commiss decis june aid grant italian state compani iritecna spa italian text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area point articl thereof notic parti concern accord aforement articl submit comment regard comment letter date august commiss inform italian govern decis juli initi proceed articl respect aid iritecna spa hereinaft refer iritecna iritecna liquid subhold wholli own italian state hold compani iri turn control number compani oper sector industri plant engin consult engin motorwai construct servic urban infrastructur public work gener civil infrastructur construct manag servic compani recapit time creation final put liquid februari time compani fintecna found context restructur sector acquir activ iritecna liquid fintecna receiv capit iri preliminari investig case commiss conclud basi inform dispos capit inject question constitut state aid mean articl ec treati articl eea agreement commiss consid measur consid compat common market function eea agreement decid initi proceed articl invit italian govern submit observ inform restructur process commiss decis publish offici journal european commun invit member state parti submit observ meet held septemb repres commiss compani italian govern submit comment offici letter date decemb detail restructur plan iritecna provid request commiss meet held iri iritecna repres march april meet enabl commiss clarifi aspect inform submit request explan inform letter date italian govern commiss provid outstand inform iritecna belong group compani monitor end debt reduct process accord agreement italian govern commiss juli public undertak itali agreement oper involv state aid concern individu treatment measur commun state aid rule prejud ii comment parti receiv commiss procedur italian govern repli offici commiss letter refer addit explanatori inform suppli commiss meet held repres compani repli contain number remark aim demonstr reason industri point view iri action financ restructur subsidiari iritecna keep oper stress recapit iritecna creation carri mean iri intern fund direct fund provid state purpos regard long term safeguard presenc iri sector face difficult situat domest intern level achiev reorgan reposit compani market adapt chang competit condit context decis italian govern date decemb provid iri draw restructur plan iritecna view dispos liquid strateg activ creat subhold oper core busi coordin homogen subgroup compani purpos maxim profit seek partner buyer oper address inter alia minim financi burden born iri sudden complet liquid group caus higher loss sharehold due gener devalu asset shut concern contract progress compli provis iritecna put liquid financi subhold fintecna establish capit iri charg task lead restructur subsequ privat basic sound activ process carri entail signific reduct personnel abandon activ incom aris dispos asset compani effect fintecna compens part cost born iri liquid iritecna italian author argu iritecna put liquid iri inject cover liquid loss distort competit detail retructur plan summar inject effect liquid iritecna februari explain invest oper carri regard liquid iritecna streamlin privat fintecna offici submit commiss part abovement letter global amount aid modifi sum mention commiss decis initi procedur commun decis refer lit billion ecu million capit inject iri lit billion ecu million debt written lit billion ecu million expect net coverag liquid loss fact state debt write lit billion includ expect liquid loss sum deduct aid amount lit billion ecu million iii restructur prior liquid action restructur reorgan group undertaken time year caus signific loss cover capit inject subsidiari dispos shut put liquid due poor perform involv substanti reduct workforc group level reduct amount peopl refer sole subsector subject restructur exclud motorwai sector reduct signific amount worker detail evolut staff figur provid paragraph capit inject lit billion made iri iritecna year cover loss due liquid closur compani issu gt tabl gt cost incent staff leav lit billion born iritecna period compani put liquid period nuova mecfond industri press nuova saip steel manufactur foru agricultur properti fmi tool ifagraria agricultur plant restructur plan fintecna liquid plan iritecna plan successor fintecna iritecna liquid activ privat reorgan busi area motorwai industri plant engin civil construct infrastructur consult engin iri sharehold airport servic compani aeroporti di roma transfer fintecna view privat fintecna receiv initi payment lit million ecu million iri order financ start administr cost lit billion acquisit reorgan hold lit billion hold subject evalu independ expert italian intern merchant bank financi institut order determin transfer price global assess lit billion ecu million amount forecast final privat price compens part iri cost liquid iritecna sound activ motorwai sector stake aeroporti di roma simpli transfer iritecna fintecna specif restructur busi area transfer involv signific reorgan restructur screen sound profit activ loss make left iritecna subject liquid process special natur activ provid servic labour intens activ iritecna major invest technic asset cost restructur consist part write immateri financi current asset shed personnel liquid process entail sale asset buyer found write sold view maxim incom repai maximum debt subsidiari remain iritecna offer market part remain unsold subject liquid liquid iretcna constitut major part restructur restructur remain carri financ fintecna limit civil construct infrastructur busi action busi area consult engin industri engin construct oper exclus fintecna relev closur liquid oper carri iritecna liquid evolut busi area provid restructur plan motorwai state major restructur foreseen sector aid grant plan grand aid biggest sector iritecna iritecna turnov consist number compani head autostrad spa compani hold public concess construct mainten servic motorwai itali import compani sector autostrad intern autostrad financ paviment sector profit activ independ iritechna autostrad share capit partli float stock market complet privat plan repres major privat project iri italian govern place legal administr step settl outstand matter extens public concess year year definit mechan fix motorwai tariff creation author regul public servic industri plant engin activ centr compani italimpianti past import italian compani sector situat deterior year due open market reduct contract regularli award italian public administr due budget constraint corrupt inquiri italimpianti incorpor iritecna italimpianti creat acquir personnel worthwhil asset iritecna asset consist pend contract bid particip compani inns inns engin tagliaferri nitco italimpianti deutschland italimpianti america castalia italimpianti concentr activ busi unit metallurg plant environ reclaim industri wast industri plant machineri area compani hold larg quantiti contract progress hand larg part past busi remain iritecna liquid includ infrastructur busi unit number side activ tool press manufactur steel manufactur industri mainten contract advanc state implement involv high risk outstand debt client financi difficulti russia brazil iran left iritecna group compani question liquid mg italimpianti sud cmf reduct personnel sector due restructur signific touch workforc onward worker shed peopl includ transfer fintecna form part liquid process turnov forecast lit billion repres reduct comparison italimpianti offer sale june relev procedur advanc stage expect conclud half consult engin sector consist compani suppli engin plan contract acquir extern compani compani group civil road infrastructur construct compani bonifica svei italeco sotecni left iritecna liquid ration merg compani transfer fintecna servizi tecnici assist public concess public build programm spea consult engin motorwai sector special natur activ servizi tecnici reduc close ongo contract complet privat spea link autostrad connect activ turnov compani forecast lit billion reduct compar personnel reduc peopl reduct higher account compani left iritecna dispos liquid global presenc sector reduc term turnov term personnel civil construct homogen sector iritecna industri engin loss make consist number compani oper field aim oper public concess benefit regular award work public administr plan forese major part compani garboli isa mantelli estero cidonio panedil soliu sebi mededil sotea infratecna idrotecna sistemi urbani ponteggi dalmin italinpa tono svei valim palacio italia remain iritecna includ liquid process compani transfer fintecna metroroma italstrad condott subject restructur order restor viabil enabl privat italstrad condott receiv larg amount aid recent year activ concentr busi area civil infrastructur dam road railwai italstrad part italian high speed train tav consortium consider number contract progress activ build engin construct complet abandon minor busi link sector abandon product build prefabr manag agricultur properti consequ reduct number perman employe year decreas turnov lit billion sale procedur restructur compani launch partner buyer sought compani particip aeroporti di roma fintecna hold stake big profit make compani provid servic rome airport privat compani provid restructur plan iritecna gener privat plan establish italian govern depend adopt law administr provis italian author case autostrad elimin oblig iri hold major compani share elimin limit level dividend distribut fix share capit creation author regul public servic stretto di messina compani oper public concess preliminari analysi gener plan road railwai link sicili calabria close stage work wait approv project iritecna sold liquid part liquid process italsanitá italsanitá creat oper promot plan realiz manag sanitari infrastructur sole task promot aim award contract public administr unclear unfortun oper undertaken rent build renov adapt purpos creat sanitari resid compani put liquid number civil crimin lawsuit pend initi settl liabil decid pend claim damag compani fact oper market concern sole manag consider law suit signific liabil expect aris cover iritecna increas final cost liquid amount includ financi plan restructur part total liquid cost lit billion point summari reduct activ iritecna due restructur natur iritecna activ provid labour intens servic activ fix asset difficult identifi precis product capac purpos determin dimens compani industri manufactur compani capac depend larg extent technic throughput plant iritecna product potenti base factor distort effect aid market competitor evalu refer paramet level workforc directli relat product compani share market examin staff trend product trend order assess chang competit posit compani market restructur respect consider number abandon activ liquid compani import italian author request provid detail figur personnel turnov restructur period reduct personnel document submit italian author summar evolut group workforc period iritecna creat merger subsidiari italimpianti italstat iri ration restructur process start figur subgroup compani compar iritecna consider worker shed period question repres workforc decemb peopl aid restructur concern motorwai sector largest group sector stand rest aeroporti di roma exclud calcul order number repres restructur carri fact circumst reduct signific peopl peopl left group sale compani activ parti gener group workforc exclud motorwai sector reduc peopl decemb peopl cover cassa integrazion guadagni wage compens fund enjoi form subvent practic work italian author point reduct involv technic personnel administr staff group compani oper decemb account observ technic worker repres total decemb compar decemb compani left iritecna liquid reduct remark personnel remain decemb quit group year liquid process proce tabl summar figur compani iritecna group liquid oper gt tabl gt compani transfer fintecna industri sector motorwai exclud period restructur caus reduct workforc worker shown tabl gt tabl gt reduct foreseen compani italstrad condott put sale worker cover cassa integrazion guadagni servizi tecnici expect reduc personnel gradual year result run activ end liquid restructur process size group industri sector term personnel reduc emploi peopl underlin demonstr reduc presenc fintecna relev market number site compani oper framework ongo contract reduc period concern similar reduct liquid occur number consortia iritecna fintecna particip consortium usual award execut engin construct contract reduct turnov document submit italian author analysi turnov year split compani belong iritecna liquid fintecna set tabl iritecna liquid gt tabl gt fintecna industri sector gt tabl gt global group turnov iritecna fintecna exclud motorwai reduc period note product iritecna compani liquid lit billion refer activ run reduc liquid period end liquid restructur process size group industri sector term turnov reduc amount lit billion loss due liquid process plan forese global loss due iritecna liquid lit billion take account revenu aris complet privat fintecna amount result calcul set tabl summar financi flow liquid gt tabl gt scheme updat basi estim financi situat iritecna decemb integr forecast futur charg due liquid extraordinari liabil due pend lawsuit compani italsanitá includ compani start trade note estim expect receipt sale iritecna asset conserv accord italian account rule compani liquid issu italian stock exchang committe consob direct februari incom privat fintecna assum equal paid transfer iritecna liquid determin basi valuat made independ expert fip credit merchant kpmg morgan stanlei salomon brother iv confirm exist aid order ascertain aid involv measur commiss analys capit flow state owner public compani accord principl market economi investor develop commiss commun public undertak juli principl larg confirm court case law practic commiss aid involv transact undertaken privat investor oper normal market economi condit basi inform provid commiss state amount invest italian state restructur iritecna hold compani iri amount lit billion inject partli effect summar tabl gt tabl gt italian author argument iri intern fund emploi direct inject state commiss observ iri industri hold compani own italian treasuri decis iri invest subsidiari subsequ lack return invest produc neg effect return iri provid sharehold capit inject made iri purpos iritecna restructur restructur cost financ proce reduc global loss iri group benefit sharehold state dividend increas capit fact iri provid return sharehold decad fund made subsidiari consid state resourc iri chosen continu recapit iritecna continu deterior perform account tacit explicit approv public sharehold invest made state restructur iritecna produc return futur inject made year compani put liquid carri purpos put effect urgent restructur measur fund simpli cover liquid restructur loss subsidiari iritecna prospect return poor perform iritecna period regard part process led sharehold decis liquid iritecna complet divest busi privat sharehold accept poor perform long period liquid restructur earlier consid aid loss attribut liquid process natur aid liabil guarante final paid sharehold articl italian civil code place compani voluntari liquid guarante exist iritecna creat compani continu heavili loss make period condit privat investor limit commit regard subsidiari decid put liquid moment expect restor financi viabil moment asset liabil posit show surplu iri exhibit ration behaviour decid voluntarili liquid iritecna order write loss debt relaunch activ fintecna cost oper consid aid cost amount lit billion includ deduct expect incom iri sale fintecna light characterist compani sector oper commiss conclud global amount lit billion distort intra commun trade constitut state aid mean articl treati articl eea agreement part aid invest iritecna subsidiari cmf sud liquid cmf aid total lit billion includ lit billion partial estim payment cmf sud liabil liquid approv commiss point articl march commiss consid basi explan provid italian author subject liabil iri aris pend lawsuit compani italsanitá section iii point constitut state aid refer compani oper market distort competit compat aid common market articl set type aid compat common market natur oper issu articl point articl applic aid question divers group oper locat measur region slant derog consider set point articl concern aid facilit develop econom activ state measur question constitut aid specif aim permit iritecna continu busi financ restructur project restor compani viabil measur examin assess accord specif rule matter commiss approach aid restructur compani difficulti outlin commun guidelin state aid rescu restructur firm difficulti adopt juli text commiss point take strict approach assess compat kind aid result transfer reason social industri problem member state shift unfair share structur industri adjust attend social problem produc manag aid reason commiss approv ad hoc aid compani difficulti restructur satisfi basic condit restor long term viabil compani reason time addit avoid undu distort competit final proport restructur cost benefit basic requir fulfil conclud aid affect trade extent contrari common interest case derog point articl appli basi document restructur plan present italian author examin commiss regard element restor viabil compani evolut competit posit market proportion aid restructur contribut beneficiari aid financ restructur plan plan compani privat restor viabil privat gener rule conditio sine qua restructur plan restor long term viabil health compani reason time scale basi realist assumpt futur oper condit explain restructur iritecna base split compani entiti specif function subhold iritecna liquid head group compani dispos liquid futur reason analysi viabil unnecessari subhold fintecna financi compani small personnel charg task enabl manag privat compani iritecna subhold oper fulli restructur basi special natur sector concern make difficult draw precis plan regard resourc specif intervent award singl contract chang compani posit perspect complet plan appear reason stand good chanc put fintecna back path profit exclud motorwai sector restructur busi area reorgan purg loss make activ ration term personnel case restructur continu complet end restructur compani count good initi portfolio order guarante product incom start period estim year regard financi perform fintecna subsector submit commiss figur show real posit result expect good level profit achiev posit result larg consequ intern ration improv measur depend futur global increas activ sale control fintecna addit italian author commit privat subsector come year moment subsidiari stage privat italimpianti advanc stage privat complet sale expect end sale procedur italstrad condott civil construct sector launch cooper banca di roma market analysi conduct find potenti buyer partner autostrad offer sale stock market plan place legisl administr provis adopt section iii point aeroporti di roma rais similar legal administr problem autostrad solv privat process start section iii point compani consult engin sector complet task come year servizi tecnici link sale autostrad spea commit complet definit dispos fintecna busi line gener privat programm adopt italian govern confirm context debt reduct plan submit iri commiss accord provis agreement italian govern commiss juli implement plan monitor commiss basi regular report meet repres iri italian govern privat eventu result compani count privileg public assist present direct link state definit cut circumst owner ensur compani ultim viabil state assist evolut compani competit posit market condit restructur aid allow measur limit advers effect competitor aid contrari common interest inelig exempt point articl sector structur excess product capac irrevers reduc capac compani gener competit posit compani market restructur unfairli reinforc take account interest competitor note natur sector concern make difficult carri analysi paramet product capac broad competit present produc commun world level competit distort grant state aid analys competit posit fintecna restructur plan consider effort reduc activ group loss make sector margin busi sold liquid core busi transfer fintecna substanti reduc limit activ count consolid busi experi sizeabl portfolio activ forthcom year global level exclud motorwai sector size group halv compar origin size term turnov reduc term personnel take account sole ration measur activ abandon liquid reduct estim substanti clear benefici effect competit reduct personnel extrem import sector concern product compani depend labour base compris factor number intellectu technic skill workforc signific reduct factor decreas turnov consider number abandon activ liquid compani show market share compani structur reduc light consider commiss conclud restructur iritecna final competit posit fintecna market affect competit extent contrari common interest proportion aid restructur shown inform submit italian govern iritecna inject made iri year cover loss aris closur liquid compani write asset coverag liquid loss iritecna result financi plan liquid definit directli link closur restructur measur aid grant consid provid compani addit cash aggress market distort activ link restructur process financ invest requir restructur level debt transfer fintecna futur level financi charg unduli reduc commiss note fintecna benefit tax credit attach loss cover debt write off financ aid note beneficiari contribut significantli financ restructur plan invest incom aris privat fintecna estim equal transfer paid fintecna iritecna liquid estim appear reason highli confirm sole determin independ expert valuat incom realiz sale compani autostrad stake compani aeroporti di roma compani profit make part due protect natur busi oper public concess provis servic public commit italian author sell fintecna reason time limit consid condit approv restructur plan sale incom iri reduc debt iritecna liquid contribut beneficiari financ plan exist sale privat individu make viabil futur perform normal level profit final commiss take estim final cost liquid amount lit billion uncertain vari liquid process import reduct market share iritecna fintecna commiss consid increas cost lit billion affect posit apprais case monitor report implement restructur liquid plan requir monitor commiss purpos period report submit italian author summar progress restructur liquid privat programm commiss opportun monitor implement plan regular meet italian author context monitor exercis provid agreement italian govern commiss juli adopt decis articl aid favour iritecna decis relat capit inject effect year global amount lit billion expect final cost iritecna liquid lit billion increas amount exceed thereof aris actual implement restructur plan meet condit set commun guidelin state aid rescu restructur firm difficulti juli aid exempt prohibit contain articl treati articl eea agreement virtu point articl treati point articl eea agreement aid compat common market provid condit set paragraph articl met beneficiari undertak carri measur laid programm liquid reorgan privat iritecna fintecna group submit commiss itali compli commit privat fintecna subsidiari accord time scale submit commiss accord financi plan iri debt reduct submit commiss pursuant monitor scheme provid agreement italian govern commiss juli privat case carri reason time limit incom obtain sale compani asset iritecna fintecna group higher forecast plan submit commiss full reduc debt cover aid approv incom invest result aid compani difficulti group sold privat financ state aid open interest parti uncondit articl itali cooper fulli arrang monitor decis provid commiss half yearli report includ stage liquid updat financi situat iritecna liquid individu inform asset subsidiari sold put liquid stage restructur privat fintecna subsidiari commun commiss good time main step privat process fintecna subsidiari report set financi situat iritecna liquid decemb reach commiss juli report submit month start decemb financi figur updat month articl decis address italian republ brussel june commiss karel van miert member commiss commun member state interest parti publish oj annex commun commiss state aid efim publish oj iritecna liquid coinfra compani creat ad hoc control fintecna activ origin belong cmf complet danish storebaelt bridg rest cmf liquid personnel emploi compani put liquid includ number redund oj footnot tabl section iii point footnot section iii point oj