti commiss approv restructur aid shown recipi firm difficulti accord criteria set relev commun guidelin recit decis essenti restructur plan compli gener condit laid point guidelin firstli commiss convinc real probabl regain econom financi viabil restructur plan base realist assumpt establish aid distort competit proportion cost advantag restructur commun guidelin firm difficulti firm unabl recov resourc rais fund sharehold financi weak gener due poor past perform dim futur prospect typic symptom deterior profit increas size loss diminish turnov increas debt state section ii decis seleco regard firm difficulti mean relev commun guidelin reason point iv commiss consid seleco restructur plan base unrealist assumpt inappropri inconsist strategi posit market forecast futur oper larg extent base extern factor control oper growth segment profession product video record concentr effort sector reach satur colour televis criterion restor viabil laid guidelin met seleco serv purpos examin complianc criteria commiss comment point connect restructur aid compat common market measur offset advers effect competitor seleco receiv aid year signific improv situat depend state aid fact prompt commiss warn italian author grant aid compani decis commiss notifi author neg decis fresh aid conclud criterion met amount intens aid relev commun guidelin limit strict minimum need enabl restructur undertaken relat benefit anticip commun point view aid recipi expect make signific contribut restructur plan resourc extern commerci financ present case public sector contribut recapitalis compar privat sector contribut public sector contribut privat sharehold agre recapitalis firm view fact sharehold decid solut wind seleco failur restructur plan predict reason point iv inject capit firm busi recapitalis financi restructur firm occas privat sector contribut itl billion public sector itl billion recapitalis public sector contribut seleco total privat sector contribut commiss bear mind transact involv major fund privat investor theori reason point iv iv manner rel manag recoveri claim itl billion seleco result write virtual entir amount earli de facto natur major public hold confirm fact state point ii seleco sharehold public privat prepar time wind firm prevent italian author firm result loss total itl billion loss total itl billion confirm viabl option wind firm recapitalis financ public resourc account total fund invest commiss conclud principl proportion compli recapitalis restructur plan unabl reason point iv restor firm competit reason time basi realist assumpt futur oper condit commiss note recapitalis refinanc italian author fail submit restructur plan enabl approv transact view forego commiss conclud criteria provid commun guidelin state aid rescu restructur firm difficulti compli aid deem incompat common market qualifi exempt articl treati vi conclus itali agre convers loan itl billion share inject friulia itl billion fresh capit seleco oper notifi commiss march commiss decis commiss note form aid grant breach articl treati aid measur concern partial write rel itl billion loan itl billion repurchas outstand debt itl billion itl billion convert loan itl billion grant friulia annum guarante lien industri brand own seleco aid unlaw reason incompat common market qualifi exempt articl treati commiss find unlaw aid incompat common market articl ec treati order member state recov aid recipi principl upheld court justic case commiss germani juli deufil commiss februari case commiss germani septemb italian author step restor financi posit firm incompat aid recov unlaw incompat aid interest run date grant date recov recipi seleco wound ensur commiss decis implement correctli member state requir act privat creditor act dilig recov debt tax social secur debt recov aid delai legal mean dispos includ seizur firm asset liquid unabl repai amount question proce sale asset creditor includ member state repaid suffici cover debt firm aid recov full circumst liquid firm import competit standpoint free market segment previous held firm make creditor give opportun acquir asset realloc effect circumst hamper process jeopardis effect recoveri decis frustrat rule state aid case commiss investig decis asset liabil firm ongo concern transfer firm control person market price procedur lack transpar purpos transact place asset reach commiss decis continu econom activ question indefinit recoveri procedur member state dilig creditor exhaust legal instrument legal system combat fraud creditor form act carri firm liquid suspect period prior bankruptci act declar invalid order prevent effect decis frustrat market continu distort commiss compel requir recoveri restrict origin firm extend firm continu activ origin firm transfer mean product case element transfer point econom continu firm element examin commiss includ purpos transfer asset liabil continu workforc bundl asset transfer price ident sharehold owner acquir firm origin firm moment transfer carri start investig initi procedur final decis lastli econom logic transact case examin seleco hive march profit asset video projector monitor multimedia set preced year privat sharehold mr rossignolo inject itl billion multimedia sole owner transact help depriv seleco doubli substanc asset capit occur commiss decis octob initi articl procedur multimedia fulli control seleco sole owner transact limit transfer asset transfer seleco main asset accompani transfer multimedia workforc part social secur debt month transact month bankruptci seleco sold third share multimedia italtel friulia seleco own time multimedia remain control seleco transfer share shell compani finanziaria elettronica srl held sharehold friulia seleco sharehold februari capit itl billion grant convert loan itl billion result decis recov unlaw incompat aid implement correctli italian author action seleco multimedia firm benefit transfer asset question help frustrat effect decis adopt decis articl aid grant itali seleco spa declar incompat common market partial write ristrutturazion elettronica spa itl billion loan itl billion repurchas seleco spa outstand debt ristrutturazion elettronica spa itl billion itl billion convers share friulia spa itl billion loan grant capit inject itl billion friulia spa convert loan itl billion grant friulia guarante lien industri brand own seleco articl itali measur recov aid refer articl grant unlawfulli seleco spa addition regard part recover seleco seleco multimedia srl firm benefit asset transfer design frustrat effect decis recoveri effect accord procedur nation law aid recov includ interest date made recipi date recoveri interest calcul basi refer rate calcul net grant equival region aid applic time aid grant articl itali inform commiss month notif decis measur compli articl decis address italian republ brussel june commiss karel van miert member commiss oj oj publish offici journal public agenc reconstruct consum electron industri itali activ subject decis januari septemb decis oj commiss approv aid grant rel dozen firm consum electron industri largest seleco spa footnot oj sourc quot panorama eu industri quot eurostat sourc quot euromonitor quot februari quot televis video product itali quot bulletin ec conclud behaviour rel amount grant aid seleco sharehold proport individu liabil loss commiss consid effect indirect margin event peripher direct select effect seleco offici gazett italian republ ecr ecr ecr