commiss decis state aid italian author implement favour sugar sector notifi document number italian version authent ec commiss european commun regard treati establish european commun subparagraph articl thereof call interest parti submit comment pursuant articl procedur februari june juli commiss receiv report aid implement italian author favour compani own sugar factori letter date august perman represent itali european union notifi aid question letter date novemb commiss inform italian author decis initi procedur laid articl treati respect aid titl ii letter commiss invit itali submit comment month date notif decis commiss decis initi procedur publish offici journal european commun commiss invit member state interest parti submit comment aid month public italian author submit preliminari comment letter april june submit detail comment procedur initi commiss april commiss receiv comment undertak oper sector recipi compani aid question transmit italian author ii descript aid aid regard commiss initi procedur grant proprietor sugar factori locat celano point castiglion fiorentino point grant chronolog public intervent approv commiss invest aid restructur factori point date bracket refer decis interministeri commiss econom plan hereinaft quot cipe quot approv grant aid aid provid rib spa hereinaft rib public joint stock compani intervent agri foodstuff sector inform submit italian author legal basi grant aid found act no govern intervent rib provid adopt nation plan restructur sugar sector itali aid provid correspond type aid act nation plan restructur sugar sector extens letter date commiss inform italian author decis nation plan restructur sugar sector relat year hereinaft quot pn quot plan fix aim procedur restructur gener manner provid detail permit concret assess compat aid measur implement commiss inform italian author intend rais object act reserv examin specif intervent plan envisag law notifi articl case case basi pn italian author notifi specif intervent plan aim castiglion fiorentino sugar factori celano strongoli work project approv commiss letter date decemb august plan envisag invest restructur castiglion fiorentino sugar factori hold rib capit compani zuccherificio castigliones spa quot castigliones quot sum itl billion grant loan subsidis rate rib compani sum itl billion invest restructur sugar factori celano strongoli hold rib capit compani nusam spa quot nusam quot sum itl billion grant loan subsidis rate rib compani sum itl billion durat nation restructur plan sugar sector extend year letter date june commiss approv extens gave initi approv plan period reserv quot examin measur adopt implement updat restructur plan notifi articl treati quot decis commiss ask italian author make commit regard potenti recipi aid made decis regard measur provid restructur plan aid subject decis fall context grant period nation plan restructur sugar sector forc consid italian author compli mention plan aid relat celano work aid restructur celano sugar factori initi grant nusam compani sadam abruzzo spa hereinaft quot sadam abruzzo quot sadam group bought factori liquid nusam decemb lesse august aid refer point decis interministeri committe econom plan cipe decis april grant aid form stake capit nusam proprietor celano sugar factori sum itl billion lire stake occas increas capit reduct itl itl billion lire cover compani loss stake written cover oper loss cipe decis septemb aid grant form sureti itl billion favour sadam abruzzo lesse proprietor sugar factori sureti grant sadam abruzzo leas factori nusam guarante commit respect parti creditor cipe decis februari aid grant form sureti itl billion favour sadam abruzzo amount guarante correspond cost born sadam abruzzo invest made behalf proprietor nusam period lesse factori aid itl billion grant form stake capitalis nusam write capit cover oper loss stake form waiver part mortgag credit nusam sum cipe decis juli rib appoint implement measur requir prevent bankruptci nusam permit sale properti celano factori sadam abruzzo specif intervent plan measur implement waiver mortgag celano factori guarante payment nusam residu judgment debt itl billion ow rib waiver impli downgrad credit unsecur credit allow nusam avoid bankruptci arrang creditor defer credit unsecur unsecur credit credit lost definit bankruptci nusam decemb sale celano factori properti nusam sadam abruzzo mean accept residu debt rib itl billion condit grant pre amortis period year payment subsidis interest payment debt itl billion aid grant cipe decis juli aid form stake capit sadam abruzzo sum itl billion loan billion lire subsidis rate grant rib sadam abruzzo aid relat castiglion fiorentino factori aid grant castigliones capit stock share rib federconsorzi spa major sharehold liquid result difficulti compani control share belong federconsorzi spa sold seci spa quot seci quot castigliones part sadam group juli aid august aid grant form sureti favour castigliones proprietor castiglion fiorentino sugar factori open line credit billion lire cover expenditur decis date april cipe approv intervent plan quot specif intervent plan quot favour castigliones aim restor financi situat compani appli arrang creditor august measur implement extens addit period ten year stake acquir sum itl billion aid constitut stake approv commiss convers capit part billion lire loan subsidis rate grant rib castigliones aid consist grant loan approv commiss spread reimburs residu part loan itl billion year rib stake capit castigliones sum itl billion grant rib loan itl billion subsidis rate castigliones redempt sadam abruzzo rib share refer point face iii motiv initi procedur reason commiss decis initi procedur articl sum aid grant rib implement cipe decis mention restructur plan sugar sector approv commiss envisag specif intervent plan request aforesaid restructur plan specif intervent plan notifi commiss articl treati give outlin approv restructur plan specif reserv decid compat measur envisag itali argument demonstr posteriori exist causal link aid grant rib make invest recipi compani unaccept commiss find link aid invest made accept aid grant articl council regul eec no june common organis market sugar sector amend commiss regul ec similar provis council regul eec amend commiss regul ec valid year aid restructur beet sugar sector itali meet condit motiv except current plan restructur sugar sector itali compli restructur plan jurid context articl regul eec aid examin consid aid invest take account situat recipi time payment aid undertak difficulti light rule govern aid invest agricultur product process market sector aid fall prohibit grant aid invest sugar sector rule govern aid rescu restructur firm difficulti concern commiss consid criteria applic agricultur sector time procedur initi laid commun guidelin state aid rescu restructur firm difficulti respect guidelin modifi account specif criteria applic agricultur sector iv comment interest parti letter date april privat compani notifi comment commiss framework procedur initi articl compani produc market beet sugar direct competitor sadam group compani share commiss factual jurid analys intervent examin commiss favour celano castiglion fiorentino sugar factori properti sadam implement aid end benefit sadam proprietor factori celano belong nusam castiglion fiorentino belong castigliones favour condit accept market economi compani agre commiss conclus cipe decis august authoris rib rais loan subsidis rate favour celano sugar factori itl billion view failur implement cipe decis consequ failur pai sum provid suffici rule conclus natur measur question aid announc resourc allow nusam obtain loan bank system obtain claim commiss account distort effect provok measur envisag implement cipe decis april fact simpli envisag allow nusam obtain loan bank argument compani question base view announc avail resourc favour recipi compani rise effect grant state guarante inform lead conclus absenc mention announc undertak question unabl obtain loan bank system loan obtain grant interest rate lower appli financi institut similar loan undertak comment itali italian author made preliminari comment letter date april june made detail comment procedur initi commiss summaris italian author aid part ii grant implement cipe decis nation plan restructur sugar sector approv commiss decis pn subsequ extend updat period extens updat pn plan approv commiss decis june aid coher continu measur provid specif intervent plan approv commiss decis decemb castiglion fiorentino sugar factori august celano factori specif intervent plan approv commiss deem complianc notifi approv restructur plan sugar sector italian author maintain plan sector approv commiss repres refer paramet legitimaci measur adopt aforesaid cipe decis accord case law european court justic judgment octob case itali commiss italgrani case law commiss specif grant aid alleg made pursuanc previous authoris scheme outset examin directli relat treati examin aid cover gener scheme satisfi condit laid decis approv judgment court state quot examin circumscrib commiss find individu aid conform decis approv scheme regard authoris aid exist aid quot italian author fact commiss made approv plan sector condit prior notif individu intervent plan constitut procedur aspect find failur fulfil prior notic oblig effect assess compat aid plan sector failur prevent aid question consid approv exist articl treati paragraph articl applic aid measur disput commiss deem restructur aid restor profit recipi undertak medium long term respect prohibit exceed product quota laid decis approv plan sector italian author principl proportion aid paid cost benefit restructur respect author provid figur intend prove factori effect reach econom financi effici italian author point relationship aid grant invest made sugar factori period respect celano sugar factori plan envisag invest itl billion provid specif plan approv commiss invest itl billion made intervent rib total itl billion billion provid specif plan grant equival aid compar invest envisag plan compar invest made castiglion fiorentino sugar factori plan envisag invest itl billion billion provid specif plan approv commiss invest itl billion made intervent rib total itl billion billion provid specif plan grant equival aid compar invest envisag plan compar invest made italian author invest made concern technolog modernis machineri improv product capac express process potenti tonn beet year italian author provid figur support statement itali view restructur sugar factori involv competit equilibrium exist implement measur question increas sugar product quota itali aid benefit compani restructur sugar factori belong framework object establish plan sector pn laid intervent rib constitut specif instrument restructur sugar sector rib act accord specif intervent plan drawn compani restructur rib instrument laid act stake participatori loan loan subsidis rate rib intervent upvalu sharehold beet grower process undertak achiev agri industri balanc effici definit econom manag criteria agricultur compon industri consid fundament object plan central itali product concentr castiglion fiorentino sugar factori closur cecina work southern itali celano remain sugar factori product closur capua avezzano plant rib intervent avail reconfigur proprietari framework plant form purpos achiev higher effici sector updat pn pn note rib intervent implement sector plan involv stake amount sum itl billion loan amount total itl billion found limit intervent exist plant continu creation industri process pole central itali confirm resourc intervent rib envisag basi specif intervent plan italian author specif intervent plan invest celano castiglion fiorentino approv cipe show object pursu public intervent agricultur industri restructur beet sugar sector accord nation plan sector articl regul eec italian author industri restructur object achiev inter alia concentr process activ sugar factori question closur work cecina avezzano latina technic econom financi concentr process activ plant gave rise benefit term economi scale job maintain make state welfar mechan object particip beet grower industri activ achiev particip beet grower nation financ compani finbieticola capit compani own castiglion fiorentino plant compani benefit rib intervent regain last profit satisfi condit reimburs rib loan stake object maintain agricultur suppli basin incom oper beet sector achiev increas product capac aforesaid basin italian author dispers intervent process plant locat distanc km compar celano castiglion fiorentino commun provis fix intervent price sugar compens transport cost cover distanc km gener point view italian author underlin commiss favour privatis public compani italian author case celano properti nusam compani region public bodi hold case castiglion fiorentino belong castigliones compani control federconsorzi intervent led real effect privatis italian author maintain aid provid purchas sugar factori case fact properti transfer oper place framework liquid procedur control compet bankruptci court oper interest repli sale offer condit rib intervent favour purchas occur transfer properti respect commun guidelin state aid favour compani difficulti regard respect condit laid commun guidelin state aid rescu restructur firm difficulti italian author made comment restor profit aid grant rib specif technic financi restructur plan aim restor long term profit firm object achiev case question compani benefit intervent regain industri econom financi effici absenc distort effect competit produc restructur aid condit respect product capac result rib intervent exce nation quota assign itali quota relat beet product basin cover plan restructur sugar factori accompani closur nearbi plant rib aid affect product sugar beet basin question rib aid preced specif intervent plan deem rescu aid defin relev commun guidelin refer temporari measur aim support recipi undertak await restructur intervent restructur celano sugar factori italian author rib intervent favour celano sugar factori assess light consider financi situat nusam proprietor sugar factori celano strongoli made imposs achiev object set adopt specif intervent plan approv commiss fact financi year conclud loss amount itl billion itl billion oper loss strongoli plant analysi financi figur show celano sugar factori oper balanc sheet year show surplu itl billion imposs maintain strongoli plant evid excess financi charg connect compani short term debt found compani situat report agricultur ministri approv balanc sheet highlight short term loan itl billion lire debt rib reimburs itl billion loan grant implement specif intervent plan situat ministri agricultur made decis principl separ destini sugar factori prevent probabl bankruptci nusam lead closur celano pant hand manag sadam compani leas implement provis decis date septemb februari point cipe authoris rib provid sureti itl billion favour sadam hand guarante nusam tax oblig hand provid sureti guarante nusam debt sadam invest made leas period itl billion march permit leas strongoli sugar factori compani declar bankrupt decid nusam sharehold meet cover loss year amount itl million wai includ write capit stock itl billion convert part rib credit itl million time meet decid reconstitut nusam capit stock convert part rib credit itl million payment sharehold itl million point octob nusam made applic court rome arrang creditor transfer asset applic accompani offer sadam lesse purchas celano sugar factori purchas offer envisag purchas price itl billion billion consist assumpt purchas part nusam residu debt rib itl billion repres waiv credit nusam sum con espond cost born sadam invest made lesse plant restitut rib sureti provid sadam employ workforc celano sugar factori proprietor judgment juli bankruptci court approv arrang authoris conclus contract sale nusam own plant sadam abruzzo spa sadam group italian author entir sale procedur place control court account purchas offer interest parti strongoli sugar factori close nusam end financi year context aid cipe decis juli point assess regard measur aim prevent bankruptci nusam consequ dispers celano busi posit profit goodwil product quota suppli basin employe abovement cipe decis specif relev intervent plan effect assur aim plan sector achiev concentr process activ mainten beet grow basin complet technic restructur plant commiss believ price paid sadam sugar factori lower real properti italian author calcul itl million effect estim properti account neg profit bad nusam time contract specif plan establish mention decis oblig sadam make invest amount ten billion lire bear mind measur implement cipe decis juli consid constitut restructur plan aim modernis plant reduc product cost restor medium long term profit restructur machineri celano sugar factori irivolv modernis product stage invest made produc result increas process capac tonn beet year assur accept beet product interest basin closur avezzano latina plant increas crystallis capac tonn dai allow reduct storag cost liquid product reduct energi consumpt kg fuel oil tonn sugar creation plant dry pulp regard aid cipe decis april june point particip rib capitalis nusam stage itl billion itl billion italian author maintain justifi fact intervent plan favour celano plant approv commiss modifi increas volum invest provid supplementari invest itl billion scope aid safeguard interest rib nusam sharehold compromis implement guidelin revis plan sector creation sugar pole central itali aid refer point cipe decis septemb februari form guarante provid rib favour sadam lesse sugar factori cover nusam oblig tax natur relat activ nusam period prior leas plant cover nusam debt sadam invest made period leas sureti amount itl billion itl billion regard italian author underlin sureti provid rib involv actual alloc financi resourc invok provid cover loan cover contractu oblig guarante quot return quot sic sadam rib celano sugar factori purchas intervent restructur castiglion fiorentino sugar factori opinion italian author aid form guarante provid cipe decis august point justifi crisi federconsorzi control sharehold castigliones consequ suppress bank credit favour control compani begin financi year castigliones appli judici settlement guarante payment beet beet grower itl billion sureti provid rib castigliones guarante loan grant bank castigliones pai beet grower guarante effect line credit bank fact function provid extern guarante beet grower bank grant castigliones advanc guarante exclus pledg sugar subsequ produc italian author rib intervent provid cipe decis april point consid intervent implement pn pn scope ensur continu process activ sugar factori beet produc basin tuscani umbria compromis intervent made rib favour castiglion fiorentino plant thing recoveri loan subsidis rate endang federconsorzi crisi italian author agre commiss analysi intervent implement basi decis deem aid purchas castiglion fiorentino sugar factori favour sadam reason sale federconsorzi share zuccherificio castigliones spa carri control bankruptci court rome framework arrang federconsorzi creditor sale place complianc rule adopt court interest oper invit part evid italian author success bidder benefit rib intervent term sadam abovement sale rule call bid sadam compani shown interest take part commiss intervent approv cipe decis april refer precis recipi concern success bidder respons sale offer meet condit fix decis extens rib stake castigliones capit current rule possibl subject condit beet grower sharehold recipi compani grant transfer sadam finbieticola spa castigliones share sale price finbieticola purchas share increas capit made rib payment fifteen year interest undertook redeem share rib bought stake castigliones capit fifteen year transfer share plant restructur castiglion fiorentino sugar factori consist modernis machin replac invest made gave result increas process capac tonn beet dai permit factori purchas product basin closur cecina process plant increas crystallis capac tonn dai lead reduct storag cost liquid product reduct energi consumpt kg fuel oil tonn sugar restructur increas power machineri press dry pulp upgrad machineri meet current environment regul italian author aid grant year rib favour nusam castigliones sadam abruzzo restructur sugar factori celano castiglion fiorentino allow object achiev complet invest plan realis consider detriment invest made rib recipi compani concentr technic econom financi commerci manag singl undertak make economi scale establish sugar product pole central itali object laid nation plan sector reduct averag suppli distanc modif raw materi harvest condit adapt produc particip grower manag process undertak castiglion fiorentino sugar factori mainten employ restor profit undertak restructur product capac drop process capac beet dai suppli basin involv closur plant cecina avezzano latina rib intervent undertak mention point hand exclus destin invest modernis plan exclud oper aid hand accord object laid plan sector maintain activ sugar factori celano castiglion fiorentino ensur surviv beet basin involv closur process plant vi assess aid applic articl treati pursuant articl regul eec articl treati applic sugar product market sector view commiss benefit grant rib nusam sadam abruzzo castigliones constitut state aid subject provis articl treati fund nation resourc capit rib publicli own distort competit favour undertak respect competitor inform provid italian author aid grant aim concentr sugar product affect region aforesaid factori closur factori region aid kind affect trade member state extent favour nation agricultur product facilit export product member state involv obstruct import product member state gt tabl gt articl regul eec nation aid grant itali derog rule state aid sugar sector motiv except implement current restructur plan sector countri relev italgrani case law commiss view italian author observ criteria assess aid consider deduc quot italgrani quot case law italian author refer confirm judgment court instanc juli join case aitec al commiss aid examin assess light competit rule treati abovement quot italgrani quot judgment court justic consid commiss examin individu aid measur maintain grant basi scheme approv immedi examin respect treati initi procedur establish aid fall gener scheme meet condit fix decis approv court oblig exist commiss approv gener scheme express reserv respect examin individu case applic scheme mention judgment juli court instanc declar oblig specif notif aid measur implement scheme approv commiss constitut reserv approv type defin quot italgrani quot judgment evid approv nation restructur plan sugar sector itali pn pn subject explicit condit prior notif specif case applic scheme deem approv aid provid basi plan commiss verifi aid provid accord indic contain plan pn pn verif circumst exempt oblig examin aid compat competit rule relat type aid grant conform measur nation plan sector assess point view check aid grant fall type intervent envisag plan object effect correspond envisag plan result check posit case establish aid compli nation plan sector type aid type intervent envisag detail plan sector rule govern rib intervent sugar sector involv take stake capit participatori loan loan subsidis rate provis aid involv grant public guarante waiv credit guarante credit provis rib permit capit compani hold written cover loss waiv restitut invest capit rin interven liquid procedur aim permit sale asset favour condit aid agre rib fall type intervent provid nation plan sector aid refer point sureti favour sadam abruzzo grant period compani lesse celano factori sureti favour castigliones loan sum requir start activ sugar factori financi year aid refer point rib intervent procedur arrang creditor nusam waiver credit guarante defer credit assent transfer nusam residu debt sadam exchang celano factori consequ aid consid compli nation plan sector simpli form correspond form laid relev nation provis assess exclus light gener criteria aid envisag specif intervent plan aid grant envisag specif intervent plan requir nation plan sector fact decid grant discoveri conting problem intervent justifi wide rang plan begin procedur refer articl treati italian author forward cipe decis juli april commiss relat approv intervent plan favour nusam celano factori intervent plan favour castigliones castiglion fiorentino factori aid measur implement rib provid mention decis lie plan framework envisag nation plan sector involv provis sureti point sharehold favour nusam cipe decis juli point light view commiss measur consist provis sureti rib refer point take stake capit nusam refer point intervent rib procedur arrang creditor compani point compli nation plan sector rescu aid italian author measur fall type aid envisag nation plan sector envisag specif intervent plan requir nation plan consid rescu aid relev commun guidelin argument accept commun guidelin state aid rescu restructur undertak difficulti meet requir consist liquid form loan guarante reimburs loan provid interest rate equival market amount limit requir maintain undertak busi cover wage cost current suppli paid period gener month devis feasibl recoveri plan motiv acut social difficulti unjustifi neg effect industri situat member state inform make state condit respect case disput aid measur rib loan stake sureti grant interest rate premium equival market rate sharehold redeem face end agre period applic interest rate loan itl billion grant sadam abruzzo period year rate year remain year premium paid provis guarante aid destin exclus cover wage cost expens requir run undertak period requir devis restructur plan durat aid greater month period laid guidelin refer point aid nation plan sector rib measur restructur celano castiglion fiorentino factori point involv stake capit loan subsidis rate provid plan sector regard conform aim nation plan sector commiss accept argument made italian author demonstr scope effect aid question achiev programm object gener manner nation plan sector creation sugar product pole region central itali object partli achiev particip grower manag sugar factori achiev case castigliones case sadam abruzzo basi indic nation plan specif intervent project factori locat south itali contain procedur implement activ supplement replac sugar product purpos rib carri preliminari feasibl econom financi studi fact remain specif intervent plan notifi italian author make refer execut studi result assess made rib regard case reason conform measur nation plan sector suffici permit compat aid common market declar commiss examin nation plan question give initi approv pursuit object restructur sugar sector ask italian author present specif intervent plan purpos prior approv articl treati aid refer decis commiss decid appli derog provis laid articl treati appli articl regul eec aid motiv except current restructur plan sugar sector itali italian author argument base essenti point aid compli commun guidelin respect intens limit consider purpos assess aid favour invest agricultur product process market sector italian author maintain aid examin consid compat commun guidelin state aid rescu restructur firm difficulti proce separ examin aid grant nusam sadam abruzzo restructur celano factori hand castigliones join sadam group restructur factori castiglion fiorentino hand aim assess case check real restructur plan exist plan exist compli commun guidelin aid nusam sadam abruzzo celano factori recipi aid case celano factori supplementari problem face identifi recipi aid grant rib basi italian author argument public intervent made leav proprietor factori consider favour econom entiti sugar product celano plant origin manag nusam compani sadam abruzzo argument reject theori continu clash observ aid agre phase cipe decis juli favour nusam proprietor factori celano strongoli subsequ pursuant aforesaid decis favour sadam abruzzo commiss accept argument continu quot celano undertak quot assumpt transfer properti concern factori fact case constitu element commerci undertak includ liabil econom busi word success proper sens justifi posit suggest italian author basi inform provid italian author sadam composit procedur right oblig nusam relat product activ celano factori nusam continu busi sale celano factori sadam strongoli factori compani declar bankrupt decemb contrari italian author affirm commiss view aid grant rib celano factori assess distinguish aid favour nusam aid favour sadam abruzzo remain aid consid restructur plan commun guidelin italian author maintain aid nusam regard aid favour nusam cover nation plan sector reason point aid refer point itl billion stake aid refer point itl billion stake doubt aid favour undertak difficulti realiti stake constitut increas capit reduct capit aim cover undertak oper loss respect principl privat investor intend cover oper loss possibl obtain accept incom minim constitut intervent rib capit nusam decid case case ascertain exist financi difficulti undertak basi document defin restructur plan measur refer point waiver mortgag defer credit unsecur formal favour nusam part complex oper includ intervent measur cipe decis juli relat purchas celano factori sadam abruzzo effect analys framework assess measur implement rib appli decis measur meet requir enabl consid rescu aid relev commun guidelin point commun guidelin requir aid restructur grant restructur plan permit restor undertak long term econom financi effici reason time span basi realist hypothes futur oper condit aid link restructur plan submit commiss complet relev particular inform show aid grant nusam part restructur plan aim restor econom financi effici undertak aim aid effect achiev guarante surviv undertak financi difficulti adopt suitabl reorganis measur nusam elimin aid examin consid aid restructur envisag relev commun guidelin italian author argument affirm aid made make invest celano factori commiss receiv piec inform made verifi exist invest plan indispens link grant aid realis invest nusam italian author demonstr aid grant nusam make invest word invest identifi made aid examin aid consist stake capit nusam sum itl billion itl billion form oper aid favour recipi undertak take financi situat nusam account aid consider recover grant amount consecut stake mention itl billion itl billion repaid rib hand note rib stake nusam capit lost definit bankruptci decemb aid consid oper aid contrari constant gener practic commiss implement articl treati judgment court instanc june case siemen commiss light aid question benefit derog provid articl treati aid sadam abruzzo lesse celano factori sureti sureti provid sadam abruzzo period compani lesse celano factori aid refer point reason point aid cover nation plan sector commiss state initi procedur aid assess light criteria applic state guarante repli commiss object italian author provid element demonstr criteria respect case question statement italian author sureti made relev advantag creat public guarante moment provid exclus effect avail accord point commiss commun applic articl treati articl commiss direct eec public undertak manufactur sector case guarante applic indiffer public privat undertak conform measur type examin moment grant assess element aid contain guarante depend financi situat recipi undertak sureti case grant undertak financi difficulti correspond guarante sum itl billion itl billion market price sadam pai guarante provid financi institut similar condit risk commiss confirm reason made time procedur initi confirm aid grant rib sadam form sureti benefit derog provid articl treati form oper aid meet requir laid commun rule applic aid grant guarante form criteria laid commun guidelin state aid favour undertak difficulti aid transfer celano factori nusam sadam cipe decis juli envisag seri intervent aid measur aim prevent bankruptci nusam permit sale factori celano nusam sadam abruzzo specif intervent plan measur implement involv waiv mortgag celano factori guarante nusam residu debt itl billion rib defer credit unsecur unsecur credit bankruptci nusam decemb credit definit lost sell celano factori nusam sadam abruzzo shoulder respons reimburs residu debt itl billion rib reimburs condit concess pre amortis period year exempt payment interest reimburs aforesaid debt itl billion aid form stake capit sadam abruzzo sum itl billion loan subsidis rate sum itl billion grant rib sadam abruzzo aid specif intervent plan nation plan sector commiss view aid conform plan sector measur implement rib appli aforesaid cipe decis respect type instrument stake capit participatori loan subsidis loan made rib facilit restructur sugar sector itali initi intervent rib cipe decis juli refer point aim prevent bankruptci nusam allow sell celano factori sadam abruzzo lesse achiev object rib waiv mortgag credit itl billion respect nusam allow appli judici arrang creditor import note defer rib mortgag credit condit laid italian law undertak difficulti avail arrang creditor procedur met order avail procedur debtor fact pai preferenti credit rib mortgag credit unsecur credit case initi bankruptci procedur imped conclus contract sale factori sadam asset nusam put judici control framework procedur liquid compani led closur factori italian author comment point oper consid intervent measur involv state aid articl treati aim permit sale factori condit compat principl privat investor market economi realiti thing benefit rib obtain set oper provid cipe decis juli sadam shoulder debt subsidis loan itl billion nusam pre amortis period year grant reimburs subsidis loan rememb asset nusam includ celano factori billion basi evalu independ consult exceed mortgag itl billion rib benefit partial reimburs debt itl billion shown privat creditor nusam behav waiv credit commiss feel behaviour consid compar privat investor market economi cipe decis juli envisag waiver rib credit defer accompani decis sell factori sadam abruzzo state aid measur favour compani waiver rib credit accompani waiver credit nusam creditor analog commiss commun particip public author capit undertak waiver credit public author proport waiver credit privat creditor oper state aid oper consid state aid privat investor normal condit market economi expect behav true recipi aid identifi formal recipi nusam commiss view compani gain financi advantag aid regard rememb time defer debt nusam precari financi posit subsequ bankrupt hand defer credit reduc nusam indebted econom effect oper modifi structur order preced compani creditor waiv mortgag rib waiv preced accord credit pass place nusam creditor oper creat advantag nusam oblig reimburs creditor case limit resourc defer waiver credit framework set financi intervent measur decid date aim permit transfer celano factori nusam sadam normal market condit absenc intervent rib transfer made market price optimis reimburs nusam creditor reason commiss view price paid sadam transfer celano factori market price point commiss view sole object oper transfer celano sugar factori nusam sadam favour condit confirm italian author observ point state ministri agricultur decis prevent probabl bankruptci nusam lead closur celano factori hand manag sadam ministri decis cipe decis commiss conclus part aid formal grant nusam realiti constitut aid sadam purchas celano factori aid correspond differ market price factori price paid sadam conclus sole econom effect defer mortgag debt itl billion unsecur credit sadam advantag bear mind inform provid italian author commiss felt measur constitut aid favour nusam creditor reason main effect defer credit modifi order preced creditor framework procedur arrang creditor undertak settl preferenti credit unsecur credit order avail procedur commiss deem defer credit allow nusam creditor recov greater part credit oper waiver rib billion credit creditor fact recov credit nusam wound hand guarante liquid preferenti credit unsecur price paid sadam purchas factori concern initi procedur commiss maintain correspond effect celano factori result evalu made expert appoint rib agreement nusam estim properti transfer fact itl billion italian author disput exist evalu estim sum argu estim worth properti account neg profit bad nusam balanc sheet commiss understand italian author explain nusam bad influenc evalu celano factori purchas work sadam oblig connect econom activ previou proprietor word italian author explain price estim expert reduc itl billion price offer sadam sale public auction made learn market transfer factori absenc sale procedur commiss conclud market price celano factori higher price paid sadam compar expert estim itl billion sadam offer price celano factori waiver credit nusam sum invest made celano factori period leas itl billion shoulder nusam debt loan subsidis rate itl billion rib rib grant sadam pre amortis period year reimburs debt nomin offer itl billion lower aforesaid estim itl billion econom waiver sadam debt ow nusam correspond amount debt basi inform credit unsecur prospect reimburs time waiver appear reduc pessimist hypothesi amount debt itl billion shoulder subsidis loan accord nusam rib adjust consider reimburs facil loan reduc interest pre amortis period reimburs capit light commiss view sale celano factori sadam abruzzo made market condit differ price fix cipe decis juli price establish expert itl billion constitut state aid favour sadam abruzzo assess aid favour sadam abruzzo restructur aid italian author maintain aid consid aid restructur undertak difficulti accord commun guidelin rescu restructur firm difficulti sadam abruzzo benefit aid type relev commun guidelin firm permit benefit rescu restructur aid defin unabl recov resourc rais fund sharehold borrow note financi weak firm rescu govern gener due poor past perform dim futur prospect guidelin describ typic symptom firm benefit aid deterior profit increas size loss increas debt rise interest charg evid symptom characterist newli creat firm appli firm creat activ firm difficulti procedur arrang creditor present case nusam verg bankruptci delai avoid aid grant rib point commun guidelin specifi fact assess aid influenc ownership structur recipi busi guidelin nation region aid state aid take factori close close purchas give rise advantag undertak difficulti examin light commun guidelin case question commiss consid aid nusam satisfi condit envisag commun guidelin point sadam abruzzo legal financi independ nusam aid grant rib liquid past debt improv situat caus previou poor manag aim realiti restructur undertak difficulti hand italian author provid element conclud sadam abruzzo undertak difficulti conclud aid examin assess light commun guidelin respect argument made italian author aid permit invest made factori concern assess aid light criteria applic invest agricultur product process market sector conform plan sector preliminari observ made constant gener practic commiss assess aid state propos grant appli sector restrict decid examin admiss commun fund success commun regul improv condit process market agricultur product regul eec eec ec procedur quot codifi quot adopt guidelin state aid connect invest process market agricultur product abovement sector restrict prohibit grant aid sugar sector basi articl regul eec occas approv nation plan restructur sugar sector itali commiss allow derog restrict aid except plan case aid invest celano strongoli castiglion fiorentino factori envisag specif intervent plan favour nusam castigliones approv commiss waiver assess case case commiss notif specif plan commiss view reason aid accord nation plan sector instrument provid restructur sugar sector itali aid benefit derog provis articl regul eec aid motiv except link current plan restructur sugar sector itali emerg analysi base gener criteria state aid type aid examin similar aid favour purchas exist factori italian author claim consid invest aid invest aid specif intervent plan approv cipe decis juli provid seri aid measur favour sadam abruzzo compens invest itl billion purchas celano factori itl billion invest made sadam abruzzo period leas factori explain exist credit sadam abruzzo respect nusam itl billion invest detail specif intervent plan commiss view cost categori consid admiss invest commun rule state aid regard sum itl billion price quot paid quot sadam abruzzo purchas celano factori prejudic set regard type assess aid grant purchas factori commiss reiter posit aid grant facilit simpl chang ownership exist asset impli sector advantag constitut advantag exclus interest parti parti oper consid aim make initi invest commun sens term guidelin nation region aid constant gener practic relat specif sector region aid set initi invest mean invest fix capit relat set establish extens exist establish start activ involv fundament chang product product process exist establish rationalis diversif modernis condit exist case examin case sum expens born moment aid provid regard invest made sadam abruzzo grant aid refer cipe decis juli sum itl billion admit aid invest virtu fundament principl govern state aid aid grant undertak achiev desir result principl exclud admiss aid retroact respect effect hope realis invest case longer capabl produc incent effect judgment court justic septemb case philip morri commiss expens invest effect provid specif intervent plan celano factori exclus relat invest plan invest made date cipe decis question made expens amount itl billion meet requir benefit state aid articl regul eec no commiss decis approv nation plan sector expens envisag framework specif intervent plan motiv except connect abovement nation plan fact specif intervent plan consid implement restructur undertak aid grant pai expens assess favour framework articl treati take account derog provid articl regul eec celano factori locat object area time aid grant amount aid sadam benefit make invest contempl specif intervent plan limit admiss expens intens applic invest process market sector agricultur product object area aid amount itl billion gross grant equival aid receiv sadam abruzzo cipe decis juli assess reduct purchas price celano factori aid equival differ ascertain factori itl billion price paid sadam effect sum price sum real shoulder theitl billion loan transfer sadam face loan aid repres reduct interest rate appli loan respect market interest rate concess pre amortis period reimburs loan waiver credit reason set calcul itl billion aid complet incompat common market rib stake capit sadam abruzzo sum itl billion stake capit redeem face stake calcul sum loan interest rate durat equal stake period exempt reimburs capit durat loan interest rate basi calcul gross grant equival aid commun refer rate applic itali date oper loan subsidis rate sum itl billion gross grant equival aid take account reduct interest rate agre reimburs exempt calcul commun interest rate applic itali date loan refer rate aid refer point incompat common market express gross grant equival exce sum itl billion billion sadam abruzzo lawfulli receiv invest aid assess aid favour nusam creditor defer waiver rib mortgag credit itl billion convert unsecur credit constitut state aid favour sadam abruzzo aid favour nusam creditor point light commun guidelin aid favour invest aid restructur undertak difficulti absenc jurid base suggest italian author found commiss aid examin consid oper aid contrari commiss constant practic regard applic articl treati point aid consid incompat common market aid castigliones relat castiglion fiorentino factori guarante open line credit billion lire favour castigliones expens connect financi year aid refer point back state guarante argument made point valid aid guarante form compat oper aid compli commun rule govern aid form guarante aid favour undertak difficulti specif intervent plan decis april regard aid grant castigliones applic specif intervent plan approv cipe decis april italian author put forward argument conform guidelin aid firm difficulti restructur aid compat invest aid conform commun guidelin state aid restructur firm difficulti commiss view aid favour castigliones compli commun guidelin aid restructur firm difficulti concern restructur plan mean commun guidelin overcom difficulti castigliones specif intervent plan envisag grant seri aid measur reduc financi cost indebted rib extens stake rib convers part credit capit itl billion total itl billion due rib spread residu debt year hand hand provid compani fresh resourc stake period itl billion subsidis loan itl billion basi commun guidelin restructur plan firm difficulti long term econom financi effici undertak restor reason time span basi realist hypothes futur oper condit specif intervent plan approv cipe decis april consid accord definit restructur plan aid restructur fact link programm reorganis undertak present commiss detail restor undertak profit obtain princip mean intern measur envisag restructur plan specif intervent plan hand limit list financi castigliones seek analys difficulti date back firm previou manag refer exclus factor undertak made commun rule sugar sector neg impact sector gatt negoti term reduct commun aid consequ measur intern reorganis undertak envisag oblig recipi aid specif intervent plan fact oblig guarante continu beet suppli basin complet restructur plant measur consid reorganis measur mean commun rule plan transmit commiss procedur initi make refer futur manag condit undertak vagu term imposs trace presenc realist hypothes futur condit long term profit commiss consid specif intervent plan constitut restructur plan relev commun guidelin precis indic permit verif hand reason undertak difficulti exist intern reorganis measur hand effect solut propos adopt prevent undu distort competit restructur plan adopt measur attenu unfavour repercuss aid competitor case examin capac market recipi oper restructur plan contribut proport aid receiv restructur sector serv market commun irrevers reduct product capac closur plant structur capac sugar sector year system nation product quota establish framework regul eec forbid grant aid invest sector prohibit express constant preoccup prevent increas product capac sensit sector specif intervent plan envisag reduct product capac recipi undertak rule laid commun guidelin recipi aid restructur proce irrevers reduct product capac closur plant temper shown reduct capac risk creat clear deterior structur market give rise monopoli oligopoli situat strict sens demonstr case question regard italian author state respect condit impos commiss approv nation plan sector case aid restructur lead nation sugar quota assign itali exceed condit laid point ii commun guidelin aim safeguard free plai competit market subject quantiti limit fix global level member state italian author state increas product capac castiglion fiorentino factori tonn beet process dai permit collect process beet produc beet basin factori previous share sugar factori locat cecina closur condit closur link restructur plan castigliones exist factual element permit exempt rule case kind restructur accompani reduct product capac consid demonstr proportion aid cost benefit restructur criterion restructur aid limit minimum strictli permit restructur criterion respect condit present hand recipi aid contribut signific manner restructur programm fund recours borrow market condit hand aid unduli reduc undertak financi cost allow recipi avail supplementari liquid aggress perturb initi market relationship restructur process case aid financ invest restructur oper condit respect case aid question inform show fact restructur financ resourc provid exclus rib cipe decis april specif intervent plan approv result refer made cost restructur process born recipi oblig castigliones sugar factori respect order benefit financi sharehold quantifi complet restructur plant case recipi particip invest cost indispens restor profit reason time particip signific manner request guidelin global cost restructur undertak hand note basi inform aid paid castigliones implement specif intervent plan allow part compani debt rib amount itl billion convert share capit oblig redempt share face ten fifteen year depend case spread residu debt favour condit allow invest sum itl billion envisag specif intervent plan made invest purpos restructur basi envisag specif intervent plan invest billion lire consid requir immedi permit continu activ castiglion fiorentino factori specif intervent plan envisag invest amount itl billion year rib intervent amount itl billion normal technolog upgrad machineri invest consid guidelin restructur aid light commiss consid aid examin excess allevi financi burden castigliones sugar factori allow compani thing fund invest plan strictli limit requir restructur purpos conclud aid compli relev commun guidelin similarli aid grant nusam sadam abruzzo italian author argument aid grant castigliones approv invest aid remain verifi consid compat common market restructur sugar sector itali respect maximum intens applic aid kind region involv moment aid grant regard condit recal term specif intervent plan part itl billion invest envisag destin normal technolog upgrad machineri commiss ground conclud invest restructur compani restructur sugar sector itali situat hand invest specif intervent plan consid indispens activ sugar factori continu expenditur amount itl billion item meet requir benefit state aid articl regul eec commiss decis approv nation plan sector fact specif intervent plan motiv except link plan sector fact specif intervent plan consid implement restructur aid grant make invest favour assess articl treati take account derog provid articl regul eec castiglion fiorentino factori locat region object area aid provid amount aid castigliones receiv invest envisag specif invest plan limit permit expens intens applic aid invest agricultur product process market sector area object region aid amount itl billion gross grant equival billion calcul aid commiss believ castigliones consid firm difficulti correspond total sum loan rib stake commiss fact element conclud time loan stake provid castigliones reimburs italian author date reimburs rigor respect aid castigliones receiv implement cipe decis april calcul set point extens addit period ten year billion lire stake stake correspond loan rate period year exempt reimburs capit period length year interest rate consider calcul grant equival aid commun refer rate date aid provid convers capit itl billion debt stake capit compani itl billion calcul take account fact stake equival loan interest period equal stake held pre amortis period equal life loan interest rate consider calcul grant equival aid commun refer rate date aid provid financi advantag accompani convers itl billion debt capit includ calcul write interest due date convers debt spread residu debt billion lire subsidis loan itl billion fifteen year gross grant equival aid take account reduct interest rate pre amortis period accord calcul commun refer rate date aid provid part aid refer point exce sum itl billion gross grant equival castigliones lawfulli receiv invest aid compat common market aid purchas castigliones intervent approv cipe decis april consid aid purchas control share packag castigliones intervent precis recipi direct potenti awarde public sale procedur provid met requir laid decis public sale procedur carri control bankruptci court rome framework arrang federconsorzi creditor oper invit particip auction vii conclus notifi commiss articl treati aid subject decis paid unlawfulli wait commiss decid compat common market reason set incompat common market prohibit refer articl treati benefit derog paragraph event incompat aid common market commiss exercis power recognis judgment court justic juli case commiss germani confirm judgment februari case deufil commiss septemb case commiss germani order member state recov unlawfulli paid aid recipi recoveri restor previous exist situat elimin financi advantag recipi unlawfulli paid aid enjoi unduli date aid paid aid repaid accord procedur italian law quantifi italian author accord criteria set decis sum obtain applic criteria bear interest date aid grant moment effect recoveri calcul basi market rate refer rate calcul grant equival framework region aid decis prejudic measur commiss decid implement fund common agricultur polici framework european agricultur guidanc guarante fund eaggf adopt decis articl aid italian author grant public compani rib spa incompat common market aid nusam spa form stake capit itl billlion april itl billion februari aid sadam abruzzo spa form public sureti guarante sum itl billion septemb itl billion februari aid provid cipe decis juli downgrad defer credit itl billion advantag sadam abruzzo creditor nusam reduct purchas price celano factori advantag shoulder itl billion favour sadam abruzzo spa aid zuccherificio castigliones form public sureti guarante sum itl billion august aid grant italian author public compani rib spa juli sadam abruzzo spa incompat common market extent express gross grant equival exce sum itl billion aid form stake capit sum itl billion tile aid form loan subsidis rate sum itl billion lire aid grant italian author public compani rib spa april zuccherificio castigliones spa incompat common market extent express gross grant equival exce sum itl billion aid form extens redempt term stake itl billion addit period ten year aid form convers credit itl billion lire capit stock aid form renegoti debt itl billion aid form stake capit sum itl billion aid form loan subsidis rate sum itl billion articl italian author measur recov recipi aid refer articl unlawfulli made month notif decis recoveri effect accord procedur italian law sum recov bear interest date made recipi actual recoveri interest calcul basi refer rate calcul grant equival region aid articl italian author inform commiss month notif decis procedur calcul grant equival aid recov italian author inform commiss month notif decis measur compli articl decis address italian republ brussel commiss franz fischler member commiss oj footnot debtor cover preferenti credit unsecur credit oj oj oj oj oj oj ecr ecr point judgment ecr point judgment figur refer intervent sugar factori properti nusam time celano strongoli footnot remaind credit itl million lost declar bankruptci nusam ecr ii ecr ii point judgment refer rate itali ecr ii commiss letter member state date april octob oj bulletin oj oj oj oj oj footnot ecr ecr ecr ecr