commiss decis juli state aid grant favour compañía española de tubo por extrusión sa locat llodio álava spanish text authent text eea relev ecsc ec commiss european commun regard ecsc treati articl thereof regard treati establish european commun subparagraph articl thereof regard commiss decis ecsc novemb establish commun rule aid steel industri articl thereof accord articl ec treati articl decis ecsc notic parti concern submit comment regard comment receiv compañía española de tubo por extrusión sa hereinaft refer tubacex privat own compani base llodio álava produc seamless steel tube steel make subsidiari acería de álava base amurrio álava experienc financi difficulti recent year june tubacex declar provision insolv accord spanish insolv law suspend debt repay suspens lift octob creditor agreement essenti provid convert bond exchang debt februari lengthi preliminari investig aspect financi restructur compani relat matter commiss decid initi proceed pursuant articl ec treati articl decis ecsc hereinaft refer steel aid code respect aid element sale land basqu govern lift social secur treasuri embargo pta million price paid basqu govern ii aid element credit arrang wage guarante fund fogasa iii financi restructur tubacex aid element particip social secur treasuri public author lift suspens debt repay convers capit debt lift mortgag embargo allow properti offer secur bond issu letter date march commiss inform spanish govern decis initi procedur member state interest parti inform public letter offici journal european commun ii spanish govern repli commiss letter open procedur letter date april provid document support view matter investig constitut aid fuller descript spanish govern argument refer chapter iii iv decis procedur commiss receiv comment member state interest parti austria tube produc germani nation tube produc associ ministri econom affair franc nation tube produc associ itali nation steel produc trade associ spain nation steel produc associ unit kingdom tube produc unit kingdom govern submit comment receiv decemb deadlin comment procedur account except spanish nation steel produc associ argu state aid involv parti support commiss action open procedur maintain matter investig constitut state aid alleg aid fall scope procedur grant compani comment austrian tube produc fact relat activ compani subject procedur german ministri econom affair question decis social secur treasuri exercis right prefer creditor lift prevent embargo gener agre sale land basqu govern question fogasa decis accept mortgag properti loan guarante matter view presenc illeg aid element distort competit german tube produc associ alleg tubacex significantli increas commun market share includ share german market price view sustain aid expect aid french tube produc associ refer tubacex deterior financi posit question compani continu oper aid bankrupt associ view essenti commiss sharehold creditor compani associ consid tubacex subsidiari tubacex tubo inoxid receiv illeg aid express concern continu media report public financi assist wider restructur seamless tube sector group unión de tubo vasco utv combin tubo reunido producto tubular tubacex italian steel produc associ note tubacex loss recent year complain cost price tubacex significantli increas market share itali period trend maintain financi restructur compani opinion polici sustain aid unit kingdom produc complain suffer injuri due low price competit tubacex support state aid consid behaviour social secur treasuri categor aid debt accumul commerci rate interest fail exercis preferenti right cancel embargo weaken prospect recov debt accept convert bond recov total amount ow consid past reschedul debt reschedul post suspens debt involv aid commerci interest rate higher charg consid term fogasa loan similarli uncommerci sale land basqu govern unit kingdom produc queri social secur treasuri embargo banco de credito industri bci mortgag lift prior sale absenc open invit tender addit unit kingdom produc express view seri measur includ loan public bank shown account constitut state aid question commiss conclus preliminari investig aid grant relat intern restructur measur wider restructur sector renew media report basqu govern decid give pta billion social aid support comment receiv commun spanish govern commiss letter date januari iii spanish govern repli letter date februari reiter previou argument state aid involv tubacex acería de álava treat accord gener applic rule support view spanish govern provid inform inter alia natur tubacex public debt ident preferenti creditor role social secur treasuri accept creditor agreement includ reason renounc preferenti right lift embargo tubacex properti interest appli social secur treasuri debt lift bci bex banco exterior de españa mortgag sale land basqu govern fogasa credit arrang repay made detail relev inform set chapter iv decis addit observ made comment receiv parti gener spanish author disput alleg extent tubacex financi difficulti claim tubacex engag underpr sustain aid increas market share maintain tubacex growth market due basic sound commerci polici point difficult make comparison price stainless steel cover type qualiti cheaper expens inform provid incomplet respect commiss request clarif letter date march respons subsequ request clarif spanish govern provid supplementari inform letter date march june iv basi inform fact relat issu investig framework procedur sale land basqu govern open procedur commiss note press report sale appear complet short period time open invit tender land carri bci mortgag social secur embargo prior sale happen land subsequ express doubt land decis social secur agre sale embargo asset proce repai debt conclud likelihood sale price contain state aid element comment procedur spanish govern state negoti sale land start begin sale place quickli infer press report land sold form part larger area land amurrio segreg cover area own tubacex subject prevent embargo social secur treasuri mortgag properti secur loan public bank bci sale land june alloc amurrioko industrialdea set develop busi park plot land sold privat compani hormigon alaves juli work phase develop rest site start januari construct industri build offic approxim work continu year construct industri build spanish govern maintain price paid land lower market price relev document relat segreg land show valuat pta million conform histor book properti land registri purpos documentari evid provid number higher valuat independ valuat commiss tubacex protect interest negoti valuat date inadvert exclud strip land side road mistak delin land valu correspond eventu sold juli pta billion subsequ novemb valuat independ expert appoint álava commerci regist requir law public limit compani purpos assign contribut kind incorpor amurrioko industrialdea valuat assess land pta million addit spanish author submit documentari evid land valuat amurrio council tax purpos februari sale price paid plot land hormigon alaves juli comparison valuat price tabl gt tabl gt absenc open invit tender spanish govern maintain direct negoti sale usual method sale privat compani interest buyer seller valid procedur case carri approv receiv appoint court debt suspens procedur spanish govern bci mortgag larger parcel land lift loan princip interest previous fulli paid repay made year prior suspens debt repay june except final instal loan pta million made juli octob januari subject suspens procedur social secur treasuri agre june lift embargo parcel land sold receiv agreement court appoint receiv partial repay pre suspens debt sale receipt remain embargo larger properti land sold segreg properti cover debt fogasa loan decid open procedur commiss doubt term condit loan fogasa juli suspens debt repay reflect market condit consid arrang secur loan mortgag properti requir investig comment procedur spanish govern maintain loan fulli accord legisl govern fogasa state aid involv fogasa independ organ control ministri employ social secur financ levi employ fogasa main role pai wage allow employe compani bankrupt financi difficulti ow compani fogasa award loan compani concern settl valid claim worker monei paid recov compani case suspens payment start worker compani affect appli fogasa payment wage entitl negoti agreement conclud juli fogasa tubacex acería de álava fogasa pai worker provision wage fix pta firm undertook pai back amount pta interest repay period year simpl interest annum paid half yearli instal pta subsequ payment worker made revis loan agreement conclud februari show definit amount own pta princip pta interest repaid sixteen half yearli instal interest start august repay instal includ interest rang pta million outset pta million end repay period interest payment progress reduc march social plan agre workforc fresh loan agreement conclud cover pta princip pta interest repay period year simpl interest start decemb interest payabl year repay princip fall due decemb onward spanish author light sign agreement firm propos payment pta agreement mortgag arrang octob revis loan agreement conclud state definit amount ow pta princip pta interest repaid year start decemb interest payment fall due year repay princip fall due decemb onward loan agreement origin secur mortgag date august tubacex properti llodio subject mortgag bci subject embargo social secur properti subsequ releas replac februari mortgag properti own tubacex taylor accesorio sa tta independ valu pta million acería de álava properti valu pta million spanish author properti pta million easili cover guarante loan tabl summar loan agreement term condit gt tabl gt spanish author loan grant fogasa accord royal decre march order august lai detail rule implement articl royal decre author fogasa enter agreement cover reimburs sum paid worker commiss understand arrang fogasa discretionari power postpon split repay period year grace period exceed month defer payment attract interest call legal interest rate legal rate interest origin agreement conclud rate final charg spanish author compani date repay final definit version loan agreement provid inform relat repay earlier version agreement lift suspens debt repay decid open procedur commiss consid state aid involv particip public creditor lift suspens debt repay decis social secur treasuri waiv preferenti right treatment debt role public bank bci lift embargo mortgag properti offer guarante convert bond issu post suspens social secur treasuri debt incur tubacex result embargo impos subsequ lift subsequ reschedul agreement debt comment procedur spanish govern provid inform demonstr definit list creditor drawn court appoint receiv april total debt tubacex pta total debt acería de álava pta preferenti creditor claim pta pta public bodi repres pta billion total creditor public bodi largest creditor social secur treasuri debt ow amount pta relat tubacex pta relat acería de álava spanish author time social secur appli debt legal rate interest charg late payment laid applic legisl make social secur debt compris past debt pre interest charg delai impos debt incur surcharg impos debt period debt suspens shown tabl gt tabl gt social secur subscrib creditor agreement septemb creditor accept propos period june septemb note open procedur vast major debt cover settlement privat creditor includ unidentifi exist bond holder ow pta spanish author provid detail exist bond holder show debt privat creditor spanish author argu social secur treasuri signific role agreement social secur debt settl gt tabl gt spanish author state tubacex bond sold juli enabl social secur treasuri recov part debt receipt pta remain pta fall due period equal annual instal question social secur treasuri chose waiv preferenti right accept agreement spanish author maintain social secur treasuri discretionari power particip agreement royal decre refer similar case statu preferenti creditor rel social secur treasuri conclud interest recov monei serv particip agreement exercis right led liquid compani consequ social problem part debt written expect recov debt question rais procedur decis social secur treasuri public creditor bex bci fogasa lift prevent embargo mortgag tubacex properti enabl compani offer properti guarante secur convert bond issu secur accept agreement pta billion pta billion bond issu guarante commiss analysi inform embargo mortgag properti involv gt tabl gt issu convert bond pta billion guarante underpin mortgag guarante properti land amurrio seiz share tubacex commerci acería de álava combin pta billion spanish author bci mortgag lift loan repaid includ repay pta million loan subject suspens debt repay lift social secur embargo spanish author state social secur oblig claus creditor agreement lift embargo debt cover effect replac mortgag offer secur convert bond issu social secur interest continu safeguard question social secur act tubacex incur fresh debt suspens debt payment lead social secur impos embargo subsequ lift spanish author explain fresh embargo post suspens debt replac guarante date march form pledg share tubacex tubo inoxid sa tti alloc asset liabil relat tubacex manufactur stainless steel tube net independ expert pta million cover debt final reschedul post suspens debt spanish author state gener law social secur approv royal decre octob social secur treasuri discretionari power agre postpon repay repay instal interest charg legal rate interest march april agreement conclud acería de álava tubacex term condit gt tabl gt addit comment issu investig procedur spanish govern react observ parti aid grant compani point matter fall scope procedur continu maintain aid grant spanish author reiter cost ration measur reduct workforc financ compani resourc decemb billion capit increas dispos asset reaffirm basqu govern possibl grant social aid tubacex context wider restructur tubacex tubo reunido producto tubular decis final spanish author refut alleg tti receiv illeg aid light inform commiss accept addit alleg made parti fall scope procedur fulli substanti insuffici ground investig stage commiss determin matter subject procedur state aid mean articl ec treati steel aid code light inform commiss assess sale land basqu govern bci mortgag social secur treasuri embargo lift relat debt repaid cover secur sale approv receiv repres inter alia interest creditor commiss prepar accept aid involv aspect sale final sale price unfortun open invit tender issu case demonstr doubt price paid market price light document show higher valuat price paid commiss consid suffici weight evid conclud price possibl market price commiss conclud transact confer undu financi advantag compani price paid state aid element fogasa loan made clear open procedur object fogasa intervent settl valid claim worker respect wage receiv respect agreement state aid action consist articl ec treati cost cover part normal cost run busi compani meet resourc contribut state cost regard aid confer financi advantag compani payment made directli compani administ employe govern agenc note chapter iv rate interest payabl agreement legal interest rate determin rate consist normal market condit previou similar case involv fogasa loan commiss decis eec state aid case commiss made comparison prevail averag rate interest charg privat bank spain loan longer year case statist publish spanish central bank averag rate interest charg privat bank loan longer year period question rate consider rate payabl agreement condit loan evid reschedul agreement payment delai origin version bulk repay princip interest agreement time end appar facilit compani recoveri conform credit normal market condit debt secur mortgag properti fogasa prefer creditor event bankruptci financi difficulti conclud agreement contain state aid mean articl ec treati steel aid code illeg notifi commiss pursuant articl ec treati articl steel aid code difficult quantifi precis amount illeg aid involv equal financi advantag aris reduc interest rate appli effect loan origin grant lift suspens debt repay basi inform commiss conclud suspens debt repay june lift suspens octob measur framework gener applic insolv legisl spain clear public creditor includ social secur treasuri minor privat creditor agre creditor agreement partial write debt convert bond issu social secur prefer creditor oblig creditor agreement reach accord applic legisl discretionari power waiv preferenti right particip agreement commiss note social secur decis influenc privat creditor decis accept agreement involv write reduct amount suspend debt virtual recov partli cash partli sale convert bond lift social secur embargo consequ subscrib agreement action facilit conclus bci mortgag lift loan repaid commiss conclud role public creditor social secur accord gener applic rule confer special financi advantag tubacex constitut state aid question social secur act post suspens debt accumul satisfactorili explain treatment post suspens debt reschedul agreement notwithstand accord applic legisl consist prevail market condit note relat fogasa statist publish spanish central bank averag rate interest charg privat bank loan longer year time reschedul agre compar legal rate interest charg approach adopt relat fogasa conclud reschedul contain state aid mean articl ec treati steel aid code illeg notifi commiss case fogasa loan quantif precis amount illeg aid difficult aid equal financi advantag aris interest rate payabl reschedul agreement vi establish illeg state aid contain fogasa loan agreement reschedul post suspens social secur debt commiss decid aid compat common market acería de álava compani fall articl ecsc treati produc product list annex ecsc treati provis ecsc treati steel aid code applic measur extent benefit acería de álava articl ecsc treati prohibit subsidi form whatsoev steel aid code adopt unanim assent council pursuant articl ecsc treati derog gener prohibit articl possibl type aid compat common market aid research develop articl environment protect articl closur articl aid gener region invest aid scheme territori commun includ spain articl oper aid rescu restructur aid allow measur fall categori permiss aid measur grant favour tubacex concern subject articl ec treati activ product seamless stainless steel tube regard ecsc activ mention open procedur member state requir notifi commiss advanc aid scheme seamless tube sector accord commiss framework steel sector cover ecsc treati establish recognit sensit natur competit ecsc steel sector close link stage process steel iron steel industri aid subsidiari steel group ultim benefit ecsc activ impact ecsc steel aid polici articl ec treati lai principl allow state aid distort threaten distort competit favour undertak product good affect trade member state principl incompat common market commiss note open procedur trade member state product produc tubacex aid favour tubacex strengthen posit compet produc affect trade member state distort competit natur object aid measur question except pursuant articl principl set articl applic case articl categori aid compat common market regard except laid articl provinc tubacex locat area elig aid case spanish author sought argu except appli derog articl inapplic aid intend promot execut import project common european interest remedi disturb economi spain articl lai except aid facilit develop activ aid advers affect trade condit extent contrari common interest aid tubacex categor aid firm difficulti financi posit aid award fall assess provis commiss consid aid firm difficulti carri greatest risk transfer unemploy industri problem member state act mean preserv statu quo prevent forc work market economi normal consequ term disappear uncompetit firm process adapt chang condit competit time aid bring disrupt effect competit trade influenc price polici beneficiari opt undercut strategi stai market reason commiss year develop special approach assess aid firm difficulti eighth report competit polici point commun guidelin rescu restructur aid requir aid minimum need compani busi measur restor viabil put effect condit implement sound restructur plan restor compani long term viabil includ measur capac reduct offset advers effect competitor sector suffer capac case case spanish author sought argu measur constitut rescu restructur aid case evid restructur plan reduct tubacex market presenc put forward confirm aid intend simpli compani continu busi vii conclud aid favour tubacex subsidiari acería de álava form fogasa loan reschedul post suspens social secur debt illeg grant prior notif commiss breach provis steel aid code articl incompat common market ground aid favour acería de álava incompat steel aid code articl ecsc treati aid favour tubacex incompat common market mean articl ec treati aid illeg incompat common market recov econom effect annul order restor statu quo adopt decis articl measur spain relat compañía española de tubo por extrusión sa tubacex acería de álava contain aid element grant illeg incompat common market pursuant articl ec treati decis ecsc rate interest market rate juli loan agreement wage guarante fund fogasa tubacex acería de álava cover pta princip amend agreement februari februari cover princip pta pta march loan agreement fogasa tubacex acería de álava cover pta princip amend agreement octob cover pta princip agreement march social secur treasuri acería de álava reschedul debt amount pta agreement april social secur treasuri tubacex reschedul debt amount pta articl spain abolish aid element contain measur refer articl withdraw appli normal market condit interest rate effect fogasa loan initi grant reschedul post suspens social secur debt agre recov sum differ rate rate charg date abolit aid sum recov accord procedur provis spanish law interest interest rate normal market rate refer preced paragraph interest start run date grant aid date effect reimburs articl matter subject proceed commenc pursuant articl ec treati articl decis ecsc sale land basqu govern particip public bodi social secur treasuri lift suspens debt repay measur constitut aid procedur close articl spain inform commiss month date notif decis measur compli therewith articl decis address kingdom spain brussel juli commiss han van den broek member commiss oj oj oj oj oj oj