commiss decis juli measur portug assist epac empresa para agroalimentação cereai sa portugues text authent ec commiss european commun regard treati establish european commun articl thereof regard council regul eec june common organ market cereal amend regul ec articl thereof notic parti concern submit comment accord subparagraph articl octob commiss receiv complaint state aid public sector undertak empresa para agroalimentação cereai sa epac form state guarante esc billion accompani supplementari loan esc billion special term receiv notif articl treati portugues author commiss letter octob aid grant commiss ask notifi examin pursuant articl treati letter date novemb regist novemb portugues perman repres european union confirm exist state guarante epac commiss receiv notif aid articl treati aid enter regist notifi aid nn access portug european commun market cereal portug cover public monopoli epac time empresa pública de abastecimento de cereai public sector undertak respons manag market public monopoli gradual dismantl access epac made limit compani public capit number oper cereal market liber joint decis secretari state treasuri financ secretari state food product juli board director epac author negotiati term loan market condit total esc billion esc billion cover state guarante maximum year financ ministri decis xiii septemb abovement guarante grant connect loan obtain epac group bank loan equal epac total debt amount esc billion june purpos loan restructur epac short term bank debt medium term bank debt period set year interest rate equal month lisbor guarante amount month lisbor remaind payment made monthli advanc amount guarante instal esc billion half year onward guarante amount paid repay amount guarante year latest januari complain ask commiss adopt urgent temporari measur state guarante grant epac suspend request submit commiss regul ec januari open invit tender reduct duti maiz import portug countri notic invit tender state reduct import duti appli tonn maiz ii letter sg februari address portugues author commiss decid open procedur articl treati respect aid grant epac letter commiss state view guarante state compli commiss letter member state sg april state guarante subject specif oblig interest rate loan consider lower refer rate includ aid element undertak financi difficulti epac normal market condit obtain loan favour condit oper balanc financi situat commiss consider fact mechan consolid epac debt constitut aid substanti knock advantag undertak silopor final commiss gave opinion state guarante grant epac meet condit compat common market light commun criteria restructur aid undertak difficulti conclus commiss inform portugues author aid facilit develop sector region concern oper aid contrari commiss constant practic appli articl treati express view measur concern lead directli improv condit product market product undertak vi vi oper commun benefit compar aid aid concern fell commiss scope applic articl treati elig basi inform commiss derog provid articl part procedur commiss gave portugues govern notic submit comment gave member state interest parti notic submit comment letter commiss ask portugues govern measur suspend effect guarante grant epac busi activ compani cereal market portugues govern dai notif contain letter inform commiss measur compli request portugues author inform pursuant commiss letter member state sg march detail rule notifi aid rule procedur aid implement contravent articl pursuant judgment court justic februari case boussac french republ commiss commiss reserv adopt provision decis requir member state suspend immedi aid question futur oper letter march portugues govern argu intervent state administr negoti loan grant epac bank financ commerci oper provid specif inform loan portugues govern refer measur compli demand suspend effect state guarante april commiss adopt decis ec requir portug suspend effect grant state guarante undertak epac provid financ ministri decis xiii septemb grant contravent articl notifi commiss dai measur compli decis commiss decis address portug letter sg april iii letter april portugues govern submit comment measur commiss epac empresa para agroalimentação cereai sa limit compani exclus public capit creat origin epac empresa pública de abastecimento de cereai public cereal suppli undertak creat merger institut protect develop cereal product trade epac function public intervent agenc year portug integr commun epac continu perform function context gradual liber cereal market state support direct market domest produc cereal account creation silopor empresa de silo portuário sa complet liber trade domest produc cereal june context analys current situat epac account constraint undertak aris histori epac asset situat unbalanc excess fix asset insuffici capit financ current activ public intervent agenc epac maintain larg storag calibr dry infrastructur perman readi infrastructur dispers entir nation territori maintain network facil entail heavi annual invest cost constantli staff scale larg size clear cost combin natur reduct undertak share market prevent undertak profit reach competit level activ obviou overstaf result oper hundr local facil nation territori fact epac acquir consider number offici corpor state organ preced epac form employe averag ag high level qualif low context market liber undertak creat pension fund introduc earli retir system worker undertak termin contract activ worker began payment retir supplement account creation silopor compani exclus public capit form decre law septemb transfer epac asset debt capit port silo equip instal materi previous belong epac transfer silopor debt burden financ specif commit construct silo transfer silopor financ consider lower total cost work carri fund invest origin roll financ credit oper import cereal addit debt incur attribut epac liabil initi capit stock silopor esc billion transfer epac capit stock silopor debt epac establish esc billion time conclud silopor capabl pai debt fund essenti epac charg interest silopor respect delai repay debt silopor prove incap repai debt imbal capit structur correct time june total interest debit epac silopor esc billion februari valu total initi debt interest esc billion histor factor structur natur portugues govern stress period adjust undertak condit requir liber portugues state support construct silo cooper order render viabl attempt expand activ sphere cereal market june face restrict access credit epac decid portugues govern channel scarc financi resourc client agricultur sector portugues author vulner sector recogn fact interrupt undertak activ begin cereal market year caus disrupt difficult imagin portugues author posit undertak combin interventionist tradit paralys market product industri account substanti part undertak turnov portugues govern action reason lack financi resourc lead difficulti caus loss busi opportun undertak portugues govern state level debt financi charg paid high epac longer shoulder burden resourc april epac stop pai financi commit face possibl undertak wholli own portugues state unabl honour commit state decid except temporari measur deal problem pend solut portugues govern measur temporarili allevi effect situat result past provid long term solut undertak problem cash flow need current trade oper invest restructur enterpris pai sever pai worker financ current trade activ undertak loan bank market term inadequaci plan present epac administr make undertak viabl financi sound administr offic novemb develop portugues author measur solv current problem excess size high oper cost lack effici trade circuit process author staff cut contract termin januari februari reduct oper cost underwai give ground expect improv final portugues govern privat epac silopor plan privat programm approv portugues govern march financi restructur begin end half restructur state guarante cancel letter portugues govern commiss respons commiss decis ec requir portug suspend guarante grant epac immedi answer portugues govern addit question suspens guarante made comment guarante concern cover oblig epac aris loan restructur contract conclud creditor bank consortium financi contribut result exclus contract state parti state respons loan concern effect give undertak advantag allevi damag caus undertak state initi set silopor portugues author condit oper guarante normal market context size epac statu undertak wholli own state volum silopor debt epac natur oper portugues author guarante grant epac constitut financi oper aid undertak distort condit competit mean deal situat aris undertak histori purpos put epac situat main debtor silopor paid publicli recogn debt guarante cover part epac debt result action state respons portugues author demonstr extent grant state guarante epac affect trade member state essenti condit appli law competit absenc measur suspend effect state guarante portugues author claim financ undertak current busi benefit oper underwritten state guarante state part part negoti bank loan contract epac financi institut part routin busi commiss receiv comment member state interest parti iv articl regul eec lai articl treati appli product trade product list articl thereof save provid regul articl treati aid grant member state state resourc form distort threaten distort competit favour undertak product good incompat common market affect trade member state portugues govern argu letter demonstr state guarante epac affect trade member state essenti condit applic commun competit law commun cereal product million tonn portugues cereal product million tonn trade rest commun portug consider portug suffici cereal import cereal member state year produc million tonn export tonn member state monetari portug export member state ecu million import ecu million measur question affect trade cereal member state trade affect oper activ intra extra commun trade receiv aid advantag measur concern fact direct effect primari cost undertak enjoi econom advantag undertak sector access portug member state compar aid aid distort threaten distort competit light forego aid question consid state aid criteria articl treati articl treati lai aid meet criteria specifi principl incompat common market derog provid articl appli aid question invok portugues govern derog articl provid state aid object interest commun sector nation economi derog strictli interpret allow case commiss establish aid achiev object provid rule derog allow condit fulfil effect measur affect trade member state distort competit justif term common interest corollari confer undu advantag oper member state case question evid commun interest serv portugues govern furnish commiss found justif claim aid concern meet condit requir applic derog provid articl treati measur promot execut import project common european interest mean articl effect trade common interest purpos remedi disturb economi member state concern mean provis commiss wish make point respons argument advanc portugues govern descript histori epac result neg effect undertak activ unbalanc asset situat obviou overstaf creation silopor factor relev explan epac difficult financi situat reason modifi commiss posit open procedur articl treati open procedur commiss analys conform aid grant epac refer content commun commun guidelin state aid rescu restructur firm difficulti commun lai rule conform rescu restructur aid commiss consid criteria relat aid rescu undertak intend simpli ensur continu activ undertak short period pend assess prospect viabil appli case portugues author mention exist plan restor econom viabil financi health epac consid aid light criteria applic restructur aid basi inform portugues govern commiss note govern consid plan commiss restor econom viabil financi health epac inadequ solv current problem portugues govern stress level indebted financi commit aris therefrom high imposs epac continu meet oblig resourc state guarante except temporari measur undertak continu busi activ definit solut found basi inform commiss aid term rescu aid undertak difficulti mean provis case commiss stress state aid epac fulfil criteria laid commun consid rescu aid compat common market rescu aid consist liquid form loan guarante loan bear normal commerci interest rate restrict amount need firm busi cover wage salari cost routin suppli paid time need gener exceed month devis feasibl recoveri plan warrant ground social difficulti undu advers effect industri situat member state evid state aid epac fulfil criteria interest rate loan obtain epac low guarante plan durat credit oper year greatli exceed establish gener rule month difficult argu state guarante larg scale amount strictli keep firm busi final social situat requir undertak busi justifi grant aid cite portugues govern found commiss light forego abovement commun criteria restructur aid undertak difficulti appli case portugues govern consid creation silopor debt paid undertak epac constitut factor root past affect epac current financi situat argu guarante oper aid put situat creat past allevi damag epac initi state stress guarante cover part epac debt result creation silopor commiss accept argument view account effect aid epac effect silopor commiss open procedur provid articl treati mechan consolid epac debt appear constitut aid major benefici effect silopor portugues govern silopor imbal capit situat pai debt epac interest debt valu esc billion commiss conclud state guarante epac constitut state aid silopor undertak creat directli epac portugues state sharehold undertak provid state guarante epac enabl demand payment debt ow effect guarante indirect aid silopor deal financi difficulti epac due part payment debt silopor portugues state stand silopor guarante amount ow portugues govern argu condit bank oper guarante state normal market context size epac statu state own enterpris volum debt natur oper commiss accept argument commiss polici calcul element aid state guarante take account differ rate borrow pai free market rate obtain guarante minu premium paid guarante commun refer rate date loan grant case question consid minimum rate epac financi difficulti prevent obtain loan favour term oper balanc financi situat interest rate loan index month lisbor rate guarante part loan month lisbor rate guarante part loan month lisbor rate date loan grant premium guarante year aid element correspond differ commun refer rate rate appli reduc premium guarante letter sg april commiss state guarante mobil made subject contract specif oblig compulsori declar bankruptci beneficiari undertak analog procedur consid compat common market open procedur articl treati commiss state view state guarante question compli minimum criterion commiss note portugues govern contest statement derog provid articl aid promot econom develop region econom activ commiss conclud basi forego analysi light relev commun rule aid question natur oper aid promot sustain improv condit sector region concern aid benefit derog provid articl treati aid concern incompat common market vi portug fail fulfil oblig articl treati fail notifi measur assist epac refer section plan stage implement aid commiss state posit measur illeg commun law implement introduc contravent articl treati fail led situat aid concern intrins reason explain incompat common market articl treati measur natur direct harm effect market cereal respect note light imper natur procedur refer articl treati direct effect recogn court justic judgment case carnima capolongo azienda agricola maya case fédération nation du commerc extérieur de produit alimentair franc illeg aid concern remedi retroact aid incompat common market commiss possibl envisag judgment court justic case commiss feder republ germani confirm judgment case denzel commiss case commiss feder republ germani requir member state recov beneficiari aid illeg grant light forego aid grant portugues govern epac repaid aid concern form state guarante effect reduc interest rate financi advantag unduli obtain repres differ market financi cost bank loan repres refer rate financi cost paid epac financi oper take account cost guarante interest rate index month lisbor rate interest payabl month differ calcul monthli basi reimburs made accord procedur provis portugues legisl interest payabl date illeg aid question grant interest rate appli refer rate calcul subsidi equival context region aid decis prejudic conclus commiss draw regard financ common agricultur polici european agricultur guidanc guarante fund eaggf adopt decis articl aid grant portugues govern epac illeg grant contravent procedur rule refer articl treati incompat common market pursuant articl treati meet condit derog provid articl treati articl portug cancel aid refer articl dai date notif decis month rate notif decis portug measur recov aid refer articl recoveri aid carri accord procedur laid portugues legisl interest due date aid paid interest rate appli refer rate calcul subsidi equival context region aid articl portug commiss regularli inform measur adopt meet requir decis commun made month notif decis month expiri period provid articl portug send commiss inform enabl verifi addit investig oblig recov aid met articl decis address portugues republ brussel juli commiss franz fischler member commiss oj oj oj publish portugues offici journal seri ii oj oj ecr oj sourc eurostat oj commiss commun applic articl treati articl commiss direct eec public undertak manufactur sector oj commiss notic de minimi rule state aid oj bank portug statist bulletin januari judgment court instanc case siemen commiss european commun ecr ii ecr ecr ecr ecr ecr commiss letter member state sg oj