commiss decis juli aid grant austrian govern head tyrolia mare form capit inject german text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof notic parti concern accord aforement articl submit comment regard comment case histori june commiss receiv letter french produc articl winter sport ski ski boot ski bind request commiss investig alleg state aid grant austrian compani head tyrolia mare htm sharehold public hold compani austria tabakwerk april press report rescu packag grant htm offset high loss incur previou year decis inject capit htm report april august decis implement mean inject year septemb press report agreement reach intern group investor privat htm august austrian author letter commiss inform intent inject ös million ecu million htm claim mere commerci invest refut unfavour reaction media commiss letter austrian govern septemb request detail inform alleg aid measur htm commerci financi situat restructur measur undertaken plan compani futur plan forecast austrian govern repli letter date septemb meet austrian repres held septemb complaint receiv commiss austrian competitor htm octob ask commiss investig financi support grant htm public sharehold person interest acquir htm submit observ matter commiss commun date octob novemb meet held octob claim reject offer suffici justif commiss met complain novemb submit invit particip acquisit htm express interest line account austrian author htm repres assist consult submit inform explan commun date octob meet commiss offici held septemb octob novemb fax date novemb austrian govern ask commiss inject effect htm plan includ june author rescu aid convert sharehold loan bear commerci interest rate year decemb commiss decid initi formal proceed pursuant articl approv inject rescu aid decis notifi austrian govern februari meet februari contact agreement reach austrian author passag text commerci sensit delet publish version due translat error german version commiss decis march commiss decid amend version decis notifi austrian govern march publish offici journal european commun april oj commiss receiv comment austrian govern letter date april interest parti letter april observ interest parti submit austrian author letter date june meet repres austrian author htm place june meet complain june austrian govern respond comment interest parti request commiss addit inform june letter juli austria tabak head tyrolia mare wholli own republ austria repres ministri financ core activ sport sector real estat busi manag austrian state tobacco monopoli complianc commun legisl market liber januari activ distribut retain special right period htm hold compani group oper manufactur market sport articl winter sport tenni dive group turnov ös million ecu million total realiz usa japan western europ june group emploi worker acquir control stake htm held swiss japanes investor diversif move resembl tobacco relat hold compani philip morri amer group prompt tobacco market declin expect ban tobacco monopoli austria enter eea time acquisit htm burden high indebted level ow recent leverag bui oper acquisit price low million ecu million reason htm immedi recapit million ecu million measur condit sale contract receiv addit sharehold loan dm million ecu million spite announc ration diversif invest programm htm group incur heavi loss forecast show consider neg oper margin group turnov neg result due sharp declin world ski market demand fall year highli neg perform activ sportswear golf equip high financi charg restructur extraordinari item depress financi perform januari sought assist merchant bank sbc warburg elabor plan htm turnaround march sbc warburg entrust develop project htm privat sbc warburg start select procedur potenti buyer htm extend june send letter candid order avoid htm insolv forc inject ös million ecu million april convert loan equiti juli restructur plan draft htm return viabil profit plan concentr core busi alpin ski bind boot tenni dive abandon golf sportswear sport shoe exclud tenni shoe financ plan ward insolv procedur sharehold ministri financ august approv decis inject capit ös million ecu million htm recapit schedul tranch effect ös million ecu million paid htm august septemb adopt restructur plan time continu search buyer group connect decis condit carri restructur plan agreement reach main bank financ htm agre write part outstand debt ös million ecu million reschedul debt waiv part interest ös million ecu million time top manag resign interim manag previou member supervisori board appoint septemb restructur option abandon favour sale due dramat deterior htm situat manag claim skill manag htm long restructur process oblig austrian govern postpon plan privat prejudic proceed reduc price offer market septemb board director decid sbc warburg advic accept preliminari offer group intern investor led johan eliasch hereinaft call eliasch negoti privat htm share purchas agreement eliasch stipul sale price ös million ecu million capit grant htm ös million ecu million paid schedul ös million septemb ös million paid august septemb ös million decemb ös million june ös million decemb ös million march eliasch commit inject ös million ecu million htm instal contribut paid agreement partli chang eliasch undertak inject ös million ecu million amount approv measur commiss addit receiv capit gain eliasch realiz decid sell htm part htm parti mean sale share public offer final eliasch maintain product austrian plant year employ product plant schwechat current level product plant hörbranz kennelbach current level bank agreement debt write reschedul void consequ develop negoti enter sum measur undertaken favour htm gt tabl gt ownership htm benefit tax credit attach past loss carri forward decemb loss estim approxim million ecu million group week novemb commiss inform lender bank agre confirm contribut slightli reduc htm restructur ownership mean debt write ös million ecu million debt reschedul interest waiv ös million ecu million agreement addit inject eliasch ös million ecu million top ös million ecu million laid share purchas agreement begin februari commiss inform conclus share purchas agreement place transfer share ownership htm eliasch competit posit industri financi situat htm middl htm group consist main oper head tyrolia mare brixia head sportswear head manufactur market tenni squash racketbal racket tenni shoe alpin ski equip golf equip tyrolia manufactur market alpin ski ski bind ski boot cross countri ski bind shoe mare manufactur market skin scuba dive equip brixia manufactur market ski boot hike boot brand name san marco munari head sportswear design produc distribut sportswear bear brand name head tyrolia htm sell tenni ball relat accessori penn brand act italian distributor puma footwear uvex eyewear oper locat unit state europ germani austria itali czech republ estonia austrian product site locat kennelbach employe hörbranz schwechat neusiedl htm turnov ös million ecu million product break gt tabl gt geograph area htm sold turnov usa canada japan western europ germani itali spain austria franc main sector activ htm held market share rank competitor european market htm held approxim rank exclud tenni head market leader share gt tabl gt tabl present econom financi situat htm give pictur neg evolut group perform gt tabl gt expect massiv net loss includ number recur charg cost ongo restructur roughli break million gt tabl gt capit inject made allow htm offset major part loss incur establish equiti capit posit level reliev partial unsustain level indebted market situat trend tradit market htm oper dive show substanti growth difficult period end suffer sharp declin demand world level alpin ski matur market suffer substanti overcapac japan usa biggest market world sale drop year expect stabil level million pair due ag ski popul environment concern competit snowboard form winter tourism price stagnant weak expect increas attract nich emerg market offer scope growth gener market trend concentr big produc ski bind situat appli ski market absenc technolog electron expect short term bind commod sold set ski differenti brand ski boot market develop parallel ski bind tenni market declin world sale drop million unit due trend younger gener fashion sport drift ag popul sport golf total market expect declin specif geograph region potenti growth averag price declin success product differenti produc maintain increas price gener trend global product concentr global tenni compani dive market enjoi steadi growth earli expect continu grow rate year restructur htm comprehens busi plan turnaround htm includ restructur financi measur submit commiss plan work eliasch manag htm assist sbc warburg amp saatchi gutmann amp cie strateg object return htm core activ tenni ski bind boot dive emphasi short term head brand market activ innov high technolog product market restructur complet long term object includ extend activ enter product market licens geograph area restructur plan includ oper break return profit ultim object offer part htm equiti stock market restructur plan base cornerston dimens product capac winter sport line ski boot bind racket reflect declin market includ outsourc transfer labour intens manufactur process east european locat bring manufactur cost phase unprofit product line reduct stock keep ration reduct fix cost sale administr organ includ merger legal entiti develop instal logist system facilit central control inventori manag inventori ship modern intern manag system procedur main individu product action envisag ski product kennelbach compani capac ski year plan phase product line enabl capac reduc ski year discontinu process util sandwich pu cap sandwich technolog addit approv project build pu cap technolog manufactur unit carri htm scrap equip time plant labour forc reduc direct labour plan envisag sale ski part bought produc oper profit fix cost expect turnov htm strategi base head brand reli high technolog standard strong high perform segment bind product schwechat plant scale back current capac bind assembl oper neusiedl close process lead total reduct labour forc direct labour sale envisag unit increas partli outsourc oper margin fix cost expect product rang reduc significantli tyrolia reli strong posit technolog focus high perform segment consist head brand imag benefit higher margin boot product kei action transfer product plant tallinn estonia measur improv product reduct employe product site itali scale capac unit plant tallinn capac approxim unit mean capac reduc sale pair expect oper profit fix cost forecast tenni racket product hörbranz manufactur oper reorgan partli ongo shift convent techniqu thermo diffus technolog partli upgrad increas util plant budwei czech republ thermo diffus technolog provid cost save reduc environment problem product capac budwei racket hörbranz product scale back capac reduc unit product set import cost save specif direct labour forc reduc head high technolog expand twin tube technolog perform lower manufactur cost higher sale price strong market polici envisag usa regard kei market plan forecast sale unit larg part outsourc oper profit fix cost forecast turnov dive equip product signific restructur plan profit make branch sale expect million increas oper profit fix cost forecast product loss make market activ golf articl halt similarli market activ head sportswear usa discontinu htm continu oper sportswear busi europ expect grow oper profit fix cost turnov streamlin sale organ administr primari object ration sale organ administr function intervent concentr merg entiti close subsidiari improv procedur electron system addit capac reduct elimin margin line reduct stock keep unit cutback sell gener administr expens employe reduct european countri forecast employe cost restructur forecast cost restructur measur amount million ecu million main cost item closur golf busi abandon sportswear busi capac reduct reorgan facil kennelbach schwechat hörbranz includ sever pai personnel made redund financi forecast tabl show global financi forecast htm group base implement restructur programm gt tabl gt recapit plan part restructur programm addit grant debt forgiv interest waiver bank capit inject eliasch million ecu million intern public offer earn million ecu million project equiti ratio htm regard low compet successfulli intern competitor final equiti contribut eliasch public offer vital htm capit structur reduc compani debt comment austrian author interest parti preliminari investig public initi decis commiss receiv observ austrian author htm competitor interest parti austrian author austria tabak htm state aid charact capit inject independ commerci behaviour austrian state tobacco monopoli wholli own republ austria repres ministri financ austrian author claim bodi establish appoint state administ subsidi public fund provid full autonomi act independ govern choic htm pure commerci basi aim maxim profit minim loss public ownership suffici argu classifi resourc public fund mean articl hold true state sole sharehold appoint member supervisori board establish legal form public limit compani ensur maximum independ owner capit inject decid board director line austrian compani law agre supervisori board respons bodi consent sharehold meet legal fund activ fund gener busi state argu constantli profit provid adequ dividend minimum stockhold capit sharehold decad dividend payment amount total ös million ecu million period incur substanti loss ow htm neg result evid submit financ minist time htm acquisit voic concern oper claim market economi investor principl public undertak exercis amount entrepreneuri judgment distinct made short term consider privat investor long term prospect hold decis factor case return viabil subsidiari limit cost support liquid reflect imag group consider payment made bridg time devis solut final decis htm futur order show exercis control htm develop due dilig list restructur measur decid purchas compani submit commiss argu event neglig privat mismanag constitut state aid htm poor result due high financi charg oper result decreas year posit similar case austrian author order demonstr commerci behaviour respect htm dispos substanti neg sale price submit commiss evid similar oper undertaken privat corpor exampl trygg hansa lead swedish insur group withdrew loss make involv insur home hold hanson anglo american conglomer decid demerg small subsidiari aeg german electron arm daimler benz group divest busi part restructur process eemland dutch regist consortium intern investor decid sell wilkinson sword razor toiletri compani debt free balanc sheet schörghuber german group oper real estat invest breweri sector sold control construct compani heilit amp woerner symbol price provid final contribut equiti klöckner humbold deutz german manufactur compani rescu larg contribut largest owner deutsch bank dornier luftfahrt german aircraft manufactur dispos parent compani daimler benz aerospac final financi contribut sale versu solut austrian author stress sale eliasch action austrian govern claim suffici manageri capac restructur htm restructur requir addit ös million fund part inject eliasch purchas agreement hold suffici prospect monei recov form increas capit htm restructur claim sale base broad open tender procedur carri sbc warburg potenti investor approach decis eliasch bid open criteria base econom consider claim sale forego futur return inject profit deriv futur sale htm eliasch transfer public envisag return action claim amount million ecu million claim agreement maintain austrian base product plant constitut state aid intend prevent eliasch break group sale htm claim option comparison form wind liquid konkur liquidationsaugleich fortführungsausgleich insolvenzfrei liquid option wind htm costli altern view favour ow factor firstli delai privat deterior financ condit group thirdli financi respons htm liabil option restructur liquid htm entail delai privat estim year month compar potenti interest incom privat proce dividend period calcul discount loss austrian state state insolv subsidiari htm affect imag bank doubt financi sound lead increas interest charg bank lend group refer schörghuber case commiss accept futur credit stand imag reason indirect econom consider addit cost estim year high risk held respons htm liabil claim regard complet groundless state risk litig amount liabil difficult estim cost privat delai increas interest rate higher cost sale eliasch behaviour bank austrian author submit readi bank write part loan repres signific part fund requir htm rescu restructur constitut substanti privat contribut invest fund decid regard normal market economi investor practic list lend bank includ outstand posit htm submit commiss commiss request detail bank sharehold present appear htm bank debt held publicli control bank claim public bank act independ action regard state measur act consortium austrian bank agre write debt financi exposur eliasch austrian author argu eliasch financi stake htm initi purchas price ös million ecu million contribut increas inject ös million ecu million eliasch undertook inject addit ös million ecu million year contribut made allow receiv dividend payment sell compani part austrian author confirm eliasch addition enter irrevoc guarante agreement favour financi exposur deal amount time increas total licenc fee austrian author claim alleg payment ös million htm head brand incorrect actual royalti paid amount ös ecu reason amount articl austrian author claim measur regard state aid justifi mean articl ec treati htm regain viabil restructur process show posit net result albeit carri high debt public flotat improv compani financi structur htm reduc capac contribut restructur sector capit inject limit strict minimum result surplu liquid interest parti complain interest parti complain competitor htm claim bar tender procedur htm argu receiv invit submit offer addit opportun enter negoti state interest juli ministri financ august told commiss depart prepar pai higher price htm compar purchas term made public state aid charact measur competitor point held state tobacco monopoli gener high profit regard public resourc skim fund state allow effect sale htm claus requir mainten austrian product plant show influenc exert govern decis sale claim cheapest solut privat hold compani carri loss subsidiari prospect reason return medium term case compani sold share futur sale htm proportion fund inject reason concern imag ow monopolist posit busi depend reput gener huge profit core busi independ decis htm htm creditor domin public bank support htm consider forego debt receiv secur remain claim request signific amount fresh capit eliasch htm experienc sever problem coupl year maintain busi capac gener confid offset loss htm low price polici hinder competitor competit scope restructur downsiz activ expens htm restructur fund public subsidi distort competit develop industri jeopard promot aid guarante employ level maintain austria distort competit member state larg number intern transact sport good sector intra commun trade affect interest parti competitor argu purchas htm aim diversif base commerci consider support ail austrian compani grant justifi econom term constitut state aid market winter sport articl character recent year dwindl turnov demand figur undertak struggl surviv cut capac compani question born burden restructur measur case htm cost restructur born state distort competit interest parti complain competitor market winter sport articl character overcapac market destabil competit distort state aid htm htm capac reduct consid posit sector cost born state state aid charact clear factor prospect return fund decis sell htm cheapest altern inject justifi sale price support bank state own institut conform state aid rule treati question restructur scheme htm want concentr high tech product exist technolog question refut competitor question aid proport htm size fourth interest parti complain fourth competitor claim measur favour htm recent year distort competit effect intensifi subsidi grant sale interest parti complain interest parti announc interest acquir htm term point view offer properli consid assess measur exist aid state resourc state austrian author claim act independ govern stress constantli profit make paid dividend state sharehold decad incur substanti loss ow htm poor result ad htm loss increas substanti result expect neg commiss observ state own undertak member supervisori board appoint public sharehold ministri financ supervisori board turn select member board director decis board director acquisit sale hold compani consent supervisori board board director submit issu sharehold meet approv capit constitut public properti consid cover concept state resourc articl ec treati alloc determin sole basi market economi criteria success activ allow regular distribut dividend state monopoli tobacco busi dividend distribut part net profit realiz remain part retain equiti reserv retain profit equiti capit emploi basi strict market economi principl state aid involv case profit state own undertak invest capit grant htm prospect return result reduc futur level profit dividend retain profit reduc level return state stake lack return grant state resourc favour htm addit note core activ manag tobacco monopoli austria posit result surpris market liber complet januari clear invest loss htm financ proce tobacco monopoli commiss consid cross financ state own protect sector loss make protect involv state aid justifi stem strateg plan long term profit appear htm case involv net benefit group market economi investor principl commiss appli market economi investor principl order assess fund inject state undertak constitut market risk capit privat investor make readili state aid decis regard htm relat consider regard normal market economi investor final decis sell dowri liquid restructur htm strongli relat privat quickli fact underlin strong influenc intent austrian govern decis constraint htm austrian unit year consid privat investor choic claus safeguard htm activ austria return invest april inject ös million ecu million made sole purpos prevent htm insolv independ restructur plan oper intend solv htm poor situat appar studi sudden substanti rescu measur undertaken deterior htm account unsustain respect true court recogn eni lanerossi case parent compani short period time bear loss subsidiari reason likelihood indirect materi profit desir redirect activ group ensur wind subsidiari favour manner desir protect group imag offer chanc obtain profit long term privat investor perceiv htm real situat earlier austrian author submit list decis aim improv htm situat list manag concept market dimens cost reduc programm decis half heart repeat properli implement privat parent compani absenc improv interven powerfulli earlier stage avoid loss caus delai action august septemb inject total ös million made purpos rescu htm insolv part dowri pai part condit sale eliasch capit grant prospect posit return stress time rescu inject decis divest htm short month argu period elabor proper plan htm final decid sell interven earlier stage htm order avoid accumul huge loss costli decis eventu capit inject offset loss connect privat compani gener consid state aid compens sale price receiv state case final financi balanc oper posit htm case sale price insignific compar capit inject grant provid provid final sale highli neg provid share purchas agreement receiv capit gain eliasch realiz event futur sale htm put perspect firstli uncertain level materi htm sold market plan million ecu million share ecu million constitut reason return inject ös million ecu million fact financi plan htm equiti forecast approxim current level allegedli similar case commiss understand capit inject ös million ecu million april view occur late provision measur pend solut htm decis sell htm grant dowri ös million ecu million measur meant produc final solut htm financi difficulti austrian author claim similar pain decis privat hold compani decid sell ail subsidiari neg price case submit commiss exampl proof neg price sale public undertak automat interpret state aid suffici elimin presumpt aid htm case fact basi element submit refer oper place substanti circumst exist case question case trygg hansa hold compani sold loss make subsidiari oper sector insur competitor take consider develop broader busi collabor hanson decid demerg small subsidiari put compani equiti distribut hanson sharehold maintain link aeg hold compani group financi difficulti divest busi framework comprehens coher industri restructur plan involv group structur case precis inform aeg dispos subsidiari neg price eemland decis sell wilkinson debt free balanc sheet eemland sharehold share financi liabil oper resembl sale depend factor compli antitrust author order gillett oper busi wilkinson end involv eemland ground anticompetit daimler benz aerospac inject dm million ecu million loss make subsidiari dornier luftfahrt dispos share fairchild aircraft charg purchas price unlik daimler benz aerospac remain sharehold dornier luftfahrt interest surviv daimler benz subsidiari aerospac engag industri addition mention aspect austrian author mention exist oblig owner plai part klöckner humbold deutz rescu situat light unexpectedli manipul manag light largest owner deutsch bank contribut approxim half fund rescu measur part debt forgiv unlik deutsch bank hold khd prospect return posit outcom uncertain time htm case present similar neue maxhütt stahlwerk case recent subject commiss decis bavarian govern intend inject final capit provis compani time sale token price argu behaviour privat market investor readi bear neg price basi consider group reput social respons stand market case commiss decid net loss oper constitut state aid precis bavarian govern receiv econom advantag long term undertak minim econom disadvantag austrian author neue maxhütt stahlwerk decis case privat undertak schörghuber group heilit amp woerner bau ag claim resembl htm case schörghuber oper real estat invest develop busi breweri sector decid termin hold heilit amp woerner construct undertak leav construct sector gener heilit amp woerner sold construct compani symbol price schörghuber provid final contribut equiti dm million ecu million commiss maintain circumst oper place substanti htm case relationship divest busi remain core busi group schörghuber remain activ real estat invest busi interest maintain good relat enterpris oper sector relationship exist htm case divest line activ sector connect remain oper doubt privat natur behaviour elimin comparison contrari commiss believ behav market economi investor final choic sell liquid htm commiss recal court instanc rule hytasa imepiel intelhorc case privat sharehold pursu long term profit accept compani loss make year effect capit inject expens liquid asset prospect indirect return long term due sale compani bankruptci versu capit grant commiss opinion differ austrian author sale htm choic lowest cost liabil hand claim allow htm bankrupt entail signific financi risk due legal action htm lend bank creditor document submit support argument hand hold claim regard complet groundless regard sourc liabil take account opinion lawyer analyst consult matter commiss opinion cost run sum sourc cost mention match inject agre addit note bulk risk claim aris event htm insolv fact inform creditor intent sell subsidiari risk account comparison cost insolv sale agreement financ cost argu cost account event htm put liquid relat neg effect group imag loss credibl substanti increas financi charg group exist imag cost convinc case intent divest sport sector fulli cut industri commerci financi link spill effect expect decis group activ justifi imag consider loss credibl group continu oper maintain interest sector similar sector htm oper creditor differ financi respons parent compani core activ invest highli improb htm sale neg price affect imag liquid contrari argu credit stand capit grant htm case mean question belong compani improv financi posit estim question firstli increas interest rate percentag point high guesstim calcul distinguish credit stand subsidiari tobacco industri hold thirdli assum increas interest rate appli bank period year reduc gradual difficult understand creditor react fourthli claim deterior condit bank transfer tobacco store austria reason bank impos stricter condit result bankruptci subsidiari sector tobacco good secur regular incom neg htm effect sum commiss consid deterior financ condit place case contrari reiter financi reserv higher capit grant htm credit stand privat addit consider privat postpon caus financi loss state estim accept case voluntari liquid public settlement intern restructur privat loss born end case case wind reduc neg situat htm costli altern choic privat case wind carri loss show higher compani wind subsidiari neg impact market assess parent compani group inter alia daimler benz fokker case daimler benz support ail subsidiari fokker year consider sum monei final decid withdraw back market price share drop announc fact increas month show termin unprofit interest automat result decreas parent compani group regard market investor evid reason econom behaviour part compani capit estim austrian author argu delai privat loss term interest amount privat interest incom compar dividend period commiss accept argument leav capit gain austrian author claim hold commerci advantag invest gener high yield demonstr thing high dividend calcul true produc profit level past austrian author argu reason expect profit exclud htm chang substanti compar past natur exce loss profit accru state delai privat practic differ profit market balanc futur option risk trader gener term question remain open consider regard normal privat investor market economi investor principl appli behaviour account consider link privat hold compani concern privat hold compani compar situat intent sell hold relev argument show object owner state account decid fund grant htm contradict statement austrian govern act independ underlin assess commiss decis relat state articl hand market economi investor principl appli directli austrian govern htm ultim sharehold commiss believ fail interven earlier stage order avoid strong depreci invest sum cost aris sourc highli question deni complet case sum remain consider lower total fund provid htm sale eliasch regard cheapest solut behaviour bank particip bank rescu htm commiss observ write ös million ecu million austria base bank publicli control bank creditanstalt bankverein share capit vote right hand austrian state bank austria held austrian state indirectli control municip vienna guarante liabil doubt behaviour public bank rais comment competitor account event wind procedur bank lost higher proport outstand loan investig show behaviour public bank line privat bank involv firstli write austrian institut accompani similar measur foreign bank austrian public bank act consortium public privat austrian bank involv htm case bank veto decis debt forgiv interest waiver unanim agreement privat bank involv evid conduct public bank base commerci consider commiss state aid involv action public bank sale procedur march sbc warburg commiss task counsel privat solut commit htm addit elabor restructur plan sbc warburg start contact potenti investor interest invest htm procedur extend june investor approach interest submit purchas offer compani basi present offer supervisori board decid accept eliasch advantag interest parti declar commiss preliminari investig interest purchas htm offer treat fairli parti outlin view commiss basi submit materi commiss consid offer call question correct choic mention competitor state bar acquir compani alleg receiv inform purchas allow enter negoti austrian author submit evid competitor question fact inform june intent sell htm interest claim fulli occupi project free manag capac engag negoti htm intent sell htm publicli announc commiss assum sale base broad procedur equal normal public tender chose offer privat procedur involv state aid element employ guarante share purchas agreement eliasch includ condit maintain austria base product site ensur level employ austrian author claim oblig impos condit order avoid risk su htm creditor sale claim condit impos previou owner sold htm remain highli question claus purchas agreement eliasch refer mainten employ relat ground case differ buyer state compani oblig execut state polici form mainten employ point possibl state aid involv purchas claim product plant employe fact htm continu oper turnaround eliasch guarante real oblig argument contradict agreement case includ claus purchas agreement interest market economi investor ensur clear econom reason employ level take divest decis condit question potenti buyer gain entrepreneuri independ htm increas result higher sale price reduc fund basi condit intend safeguard activ level austrian plant ow polit consider mean claus support commiss view austrian govern influenc decis cite case dornier luftfahrt privat firm impos employ guarante sale subsidiari sale daimler benz aerospac sell compani retain stake dornier luftfahrt interest maintain product oblig owner dornier luftfahrt oblig daimler benz aerospac impos condit austrian author mention conclus conclus condit present grant award htm show financ involv state aid mean articl ec treati investor oper normal market economi condit made fund term subsidi provid state resourc asset favour undertak aid prevent htm insolv stai busi distort competit sport articl concern htm busi austria eu turnov gener western europ measur affect trade common market compat aid commiss assum measur constitut state aid assess derog articl ec treati applic natur aid capit inject loss compens restructur cost examin paragraph articl aid involv capit inject htm qualifi promot econom develop region refer articl htm oper region aid consid relat invest job creation fact htm small bind assembl oper neusiedl locat articl region oper plan halt reason articl appli develop econom area aid justifi facilit develop econom activ advers affect trade condit extent contrari common interest natur aid regard intend rescu restructur compani difficulti commiss long establish criteria fulfil sort aid exempt mean articl practic commiss approv ad hoc aid compani difficulti restructur satisfi basic condit firstli restor long term viabil compani reason time avoid undu distort competit thirdli proport restructur cost benefit strict minimum beneficiari make signific contribut resourc basic requir fulfil effect aid consid contrari common interest mean articl exempt restor viabil commun guidelin restructur plan restor long term viabil health firm reason timescal basi realist assumpt futur oper condit restructur htm base comprehens oper financi plan substanc point drawn owner compani cooper independ consult firm commiss examin restructur recoveri plan carefulli regard element underli assumpt intern extern develop restor viabil compani evolut competit posit market reduct capac workforc proportion aid restructur develop financi commerci kei figur contribut aid recipi financ restructur plan basi examin take account result month implement restructur plan commiss consid base realist assumpt extern develop market share product sale price intern measur cost reduct reduct employ plan drastic intern restructur measur includ reduct manufactur fix cost capac employe improv intern manag system activ streamlin loss make line golf equip sportswear abandon htm focu kei market product higher qualiti price segment turnov decreas till slow increas figur plan base aggress sale polici eliasch undertaken irrevoc guarante signific amount indemn enlarg current financi exposur underlin commit htm prove convinc success turnaround htm fix cost reduc break oper basi reach compani return profit final htm stock market clear sign success turnaround favour long term prospect htm public crucial import restor long term viabil state aid procedur commiss receiv evid austrian author turnaround process htm progress satisfactori ahead schedul result half restructur plan base realist assumpt commiss convinc htm basi present restructur plan restor long term viabil avoid undu distort competit aid measur offset advers effect restructur aid competitor case overcapac commiss ensur aid compani reduc capac order promot develop sector question restructur plan htm includ consider capac reduct sector ski bind ski boot racket character structur excess product capac plung demand year capac reduct rang reduct larg extent put effect year restructur bear mind sector offici recogn sector difficulti reduct regard signific proportion aid amount ski bind htm world market share declin remain lower level year ahead tenni racket htm world market share unit stabl year expect increas slightli year result intensifi market effort usa capac reduct contribut restructur industri declin market share htm competitor expand busi htm ti restructur concentr core activ enter profit product line line skate snowboard reorient activ includ abandon nich cross countri rental ski busi enabl smaller competitor enter nich secur posit market htm leav left line activ elimin million ecu million turnov field distort effect competitor aid amount proport direct restructur cost reduct capac elimin product line closur compani plant million ecu million period profit dive branch measur laid restructur plan aid fund actual concentr activ need restructur contribut expans product capac monei make dive sector final account market question character exist larg compet compani disappear htm neg effect market structur creat tighter oligopoli duopoli surviv htm support mainten competit market structur aid proport restructur cost benefit aid limit minimum need enabl restructur ahead beneficiari expect make signific contribut restructur resourc aid lead compani surplu cash order avoid distort activ link restructur process unduli reduc financi charg enterpris favour heavili equiti posit beneficiari mention austrian author submit evid eliasch htm owner fact make signific contribut cost restructur htm addit equiti inject ös million ecu million made approv aid commiss inject ös million ecu million end eliasch present undertaken irrevoc guarante consider amount restructur cost born htm resourc oper cash flow decreas work capit regard reason share compani cost financi forecast part restructur plan htm aid essenti order reduc htm short term debt aid paid tranch lead htm cash surplu subsidi htm comfort equiti share equiti ratio end decreas decemb mean remain level make undertaken capit contribut eliasch public period crucial compani long term surviv improv capit structur fresh equiti capit consid htm advis decis long term develop compani ensur capit inject place commiss recal commun guidelin order aid qualifi exempt pursuant articl aid write debt result past loss tax credit attach loss extinguish retain offset futur profit sold transfer parti case firm receiv aid ensur past loss amount aid ös million ecu million reduc taxabl incom futur conclus measur correspond condit laid commun guidelin restor long term viabil health compani avoid undu distort competit proport restructur cost benefit beneficiari make signific contribut restructur plan total aid amount ös million ecu million sum ös million ecu million approv commiss decis initi formal proceed pursuant articl ec treati adopt decis articl grant austria tabakwerk ag head tyrolia mare form capit inject amount ös million ecu million constitut state aid mean articl ec treati aid consid compat common market pursuant articl facilit develop econom activ advers affect trade condit extent contrari common interest amount ös million includ sum ös million ecu million condition approv commiss rescu aid total ös million grant april ös million septemb tranch ös million schedul paid ös million decemb ös million june ös million paid decemb ös million march articl order ensur compat aid common market commiss requir austrian author undertak guarante condit met restructur plan carri submit commiss end august end februari year till htm deliv report progress restructur show econom develop financi result compani complianc restructur plan submit annual report compani group year end june year latest capac reduct provid restructur plan carri irrevers basi capit inject eliasch htm ös million effect month date decis capit inject eliasch htm ös million effect decemb addit contribut fresh equiti capit ös million intern public offer htm capit market mean effect complet end latest past loss ös million reduc taxabl profit articl decis address republ austria brussel juli commiss erkki liikanen member commiss exchang rate ecu appli decis ecu ös dm publish version decis busi inform squar bracket omit case itali commiss ecr case itali commiss ecr commiss commun applic articl ec treati articl commiss direct eec public undertak manufactur sector oj case itali commiss ecr oj join case spain commiss ecr commun guidelin state aid rescu restructur firm difficulti oj