commiss decis februari measur implement spain hilado tejido puigneró sa 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 letter date march commiss receiv complaint interest parti textil sector requir spanish author suppli inform alleg state aid measur commiss subsequ receiv complaint letter date april spain submit incomplet inform respons question commiss rais letter letter commiss remind request miss inform spanish author respond letter june letter date septemb commiss inform spain decid initi procedur laid articl treati request inform state aid measur letter date octob spanish author request time provid incomplet inform letter date novemb letter spanish author respond commiss enquiri confidenti inform contain decis initi procedur commiss repli letter date octob state grant spain request novemb meet held commiss depart spanish author request attend repres catalan institut financ instituto catalán de finanza hereinaft quot icf quot letter date decemb commiss urg spanish author suppli inform miss spanish author submit letter date januari februari letter beneficiari date januari annex letter februari commiss decis initi procedur publish offici journal european commun decemb invit interest parti submit comment commiss receiv comment interest parti decis commiss extend procedur includ measur letter commiss inform spain decis spain submit inform letter date juli decis extend procedur publish offici journal european commun juli commiss receiv comment juli commiss invit spain react letter date septemb spain submit comment octob ii descript compani compani hilado tejido puigneró sa hereinaft quot puigneró quot activ product yarn fabric textil finish regist offic barcelona compani found privat own puigneró famili compani convert limit compani puigneró oper plant sant bartomeu del grau roda de ter prat de lluçanè area defin assist area articl treati decis novemb court instanc vic barcelona declar compani suspens payment insolv suspens payment act juli grant compani asset exce liabil possibl suspend payment individu debt time allow continu trade avoid worsen financi situat basi agreement creditor decis lift suspens payment adopt adopt data puigneró biggest compani sector spain term workforc biggest term turnov kei data describ compani present gt tabl gt recent inform turnov amount eur million lower estim loss amount eur million workforc reduc employe puigneró sell output domest dispos european market export remain tunisia morocco puigneró workforc compani qualifi small medium size enterpris sme accord commiss recommend ec april definit small medium size enterpris complaint complain puigneró accumul signific debt public institut includ substanti amount unpaid tax social secur contribut compani public debt exceed annual turnov liabil ow bank liabil consist commerci loan secur guarante issu public institut compani enjoi confid privat financi market court decis declar compani suspens payment compani receiv loan amount esp million eur million public institut icf complain view puigneró distort competit manifest complianc public oblig complain maintain puigneró declar suspens payment previou occas complain stress puigneró larg debt tax social secur author view public author fail duti enforc mandatori collect debt suspect loan refer lack valid guarante case constitut state aid subsequ letter complain rais concern price polici appli compani textil finish sector claim puigneró distort competit relev market sell product product cost commiss receiv letter complain underlin concern puigneró continu benefit transfer public fund distort trade condit market month withdrew complaint market textil market european union satur highli competit market subsector textil industri suffer overcapac eu employ textil cloth sector greatli declin lead fall number enterpris oper sector recent year period product subsector textil industri declin except industri textil product rose slightli measur constant price decreas strongest yarn thread textil finish appar consumpt textil decreas yarn sector worri puigneró due low profit competit relat competitor asian north african countri yarn sector repres total turnov figur finish print fabric made bulk compani annual turnov account aid measur measur favour puigneró measur icf icf public institut oper catalan region govern depart econom affair financ establish act januari assist region govern exercis power confer catalonia statut autonomi regard financi system act main instrument region govern public credit polici icf legal statu chang autonom financi agenc public law entiti oper privat law icf materi resourc capac risk determin year budget region govern depart region govern establish sector base prioriti icf entiti depend catalan region govern icf subject parliamentari control file quarterli report guarante loan grant result obtain icf subject extern control mechan establish catalan public financ act catalan public enterpris statut icf account financi statement regularli audit relev bodi catalan administr region govern respons make manageri appoint director gener financ polici director gener budget treasuri member manag committe icf grant loan guarante loan grant esp million approxim eur million loan grant april formalis april origin durat year year grace period remain year instal princip paid quarterli basi esp interest rate set mibor month durat loan extend ten year time instal paid stipul remain amount paid back monthli instal esp eur secur puigneró provid mortgag industri site prat de lluçanè mortgag total esp million eur esp million eur execut cost time site burden mortgag total esp million date juli septemb provid secur amount esp million eur fourth mortgag annual account mention mortgag total esp eur amount concern site prat de lluçanè roda de ter worth time actual loan secur mortgag amount esp eur decis icf specifi loan secur share compani own main sharehold formalis origin document extens grant guarante mention outstand part loan start suspens payment procedur amount esp eur guarante grant esp million approxim eur million guarante grant juli formalis juli year serv guarante commerci credit line provid bank maximum amount esp million eur million credit provid bank total esp million eur million guarante subsequ extend year march cost guarante consist fee administr cost risk premium secur puigneró provid mortgag properti person guarante main sharehold share compani total number compani share properti form part industri site prat de lluçanè apart hous prat de lluçanè mortgag provid secur maximum amount esp eur esp eur execut cost total amount correspond execut mention contract nomin share esp execut share mention contract esp maximum coverag share esp eur origin guarante extens call oblig met properti distrain tax agenc mortgag favour creditor mortgag properti own main sharehold ad secur guarante grant esp million approxim eur million guarante grant june maximum period year guarante cover amount number polici relat discount bill agre puigneró bank cost guarante secur consist mortgag properti own puigneró main sharehold properti form part industri site sant bartomeu del grau hous local execut properti mention guarante esp million appear guarante call guarante agreement includ claus secur revalu shortfal made secur account share decreas indisput case compani declar insolv court novemb icf state enforc claus top guarante unawar exist asset extens guarante juli reduct total esp million eur million guarante extend year juli occas total amount cover guarante reduc esp million eur million risk premium modifi secur ad modif guarante novemb novemb guarante modifi reduc coverag esp million eur million amount guarante loan cover sever payment relat restructur basic deriv closur site roda de ter guarante valid juli modif affect mortgag guarante cover spain maintain actual total guarante amount esp million eur million loan grant decemb loan amount esp million eur million initi grant year subsequ extend year interest rate euribor month loan condit implement detail action programm aim bring temporari improv compani cash flow explicitli devis bridg measur enabl compani meet dai dai run cost carri busi quot quot secur provid loan consist mortgag properti own compani includ industri site properti own main sharehold share compani provid sharehold share nomin esp person guarante main sharehold total execut properti mention mortgag esp million eur properti own sharehold valuat provid puigneró met interest payment loan novemb agreement deferr remiss debt reach part suspens payment procedur icf subscrib agreement puigneró preferenti creditor agreement concern loan grant suspens payment procedur initi total debt cover suspens payment procedur esp eur debt paid sale industri site roda de ter remain debt icf subscrib agreement ordinari creditor provid debt remiss deferr remiss social secur debt social secur author charg legal interest rate debt annual account debt close year amount sum tabl gt tabl gt arrang payment instal reschedul accumul debt agreement conclud gt tabl gt entri forc agreement subject puigneró formalis relev mortgag public regist compli current oblig pai instal stipul term commiss note annual account mention mortgag favour social secur author amount esp eur amount rais annual account esp eur mortgag mention industri site roda de ter complianc agreement social secur author impos distraint compani asset gt tabl gt agreement sign novemb year puigneró repeat failur fulfil term previou agreement agreement includ debt cover previou agreement newli accumul debt addit common agreement agreement expressli state author reserv call secur event complianc convert distraint mortgag properti serv secur state event slightest complianc author initi enforc collect procedur spain agreement fact effect compani fail meet payment puigneró fulfil term agreement social secur author receiv interest payment reschedul debt light point commiss find debt accumul agreement cover guarante distraint impos debt reschedul agreement mortgag establish industri site roda de ter distraint concern dwell industri site sant bartomeu del grau industri site dwell prat de lluçanè affect debt social secur recognis suspens payment procedur amount esp million eur million debt broken gt tabl gt juli puigneró reach agreement preferenti creditor debt reschedul remiss puigneró undertook sell year product plant roda de ter aim obtain sell price eur million proce sale pai preferenti creditor minimum claim eur case social secur higher obtain differ distribut creditor remain debt remit eur case social secur reschedul period year payment year increas instal interest rate preferenti creditor subscrib agreement includ catalan water agenc offici credit institut icf deferr remiss tax debt debt tax author decreas year increas substanti tax agenc charg legal interest rate debt paid princip annual account tax debt close year amount sum tabl gt tabl gt arrang payment instal reschedul accumul debt agreement conclud gt tabl gt entri forc agreement subject puigneró formalis relev mortgag public regist compli current oblig pai instal stipul term tax agreement expressli state author reserv call secur event complianc agreement social secur author author reserv convert distraint mortgag properti serv secur state event slightest complianc author initi enforc collect procedur puigneró fulfil term agreement paid instal puigneró fail make schedul payment tax agenc decid impos distraint mortgag amount equival debt distraint impos compani asset list decis declar compani suspens payment gt tabl gt commiss conclud place tax agenc appar consid site roda de ter suffici collater addit distraint hous apart prat de lluçanè establish total amount cover mortgag start suspens payment procedur esp million recognis debt tax agenc suspens payment procedur amount esp million eur million debt broken gt tabl gt basi agreement conclud puigneró preferenti creditor juli tax agenc receiv minimum amount eur proce sale site roda de ter remaind debt tax agenc subscrib agreement ordinari creditor receiv eur period year properti mortgag distraint asset properti serv collater debt loan guarante period question overview provid annex decis annual account provid descript gt tabl gt properti own compani note enter properti regist regist major mortgag burden properti exce mention regist context agreement tax agenc technic depart valu asset mortgag twenti properti includ industri site sant bartomeu del grau roda de ter smaller prat de lluçanè estim worth esp million eur million valuat independ valuer date concern industri site roda de ter estim esp million eur spain assess properti made valuat carri juli court requir puigneró commiss independ expert asset valuat date juli carri purpos draw compani statement affair suspens payment proceed valuat establish valu present tabl commiss note auditor approv creation puigneró account revalu reserv basi valuat report puigneró financi statement comment revalu reserv introduc equiti fund compli gener accept account principl gt tabl gt base valu properti commiss made estim valu previou year assum constant increment equal increment industri site roda de ter sant bartomeu del grau spain submit precis inform commiss altern reli calcul present annex ii decis iii ground initi procedur articl commiss consid condit puigneró defer public debt appear includ element state aid arriv conclus commiss note signific length time debt accumul spanish author action view enforc debt collect provid spanish law inform provid spanish author partial debt waiver envisag commiss view condit eur million loan grant appear includ element state aid puigneró appear compani difficulti fund provid public bodi interest rate appli compani face financi difficulti remain unclear guarante provid loan valid suffici investig procedur appar puigneró receiv previou loan guarante public bodi icf puigneró difficulti doubt secur provid consist asset secur transact suffici valid low cost loan guarante possibl rule transact includ element state aid iv comment interest parti spain respons belgian textil feder febeltex belgian textil compani activ cloth sector long compet puigneró unfavour condit febeltex maintain puigneró appli abnorm low sale price market unit kingdom puigneró action distort competit snatch larg market share european competitor benelux spanish market spain puigneró activ belgian cloth market sector yarn textil finish comment spain puigneró spain argu puigneró compani temporari difficulti declar suspens payment order enabl author recov proport claim procedur situat econom problem temporari overcom spain maintain spanish author accus remain inact grant payment deferr accord legisl forc guarante instal default interest charg provid spanish law spain acknowledg author realis compani asset secur public debt spanish author defend action ground suspens payment act juli prevent creditor request declar bankruptci proceed suspens payment progress spain gave main reason initi enforc execut spanish labour law gave preferenti treatment employe enforc liquid asset yield lower price market spanish author view option deferr distraint prove prefer posit suspens payment proceed spanish author claim act dilig creditor impos distraint mortgag puigneró asset equival claim maintain secur suffici cover entir debt current situat author argu enforc collect make extrem difficult recov entir debt partli sever payment preced claim partli low price obtain mortgag asset public auction part compani suppos practic reason prompt author decid proce enforc sale asset easier public author recov debt allow compani continu trade initi enforc liquid agreement puigneró conclud icf maintain secur provid time suffici cover loan guarante grant icf properti number includ industri plant distrain social secur tax author addit properti own sharehold secur guarante previous grant icf confid remain mortgag suffici cover loan eur million grant decemb hand spain state semi mountain area plant locat signific plant enforc sale asset yield full spanish author conclud action accord relev legisl view privat creditor act measur constitut aid spain refer public object villag industri site locat small sant bartomeu del grau inhabit prat de lluçanè ongo suspens payment proceed main concern public author event catalan region govern minimis econom social impact result puigneró difficult situat letter januari puigneró similar line argument view demonstr receiv illeg aid loan icf state support posit collater obtain loan privat sourc condit vi viabil plan spain submit viabil plan work puigneró consult firm locat barcelona plan date novemb reason led compani difficulti plan ascrib globalis effect extrem price competit produc establish european market radic chang market condit compani futur prospect turnov expect remain level reduct price anticip increas product assum turnov increas annual rate reduct capac plan plan gener financi aspect forese investor contribut restructur compani total cost restructur provid detail restructur financ timet method rais financ major quot sourc quot financ debt remiss public author letter juli spanish author submit version viabil plan updat puigneró short version compani plan reduc capac loss make activ chiefli spin close plant roda de ter subsequ lead reduct sector weav futur concentr product higher ad finish textil consequ substanti reduct workforc compani expect gener gross oper profit profit onward compani confid fund proce divest unproduct asset enabl fulfil oblig suspens payment procedur vii assess puigneró financi situat puigneró face financi difficulti extend period time compani enter agreement deferr payment instal social secur tax author occas financi data compani insuffici net asset year equiti situat evolv gt tabl gt tabl puigneró lost equiti end june share capit increas esp million eur equiti level restor suffici level capit increas restor achiev larg extent revalu asset subsequ cancel balanc accumul deficit fresh capit inject respect amount revalu total loss amount esp million eur million amount exceed compani turnov esp million eur million addit normal oper cost expenditur includ esp million eur million extraordinari expenditur esp million eur million charg pertain previou year puigneró partli restor equiti suffici level introduc revalu reserv stem increas fix asset properti valuat carri independ expert juli point book asset increas auditor report puigneró financi statement revalu reserv introduc equiti fund compli gener accept account principl compani equiti fund reduc esp million eur million total equiti fund end esp million eur million fact due uncertainti puigneró annual account auditor give opinion state account issu qualifi audit report year puigneró submit provision balanc sheet decemb updat viabil plan balanc sheet includ revalu reserv part equiti allow revalu reserv constitut part equiti puigneró solvenc ratio suffici clear fresh financ inject provid busi badli need capit confirm compani protract financi difficulti li fact year puigneró succeed compli fulli tax social secur oblig oblig instal payabl earlier agreement commiss precis inform year note year substanti loss incur puigneró negoti debt reschedul tax author final born mind period consider compani activ sector suffer strong competit eu point conclud compani struggl financi difficulti led current suspens payment procedur meet definit compani difficulti commun guidelin rescu restructur aid aid mean articl treati articl treati lai principl save provid treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market measur point grant state state resourc tax social secur author form part state icf public institut oper region govern depart econom affair financ grant select advantag advantag regard financ state resourc attribut state yarn fabric finish textil product extens trade eea eea countri market characteris fierc competit suffer overcapac commiss note puigneró major player spain sector measur point constitut select financi advantag reinforc puigneró posit compar competitor market distort threaten distort competit affect trade member state remain issu establish measur point constitut state aid mean articl treati favour undertak commiss determin measur benefit puigneró select assess measur loan guarante provid icf order establish loan guarante provid icf constitut select advantag commiss appli quot privat investor principl quot mean commiss assess circumst privat lender grant loan guarante term case select advantag favour puigneró loan icf charg interest rate privat lender charg grant loan financi healthi compani fact puigneró financi difficulti interest rate justifi loan secur suffici collater explain point collater consist share compani mortgag properti own compani nomin share compani provid collater esp constitut total share capit share collater loan formalis case actual share establish compani financi situat point time loan grant compani difficulti asset burden mortgag distraint loan agreement prevent burden share provid lender explain point mortgag creat part industri site prat de lluçanè paragraph annex ii commiss estim industri complex prat de lluçanè includ dwell site machineri time loan grant esp million eur million industri site consist part enter properti regist separ mortgag affect larger dwell machineri part industri site properti secur debt financi institut substanti proport debt repaid subtract amount total part industri site leav amount maximum mortgag esp million actual coverag base smaller part site smaller privat lender account fact event forc public auction obtain consider lower compani concern privat lender icf posit consid secur suffici collater cover loan provid loan term icf hold event enforc auction parti put suffici bid icf acquir properti arrang sale market condit amount entir outstand debt recov involv cost risk privat lender accept term commiss conclud loan grant conform privat investor principl constitut state aid mean articl treati favour puigneró extens loan chang situat compani difficulti properti mortgag guarante transact outstand debt transact decreas time instal loan paid schedul explain point annex ii commiss estim industri site esp million mortgag encumb smaller part effect coverag substanti smaller collater need secur loan suffici commiss conclud extens loan constitut state aid mean articl treati juli guarante amount esp million eur million icf charg annual fee administr cost risk premium guarante commiss view fee appli healthi firm loan secur suffici collater puigneró financi difficulti time collater consist share compani person guarante provid main sharehold number properti explain compani difficulti guarante grant asset mortgag share compani provid valid collater guarantor person guarante main sharehold commiss point privat guarantor prefer quantifi concret secur gener unspecifi commit spain provid evid person guarante contrast main sharehold person liabl tax debt esp million stem chang legal form compani includ total tax debt commiss take view person guarante provid main sharehold add secur smaller part industri site prat de lluçanè serv secur guarante part privat dwell time ad collater dwell account larg share total smaller part site burden mortgag cover loan major asset larger part site explain part properti burden mortgag mortgag concern properti clear insuffici left cover guarante mortgag favour caixa estalvi de pension de barcelona amount esp million account take consider fact compani struggl financi difficulti commiss conclud condit guarante grant compli privat investor principl collater insuffici privat guarantor requir secur set higher risk premium grant guarante fact guarante call chang assess commiss conclud full amount cover guarante constitut aid compani obtain condit grant icf guarante amount esp million eur million annual premium guarante point view premium appli healthi firm loan secur suffici collater puigneró financi difficulti time collater consist industri site privat dwell sant bartomeu del grau own main sharehold time guarante grant compani properti provid collater burden mortgag favour fondo de garantía de depósito en cooperativa de crédito debt esp million paid distraint favour tax agenc tax debt esp million distraint favour social secur author debt esp million burden concern properti includ industri site properti burden mortgag favour tax author earlier mortgag favour social secur author site roda de ter mortgag favour icf loan guarante state point annex ii commiss estim properti own compani includ privat dwell machineri esp million mortgag guarante concern machineri doubt left cover guarante site sant bartomeu del grau sold distraint obtain tax agenc social secur author prioriti fact properti own main sharehold ad collater chang assess commiss maximum properti serv collater amount esp eur provid guarante icf incur risk receiv remuner similar reason point commiss conclud guarante constitut state aid mean articl treati icf argu consid benefici provid compani emerg guarante enforc liquid prove harm creditor emerg guarante provid normal condit risk cover mean increas risk premium icf statement confirm guarante constitut state aid extens guarante explain point annex ii commiss estim time guarante extend properti complet site privat dwell prat de lluçanè increas burden properti result distraint obtain tax agenc march reassess guarante constitut state aid clear properti significantli lower total burden take account fact compani struggl financi difficulti commiss conclud extens guarante compli privat investor principl privat guarantor requir secur set higher risk premium grant guarante commiss conclud full amount cover guarante constitut aid compani obtain condit grant icf extens modif guarante puigneró suspens payment debt public author icf amount esp million eur million puigneró receiv loan amount esp million eur million icf decemb secur properti matter fact compani asset includ provid collater guarante mortgag compani substanti public debt loan grant extens guarante grant insolv compani insuffici secur entir amount guarante deem constitut aid payment tax social secur contribut line commiss decis octob confirm court justic persist systemat payment social secur contribut tax constitut transfer public resourc transfer give compani competit advantag unlik competitor oblig defrai cost ordinarili case court held tubacex good test compar behaviour state behaviour privat creditor confirm court dmt held quot onss nation social secur offic compar hypothet privat creditor posit vi vi debtor onss seek recov sum ow quot refer quot privat creditor principl quot commiss take note fact social secur author tax agenc act accord applic spanish law commiss recognis fact author charg mandatori default interest secur claim impos distraint mortgag asset question privat creditor situat satisfi measur proceed enforc liquid recov proport claim inform commiss conclud spanish author act accord privat creditor principl place gener standpoint substanti tax social secur oblig remain unpaid long time compani compli payment agreement enter figur provid compani puigneró paid tax agenc social secur author total amount esp period allow voluntari payment period paid esp enforc collect phase payment fact effect april decemb period total outstand debt public author increas esp million figur annual account overview attach payment agreement tabl point debt correspond oblig remain unpaid year signific proport oblig remain unpaid year privat creditor situat toler arrear long period arrear constantli aris compani compli payment agreement enter legal interest charg secur offer privat creditor lost confid recov claim enforc payment earlier specif privat creditor carri valuat properti order ascertain precis distraint mortgag spanish author reli valuat made financ ministri technic depart thirdli privat creditor agre debt reschedul mortgag prospect improv situat debtor fail fulfil payment agreement sign privat creditor seek guarante financi situat compani improv payment agreement tax agenc agreement conclud social secur author guarante condit actual situat compani demonstr structur improv recal compani financi difficulti low profit period oper market characteris fierc competit continu accumul payment arrear abid agreement public author coher restructur plan submit plan fundament overhaul situat continu deterior contrari expect tax agenc social secur author believ clear found expect puigneró situat improv pai outstand debt situat usual claus agreement null void event payment agre instal suffic fourthli commiss note spanish author proceed enforc liquid substanti number properti distraint secur debt consist privat flat hous impair compani capac gener busi incom author enforc partial closur industri site fifthli occas spanish author act neglig agreement octob tax author puigneró establish mortgag industri site work dai cover total debt esp million compani establish mortgag site roda de ter meant mortgag site prat de lluçanè favour icf guarante loan prioriti distraint impos secur tax debt precis site roda de ter burden favour social secur author commiss exact amount debt social secur outstand cover mortgag debt amount esp million assum industri site dwell roda de ter mortgag actual time esp million privat creditor situat react immedi breach agreement take account compani financi situat track record pai debt similarli agreement social secur author februari puigneró establish mortgag total amount esp million mortgag formalis octob social secur author proce set distraint final agreement novemb effect ow complianc puigneró total amount distraint octob octob octob esp million total social secur debt esp million annual account mention mortgag industri site roda de ter favour social secur author increas amount esp million clear date mortgag establish burden site roda de ter conclud social secur author accept overburden site privat creditor situat react earlier enforc payment requir secur debt delai compani financi situat track record pai debt mortgag favour tax agenc increas substanti total esp million unlik mortgag favour social secur author mortgag affect industri site includ machineri amount lower actual debt esp million matter fact annual result heavili affect loss earlier year esp million due tax debt explain substanti rise tax debt year debt incur main sharehold chang legal form compani account earlier payment agreement privat creditor sought suffici secur debt earlier stage sixthli privat creditor duli account likelihood properti fetch lower price event enforc liquid support spanish author statement properti locat semi mountain area attract purchas spanish author maintain price obtain enforc auction market compani maintain public auction realis gener substanti lower market price occasion lower support fact icf initi requir significantli higher secur cover princip loan guarante stage accept secur burden extent exceed commiss consid evid author posit worsen agre repeatedli defer claim allow puigneró accumul signific amount public debt amount total fix asset sold mean public auction spanish author awar fact claim fulli cover distraint mortgag impos asset circumst evid tax agenc social secur author set distraint increas prospect recov claim made difficult recov interest accumul debt aris allow compani difficulti trade extend period time mean spanish law recov claim tax agenc social secur author reduc chanc recov amount ow grant advantag puigneró justifi privat creditor principl tax agenc advantag date back earli puigneró fail abid payment agreement establish mortgag site roda de ter industri site social secur advantag date back time outstand debt increas significantli debt cover mortgag establish action secur addit debt unsuccess agreement aid continu exist action breach agreement octob distraint aid continu debt increas amount secur addit distraint social secur author action breach agreement tax agenc social secur amount aid consid equival total debt time spanish author argu privat creditor initi bankruptci proceed public creditor behav privat creditor action constitut state aid commiss consid creditor posit public author main privat creditor supplier supplier toler persist complianc custom oblig risk exposur reach supplier limit stop suppli measur requir advanc payment payment guarante matter fact compani avoid enforc liquid ow lack privat creditor readi proce enforc collect event persist payment due guarante grant icf compani continu obtain suppli product enforc debt collect public author led complet bankruptci led partial liquid profit part compani commiss conclud argument fail prove absenc state aid debt accumul social secur author tax agenc start suspens payment procedur commiss conclud constitut aid normal procedur enabl author enforc collect date start procedur novemb compani financi situat continu deterior significantli debt increas secur overburden payment agreement spanish author legal mean recov claim subsequ accumul debt constitut aid spanish law debt aris suspens payment procedur prioriti exist debt time procedur start protect accept debt social secur author tax agenc constitut aid puigneró commiss conclud persist payment tax earli start suspens payment procedur persist payment social secur contribut start suspens payment procedur constitut aid mean articl treati debt social secur tax agenc constitut aid prior suspens payment procedur commiss assess agreement conclud involv addit aid loan provid icf icf charg interest rate appli healthi compani loan secur suffici collater loan grant start suspens payment procedur take prioriti previou debt prioriti affect order mortgag distraint protect claim event bankruptci time compani difficulti scenario unrealist loan suffici secur constitut state aid secur suffici mortgag consist larg collater secur previous transact icf creditor chronolog order claim share asset time loan grant puigneró asset burden earlier mortgag distraint extent exceed privat investor prepar accept point total unsettl payment ow icf social secur tax author amount esp million eur million preferenti creditor held mortgag amount esp million mean loan increas total burden expect event enforc public auction share secur guarante share previous secur case explain point puigneró financi difficulti share repres substanti secur person guarante provid main sharehold commiss point privat lender prefer quantifi concret secur gener unspecifi commit commiss note spain provid evid person guarante contrast main sharehold person liabl tax debt esp million accumul compani chang legal form includ total tax debt final properti own sharehold provid insuffici place total execut mention loan contract amount esp eur spain provid estim actual commiss note total execut esp eur mortgag purpos guarante favour icf serv collater small amount eur lower total loan mortgag properti favour tax agenc esp eur valid commiss conclud properti own sharehold guarante maximum eur figur loan grant interest rate euribor month interest rate notabl premium correspond appli healthi compani loan grant insolv compani insuffici secur risk premium commiss conclud entir amount loan constitut aid reason set point argument loan prevent loss outstand loan guarante accept compat aid establish state aid involv loan guarante provid icf payment social secur contribut tax loan provid icf commiss assess aid compat common market commiss note spain reli derog provid treati maintain posit measur constitut state aid commiss assess exempt set articl treati appli exempt articl treati serv basi aid compat common market case aid social charact grant individu consum intend make good damag caus natur disast except occurr requir order compens econom disadvantag caus divis germani aid qualifi exempt articl treati refer promot econom develop area standard live abnorm low underemploy project common european interest promot cultur heritag conserv part exempt articl treati concern aid facilit develop econom activ commiss note aid intend purpos amp invest sme protect environ articl treati authoris state aid promot develop econom activ area aid advers affect trade condit extent contrari common interest compani locat area catalonia qualifi aid articl aid compli rule region invest link initi invest point time aid measur grant puigneró compani difficulti primari object aid restor long term viabil undertak difficulti commiss assess compat light commun guidelin state aid rescu restructur firm difficulti adopt hereinaft quot guidelin quot quot guidelin quot rescu aid reason loan guarante aid involv deferr tax social secur oblig found compat rescu aid place measur restrict month period requir point guidelin gener time need devis recoveri plan requir section guidelin loan guarante grant year period subsequ extend prepar recoveri restructur plan set condit loan initi grant year subsequ extend year loan found compat rescu aid light requir place measur constitut oper regard separ measur longer period thirdli spain provid evid criteria respect commiss inform conclud amount aid restrict amount need firm busi aid warrant ground social difficulti undu advers spillov effect situat sector member state restructur aid guidelin establish condit commiss approv aid restructur restor viabil grant aid condit implement restructur plan endors commiss case individu measur plan restor compani long term viabil reason timescal basi realist assumpt futur oper condit respect measur entri forc guidelin plan includ relev detail market survei consider effect public support keep unhealthi compani artifici aliv forc healthi compani difficulti commiss note restructur plan place novemb loan guarante aid involv deferr tax social secur oblig grant reassur return viabil contain viabil plan commiss find measur compat common market loan contrast grant present viabil plan condit implement plan includ market analysi take account present state futur prospect suppli demand relev product market scenario reflect case worst case intermedi assumpt firm posit plan provid inform market share commun wide forecast trend demand aggreg capac price year ahead shortcom reflect subsequ made plan notabl closur product site roda de ter shortcom appear aid left compani short capit creat definit solut financi difficulti keep afloat short run document inform submit spanish author commiss conclud measur offer suffici firm prospect restor puigneró long term viabil reason timescal ground commiss find loan compli condit guidelin incompat common market avoid undu distort competit section ii guidelin measur offset advers effect competitor point guidelin compensatori measur irrevers reduct capac mitig advers effect aid competitor textil market highli sensit market characteris overcapac declin output period aid puigneró grant aid grant compani oper market distort competit evid measur offset mitig advers effect competitor contrari appear aid enabl firm follow low price strategi ensur outlet product harm interest competitor alleg commiss recal comment parti puigneró distort competit market appli abnorm low sale price puigneró confirm viabil plan price polici neg effect level market price term turnov initi plan envisag reduct capac increas measur compani plan reduc price order increas volum viabil plan reduct capac compani reduc loss make activ spin sector refocu product higher ad puigneró plan close entir plant roda de ter compani year sell plant pai part public debt proce event sale materialis claus ensur definit closur plant irrevers reduct capac closur entir plant substanti reduct workforc turnov expect remain level steadi increas turnov anticip conclud certainti definit reduct capac place condit guidelin respect aid limit minimum section iii guidelin point guidelin amount intens aid limit strict minimum need enabl restructur undertaken aid beneficiari expect make signific contribut restructur plan resourc spain provid clear overview cost restructur main element cost close roda de ter site financi restructur main sourc financ proce sale roda de ter site sale expect place year price achiev case previou agreement agreement public author make provis eventu compani manag sell plant establish time period event measur ensur closur plant view uncertainti sale plant conclud measur satisfi investor contribut criterion major sourc financ restructur debt reduct agre creditor concern public creditor accumul origin debt year constitut state aid subsequ agreement debt reduct contribut beneficiari extern commerci financ thirdli plan count continu financ privat bank cover guarante icf fourthli plan asset hive plan asset sold proce expect fifthli sharehold put asset properti share compani secur guarante loan state secur small insuffici cover guarante loan final partner sought bring capit compani suspens payment proceed settl uncertainti remain unclear aid limit minimum suffici contribut cost privat resourc view consider lack market survei lack guarante avoid undu distort competit commiss conclud loan compli requir guidelin conclus measur class aid deem incompat common market viii conclus commiss find loan guarante loan provid icf constitut aid puigneró mean articl treati persist payment social secur contribut tax oblig earli constitut state aid puigneró spain unlawfulli implement aid question breach articl treati aid incompat common market articl council regul aid incompat common market recov beneficiari spain deduct repay loan debt made respect author adopt decis articl state aid spain implement hilado tejido puigneró sa incompat common market incompat aid involv measur favour puigneró loan grant catalan institut financ extens guarante grant catalan institut financ extens guarante grant catalan institut financ extens persist payment social secur contribut start suspens payment procedur date social secur author enforc collect accord normal procedur persist payment tax oblig earli start suspens payment procedur date tax agenc enforc collect accord normal procedur loan grant catalan institut financ subsequ extens articl spain measur recov beneficiari aid refer articl unlawfulli made beneficiari deduct repay made respect author recoveri effect delai accord procedur nation law provid effect execut decis aid recov includ interest date dispos beneficiari date recoveri interest calcul basi refer rate calcul grant equival region aid net interest charg respect author articl spain inform commiss month notif decis measur compli articl decis address kingdom spain brussel februari commiss mario monti member commiss oj oj oj eu textil cloth sector oeth annual report state main reason withdraw applic complianc sector base prioriti hous prat de lluçanè valu esp million eur million juli previou valuat properti exist spanish author provid copi recent agreement compani financi statement provid inform earlier agreement agreement mention statement affair suspens payment novemb note agreement author cover debt accumul previou debt spanish author provid copi recent agreement compani financi statement provid inform earlier agreement agreement mention statement affair suspens payment novemb note agreement author cover debt accumul previou debt matter fact agreement agreement concern industri site roda de ter sant bartomeu del grau number dwell local carri date spain provid copi annex properti detail dwell includ mortgag bulk mortgag consist industri site lluçanè confirm fact compar roughli correspond lluçanè site compar site valuat annual account mention debt tax agenc secur mortgag industri site confirm likelihood agreement concern industri site lluçanè mortgag site site sant bartomeu del grau formalis statement affair includ court decis show asset total esp million eur million liabil total esp million eur million give asset surplu esp million eur million compani qualifi suspens payment procedur asset exce liabil induc compani overvalu asset note inform puigneró asset increas approxim doubt compani properti increas deterior inevit place build year compani face financi difficulti spare cash major invest improv condit asset valuat establish prudenti principl possibl rule valuat reflect fair market exact data earlier year appear annual report loss equiti place commiss note annual report mention loss offset tax purpos incur period includ total amount esp million eur show modest posit result commiss note respons parliamentari question region govern repli dai loan formalis plan grant loan icf properti regist show mortgag favour fondo de garantía de depósito en cooperativa de crédito maximum esp million debt esp million caixa estalvi pension de barcelona maximum esp million annual report mention loan repres total burden esp million esp million ow clear smaller regist properti regist commiss decis octob aid grant spain compani magefesa group successor notifi document number oj pp case spain commiss ecr advoc gener jacob state opinion septemb case dmt clear circumst continu gener toler late payment social secur contribut confer appreci commerci advantag recipi undertak extrem case tantamount relief contribut paragraph case tubacex ecr case déménagement manutent transport ecr properti sant feliu de guíxol ad secur agreement agreement oj oj point guidelin explain guidelin appli principl measur differ set guidelin impact assess measur commiss refer assess guidelin distinct signific applic guidelin guidelin oj codifi approach commiss take long time loan assess rule oj annex overview measur spanish author gt tabl gt industri site sant bartomeu del grau industri site properti sant bartomeu del grau industri site roda de ter industri site properti roda de ter industri site prat de lluçanè industri site properti prat de lluçanè larger part industri site prat de lluçanè smaller part industri site prat de lluçanè annex ii overview estim properti gt tabl gt