commiss decis juli state aid grant itali inma shipyard public hold compani itainvest gepi notifi document number italian version 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 part monitor procedur initi commiss decis juli gepi group itainvest septemb refer hereinaft manag group acknowledg award wholli own subsidiari inma shipyard capit grant approxim itl million eur million order cover loss record shipyard commiss italian author offici request inform date octob letter novemb italian perman repres suppli inform form compani annual account year letter januari commiss inform italian govern decis initi proceed articl ec treati respect aid italian author comment commiss letter march perman repres commiss decis initi procedur publish offici journal european commun invit interest parti submit comment comment receiv commiss forward itali respons receiv letter june ii descript examin account show firstli financi year close loss itl billion eur million board director request itainvest princip sharehold compani cover loss write debt sharehold meet held novemb decid itl billion eur million loss cover statutori special reserv remain itl billion eur million itainvest meet march decid compani account novemb show loss itl billion eur million amount cover capit restor level itl billion eur million princip sharehold subscrib capit releas tenth immedi whilst remain subscrib made immedi shipyard nuovi cantier apuania nca belong itainvest final ordinari extraordinari sharehold meet june approv account entir financi year record loss itl billion eur million decid cover loss itl billion eur million outstand financi year total amount paid itainvest amount itl billion eur million balanc sheet reveal amount aid paid compet italian author ministri respons merchant navi subsequ ministri transport navig law august march june februari commiss authoris shipbuild aid establish law unabl identifi precis justif aid measur commiss doubt inma benefit aid virtu list special regist shipyard establish law creat italian govern order bring product capac control inma larg shipyard restructur law refinanc loan approv commiss small medium size shipyard refinanc separ view forego commiss initi proceed articl treati conclud itainvest contribut loss compens recapitalis compani incorpor public law benefit public fund consid payment constitut state aid articl aid distort threaten distort competit favour undertak firm engag shipbuild aid examin council direct ec decemb aid shipbuild amend direct ec articl thereof state quot aid facilit continu oper shipbuild ship convers compani includ loss compens rescu aid type oper aid directli support restructur measur cover chapter iii deem compat common market provid aid product aid alloc directli individu shipbuild ship convers contract accord articl exce ceil express percentag aid recipi annual turnov shipbuild ship convers quot view amount oper invest aid elig inma aid commiss ask italian author provid inform enabl assess compat aid direct ec aid shipbuild relev decis lastli commiss doubt fact bank loan firm cover guarante grant itainvest larg proport yard busi recent year ship compani wholli partli control inma pugliola starga tellaro di navigazion corsica ferri iii comment interest parti part procedur danish author put forward view letter date stress capac problem face shipbuild industri worldwid refer yard closur denmark recent year notabl due excess capac case inma danish author note found yard qualifi aid aid recov agre commiss aid grant breach law forc censur iv comment itali letter march italian author provid detail breakdown year aid grant amount contract invest rate aid grant relev legal basi inclus inma special shipyard regist italian author confirm regist establish law implement decre adopt februari regist activ septemb law shipyard list regist qualifi aid result aid grant inma regard medium size shipbuild list commiss refer letter qualifi refinanc law time receiv ship convers order appear specialis area yard includ list qualifi refinanc entitl receiv aid law italian author state amount contribut itainvest cover loss total itl billion eur million compos itl billion eur million itl billion eur million capit contribut itl billion eur million paid end loss compens grant italian author point itainvest measur situat call capac sole sharehold yard connect gave account recent develop shipyard onward yard consist carri adjust restructur dictat market reduc workforc person posit result record period financi year close net profit itl million eur million march balanc sheet shown loss itl billion eur million itainvest immedi initi audit reveal number manag error acquisit manag order receiv decemb februari assess net worth firm novemb reveal loss itl billion eur million led dismiss manag director inma vicari liabil action brought decid cover loss carri fresh audit view merg inma shipyard itainvest interest nuovo cantier apuania nca june ordinari extraordinari gener meet sharehold record consult neg opinion merger nca confirm decis februari cover loss time risen itl billion eur million neg opinion consult integr nca invit tender shipyard launch bid receiv june consider firm real posit emerg imposs sell final novemb gener sharehold meet decid wind shipyard appoint administr complet current order depend advanc construct avoid damag sudden closur yard loss subsidi order question charg born itainvest estim itl billion eur million consist primarili commit respect order hand tirrenia finanziaria marittima stolt nielsen form perform bond bond cover earlier order corsica ferri pugliola guarante cover current administr expenditur gt tabl gt provis made itainvest exposur cost damag regard statement commiss order recent year construct vessel ship compani wholli partial control inma italian author comment quot tellaro di navigazion liquid june longer busi vessel order built pugliola replac default shipown order vessel yard resold privat oper normal market term charter bareboat oper full owner corsica ferri french compani complet independ inma inma minor interest firm control corsica ferri turn order passeng vessel sharehold sold sold quot short italian author view itainvest act take care stock crisi face firm reduc minimum cost potenti result guarante order secur return transfer compani asset itainvest act privat sharehold seek place minimis loss eventu prove imposs sell firm consider effort decid delai put liquid measur constitut state aid articl direct ec defin aid grant member state shipbuild ship repair undertak directli indirectli control count provis risk capit standard compani practic market economi state commun member state applic articl eec treati articl commiss direct ec public undertak manufactur sector commiss acknowledg econom reason decis public sharehold consist privat investor principl assess moment financ decis made accept quot parent compani limit period bear loss subsidiari order enabl close oper condit decis motiv sole likelihood indirect materi profit consider desir protect group imag redirect activ quot commiss state intent appli principl govern state aid quot dogmat doctrinair fashion quot awar wide margin judgment invest decis long quot risk adequ object assess discount time decis invest made privat investor quot assess aid concern shipbuild ship repair compani examin direct ec council regul ec june aid shipbuild product aid cover articl direct invest aid cover articl grant italian govern commiss conclud analys exact breakdown aid grant compli italian law period period period period aid scheme authoris commiss law question provid invest aid maximum intens invest condit accompani restructur plan inma carri restructur involv reduct workforc period respect invest total itl billion eur million invest aid grant amount itl billion eur million give averag intens period question prior notif aid grant exist scheme commiss note amount shown firm balanc sheet creat confus essenti payment delai caus gap entri forc commun rule actual implement relev nation measur aid grant part invest made invest aid doubt notifi posteriori monitor procedur provid articl direct ec schedul attach direct contract aid commiss conclud contract benefit aid conform report monitor procedur note shipbuild contract pugliola starga corsica ferri stolt nielsen rate applic maximum rate forc articl direct ec date contract sign measur public sector group itainvest assist subsidiari inma assess regul ec articl state quot decemb product aid support contract shipbuild ship convers ship repair consid compat common market provid total amount form aid grant support individu contract includ grant equival aid grant shipown parti exce grant equival common maximum aid ceil express percentag contract aid shipbuild contract contract aid ecu million ceil case ceil quot articl state aid rescu restructur undertak difficulti includ capit inject debt write off subsidis loan loss compens guarante exception consid compat common market provid compli commun guidelin state aid rescu restructur firm difficulti loss compens accompani restructur plan itainvest measur regard restructur aid articl regul ec point commun guidelin state aid rescu restructur firm difficulti defin rescu aid measur temporarili maintain quot posit firm face substanti deterior financi posit reflect acut liquid crisi technic insolv analysi circumst give rise compani difficulti perform plan remedi situat devis quot word aid aim provid quot respit gener month firm financi problem long term solut work quot form aid point guidelin state rescu aid quot consist liquid form loan guarante loan bear normal commerci interest rate restrict amount need firm busi cover wage salari cost routin suppli paid time need gener exceed month devis feasibl recoveri plan warrant ground social difficulti undu advers affect industri situat member state quot commiss note connect decis juli gepi group inma shipyard compani hold compani requir sell order compli condit govern group refinanc itainvest limit budget itl billion eur million earmark wind end decemb decemb assist grant inma form direct contribut abovement decis refer grant june basi initi loss identifi account part budget itl billion eur million measur notifi commiss inform septemb meet depart italian author italian author attribut difficulti encount yard manag error relat stolt nielsen tirrenia order receiv decemb commiss note complet order guarante itainvest amount itl billion eur billion march view financi oper need order complet order hand clear financi institut grant advanc guarante itainvest recours public resourc guarante constitut aid articl treati commiss state commun member state quot guarante assess grant stage distort potenti distort competit detect fact firm receiv guarante call enabl continu trade forc competitor enjoi facil busi quot italian author intend justifi contribut itainvest form loss compens ground costli oblig aris guarante point oblig constitut notifi aid articl ec treati conform concept aid articl regul ec guarante directli link cost vessel account calcul maximum aid rate contract defin articl direct ec grant italian law approv commiss inform provid italian govern april monitor procedur provid articl direct ec order stolt nielsen vessel tirrenia vessel benefit aid form grant compet ministri maximum aid rate exceed tirrenia order direct order shipbuild work behalf parti ferrari shipyard receiv aid italian govern construct vessel benefit guarante inma yard measur contract aid guarante exce maximum contract price aid construct vessel start end end work progress italian author state indic loss incur inma itl billion emerg gener sharehold meet call audit exact posit yard loss enter balanc sheet decemb difficult accept assert italian author unexpect deficit due sole manag order receiv decemb present balanc sheet state stolt nielsen tirrenia order contribut significantli result financi year conclud poor result achiev firm exist caus order commiss note corsica fern corsica fern ii order benefit guarante itainvest builder ship compani inma own complet data provid italian author assist itainvest inma includ year claim mobilis guarante link order vessel amount itl billion eur million ship deliv paid principl commiss conclud guarante loan question gener manag yard guarante public resourc constitut state aid form oper aid cover articl regul includ maximum aid contract reduc level aid grant italian govern case inform provid italian author ministri grant contract price aid vessel deliv maximum amount aid grant articl direct ec commiss find number date transact guarante itainvest paxent compani close link riski dai dai manag inma yard commiss accept itainvest act privat investor view extens loss itl billion eur million decemb sharehold awar gener meet conclud inma insolv date petit bankruptci loss compens regard rescu aid relev commun guidelin fulfil substanc form condit compat common market pursuant articl ec treati commiss consid contribut itl billion itl billion constitut aid made quot circumst accept investor oper normal market condit quot quot situat structur futur prospect compani normal return dividend payment capit appreci refer compar privat enterpris expect reason time quot italian author shown capit inject regard reason accept quot investor oper normal market condit quot sens quot present expect futur cash flow intend project quot exceed quot outlai quot commiss conclud loss compens intend sole enhanc shipyard artifici inject repay fund evid itainvest sold yard cover quot invest quot itl billion difficulti affect shipbuild industri difficult conclud transact regard action privat investor event return invest neg start commiss doubt prefer cover loss itainvest opt lowest expenditur principl bankruptci automat entail cancel contractu commit relat tirrenia order reduc cost oblig ship compani effect bankruptci place creditor foot give prioriti advanc fund entitl compens failur fulfil contractu claus case confirm commiss view itainvest commit deepli privat investor normal market condit commiss note breakdown itainvest commit show guarante itl billion eur million tirrenia order issu march guarante itl billion eur million stolt nielsen order issu march decis februari cover inma loss basi account adopt novemb loss compens constitut aid articl ec treati articl regul ec view lack restructur plan provid capac reduct fact oper aid ceil authoris commiss exceed aid measur question incompat common market pursuant direct ec regul ec vi conclus commiss conclud itali unlawfulli grant guarante construct vessel order corsica ferri pugliola tirrenia stolt nielsen cover loss incur inma contrari articl treati guarante grant respect construct ship accord articl direct ec articl regul ec exceed ceil aid individu contract provid articl direct loss compens constitut oper aid articl direct ec includ maximum amount absenc restructur plan oper aid form loss compens incompat articl regul ec regard rescu aid relev commun guidelin aid recov adopt decis articl state aid form guarante corsica fern pugliola stolt nielsen tirrenia order loss compens total itl billion eur million grant itali public hold compani itainvest shipyard inma spa incompat common market articl itali measur recov recipi aid refer articl unlawfulli made recipi recoveri effect accord procedur nation law provid effect execut decis aid recov includ interest date paid recipi date recoveri interest calcul basi refer rate calcul grant equival region aid articl itali inform commiss month notif decis measur compli articl decis address italian republ brussel juli commiss monika wulf mathi member commiss oj oj footnot aid letter sg juli footnot aid letter sg februari oj applic direct extend council regul ec oj amend regul ec oj oj oj point commun annul court justic judgment june case french republ commiss ecr readopt commiss amend adopt direct ec oj judgment court justic march case italian republ commiss ecr paragraph footnot point commun oj oj oj footnot point commun oj oj oj oj footnot point commun ibid