commiss decis januari state aid implement spain fesa enfersa group fertiberia notifi document number spanish text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof regard council regul ec march lai detail rule applic articl ec treati articl thereof call interest parti submit comment pursuant provis cite procedur context assess state aid grant ercro commiss awar exist aid fesa enfersa fertiberia fertilis conglomer ercro major stake grupo villar mir spanish industri group april letter date commiss request inform aid thought grant ercro fesa enfersa group letter date spanish author ask dai extens deadlin order compil full file back remind septemb spanish author submit request inform letter date novemb case regist nn case novemb spanish author submit inform letter date januari januari februari march letter date june commiss inform spain decid initi procedur laid articl treati respect aid commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment aid letter date juli juli decemb januari spain submit comment commiss receiv comment interest parti ii detail descript aid ii fesa enfersa group explosivo río tinto sa sociedad anónima cro merg form ercro sa merg put fertilis asset newli creat entiti call fesa fertilizant español sa quot fesa quot ercro fesa sole sharehold year ercro acquir state own empresa nacion de fertilizant sa quot enfersa quot fertilis manufactur subsequ fesa enfersa sole sharehold result conglomer fesa enfersa group fesa enfersa file insolv context extrem advers market condit european fertilis sector suffer liquid problem compani declar insolv decemb madrid court instanc liabil amount esp million loss esp million ii restructur group creation fertiberia restructur plan submit decemb context insolv proceed provid drastic reduct capac workforc plan subsequ develop finalis period june composit conclud fesa enfersa creditor juli accord restructur plan fesa enfersa set subsidiari fertiberia sl viabl asset fertiberia sl fesa enfersa debt remain liabil bear compani famili own grupo villar mir control affili compani inmobiliaria espacio sa fesa enfersa group acquir capit amount esp purchas includ fesa enfersa subsidiari fertiberia sl grupo villar mir option acquir fesa enfersa capit exercis pai esp fesa enfersa restructur merg fertiberia sl fertiberia sa quot fertiberia quot todai grupo villar mir own fertiberia capit fesa enfersa group quot fertiberia quot main fertilis manufactur spain largest player european market instal capac repres total instal capac western europ fertiberia emploi worker gener turnov esp million profit esp million sale amount esp million compani made loss esp million inform provid spanish author fertiberia suffer loss esp million record profit esp million fertiberia small medium size enterpris quot sme quot mean commun guidelin state aid small medium size enterpris fertiberia plant lleida sagunto cartagena puertollano sevil huelva palo avilé luchana barakaldo except lleida plant locat assist area ii evolut fertilis sector restructur european industri ii fertilis consumpt fertilis consumpt europ show strong sustain growth mid context intens increas agricultur output energi crisi caus temporari dip product affect upward trend earli sharp fall demand reform common agricultur polici introduct liber import regim figur show sharp fall demand earli fertilis market recov period restructur place gt pic file quot en tif quot gt sourc efma ii crisi earli restructur commun fertilis industri result number major fertilis produc fall approxim workforc capac cut back consider drastic restructur process commun fertilis industri reduc nitrogen fertilis capac phosphat fertilis capac plant perman close workforc halv context lower price reduc volum industri suffer heavi loss total cost restructur estim eur billion plant remain oper modernis logist sale unit streamlin order improv competit adapt suppli demand ii recoveri mid reduct fertilis capac partial recoveri fertilis demand commun result balanc suppli demand situat period restructur led improv capac utilis reduct unit cost experienc heavi loss break situat industri final report profit gross return tax ii fall consumpt industri current forecast declin nitrogen consumpt commun level million tonn market year repres reduct compar consumpt level efma main factor influenc forecast reform common agricultur polici agenda propos includ kei measur compulsori set intervent price cereal cut dairi reform postpon rural develop polici decentralis ii wave restructur fertilis industri total fertilis deliveri import market western europ increas approxim compar season increas occur period low price lower averag previou season result lower price level major european fertilis produc decid carri restructur measur word industri quot difficult challeng year histori fertilis industri dramat loss incur wors result loss eur million due oper cost major part attribut industri restructur effort quot context lead compani sector norsk hydro kemira instal capac europ unveil plan restructur fertilis activ ii norsk hydro march norsk hydro present plan downsiz european fertilis busi close million tonn nitrat fertilis product capac repres hydro total nitrat product capac plai import part compani effort restor profit fertilis busi cut made half affect job norsk hydro fertilis busi incur oper loss million loss eur million ii kemira agro kemira agro oper incom fell significantli compani record loss eur million price plant nutrient fell nitrogen fertilis western europ end time low kemira agro announc decis focu special fertilis withdraw partli complet nitrogen fertilis busi result npk fertilis product wound perni netherland ii fertiberia inform provid spanish author fertiberia undertaken restructur measur involv stop nitrat product cartagena tonn close urea plant huelva tonn close plant produc sulphur acid huelva result job cut cost restructur amount eur million inform provid spanish author exclus financ compani support state result restructur measur fertiberia spain inform commiss compani record profit esp million base year result ii fesa enfersa restructur plan aid measur grant context period point restructur plan present decemb context insolv proceed provid drastic reduct capac workforc plan subsequ develop finalis period implement period restructur plan aim return compani profit end period compris measur restructur cost gt tabl gt fund label quot reconstruct work capit quot intend provid capit cover liquid requir restructur period sharehold contribut set esp million american industri investor talk held takeov fesa enfersa unwil assum group liabil provid addit amount esp million esp million talk broken earli privat investor grupo villar mir made offer fesa enfersa grupo villar mir decid make invest amount esp million period restructur plan involv redund averag reduct exist capac privat investor grupo villar mir acquir fesa enfersa agre pai total esp million group spanish author grupo villar mir agre demand dividend amount esp million period commiss decid initi procedur spain submit conclus evid aid recipi contribut significantli restructur plan resourc group result evolv restructur period gt tabl gt spanish author loss incur fertiberia correspond chang busi condit due impact agenda reform common agricultur polici coupl acut crisi south east asia tradition net fertilis import spanish author claim event anticip time restructur plan draft earli situat trigger wave restructur major european manufactur fertiberia implement restructur plan involv closur plant job cut result compani return profit tune esp million spanish author confirm intend grant state aid current restructur implement compani exclus resourc ii state measur context fesa enfersa restructur period state measur short term loan grant state own instituto de crédito ofici quot ico quot fertiberia sl gt tabl gt loan cover work capit requir initi phase group restructur decemb convert interest bear equiti loan repay link percentag compani cash flow event compani insolv loan repaid creditor satisfi sharehold receiv payment januari term loan amend repay longer link cash flow profit decemb loan requir repaid fix annual instal irrespect level profit interest bear equiti loan total esp million grant fertiberia sl ico novemb decemb cover work capit requir esp million fesa enfersa debt esp million decemb loan requir repaid fix annual instal irrespect level work capit equiti loan esp million grant ico grupo villar mir loan requir repaid fix annual instal lastli composit creditor waiv proport claim total esp million privat creditor includ fesa enfersa parent compani bank supplier waiv esp million repres claim public creditor treasuri social secur state own ico waiv esp million total esp million claim treasuri claim cover state quot abstent quot social secur administr abstent iii ground initi articl procedur decis initi formal investig procedur laid articl treati commiss preliminari assess view commun guidelin applic case relat loan grant ico commun guidelin state aid rescu restructur firm difficulti quot restructur aid guidelin quot commiss voic concern behaviour treasuri social secur administr context fesa enfersa group insolv involv element state aid spanish author explain exercis abstent absenc asset free charg advantag state part composit creditor spain produc concret evid case state recov higher proport claim obtain restructur aid guidelin set condit authoris aid commiss preliminari assess measur light condit laid restructur aid guidelin show restor compani viabil commiss individu aid measur endors restructur plan assess potenti restor compani long term viabil commiss note initi articl procedur spain submit project profit loss account restructur period estim return capit sensit studi base scenario spanish author provid notif post profit loss account period commiss note fesa enfersa return profit forecast restructur plan fesa enfersa incur increas loss commiss conclud absenc detail financi plan document analysi scenario risk analysi endors plan drawn decemb subsequ develop finalis period implement period proportion aid amount intens aid limit strict minimum need enabl restructur undertaken relat benefit anticip commun point view aid beneficiari expect make signific contribut restructur plan resourc extern commerci financ spain submit conclus evid aid beneficiari contribut significantli restructur plan resourc regard condit main conclus uncertainti restor compani viabil view question aris type signific contribut made aid beneficiari restructur plan resourc aid measur question fulfil minimum condit laid restructur aid guidelin light forego commiss view measur question involv state aid grant breach notif oblig laid articl treati doubt compat common market iv comment spain observ submit spain summaris iv behaviour spanish state context insolv proceed proport claim waiv privat creditor global speak slightli lower proport waiv public creditor spain claim creditor privat public waiv right basi percentag rang appli tranch debt tranch esp waiver tranch esp million waiver tranch esp million million waiver tranch esp million waiver altern convers capit privat creditor ercro grupo torra waiv higher percentag claim treasuri social secur administr decis spanish state abstent spain state receiv payment net fesa enfersa asset time composit creditor sign insuffici meet claim spanish state waiv collater repres econom iv restor viabil spain forward copi restructur plan analysi thereof analysi examin methodolog commerci assumpt restructur plan make observ financi project period includ sensit studi base scenario analysi reach conclus restructur plan ensur compani viabil analysi base main scenario reduct cash flow reduct result variat structur situat fertilis market variat structur fesa enfersa cost sensit studi yield cash flow sale ratio gt tabl gt impact project reduct profit sale ratio slight loss variat affect compani profit earli reimburs debt scenario assum fertiberia reimburs earli debt amount esp million scenario result extraordinari expenditur esp million cash flow deficit end requir short term borrow esp million period year project show compani continu oper consider reduc cash flow cash flow esp million esp million compromis compani profit lastli spain confirm compani return profit tune esp million loss incur due spanish author extern circumst anticip time restructur plan drawn compani undertook fresh restructur state resourc iv contribut privat investor spain confirm fertiberia fulfil commit enter composit creditor spain recal privat investor grupo villar mir submit offer fesa enfersa decid make invest amount esp million period spain submit observ certifi statement effect inmobiliaria espacio suppli guarante privat bank cover loan fertiberia total esp million assess aid fesa enfersa group continu european scale market player measur improv financi posit fesa enfersa group impact econom posit competitor member state affect trade member state measur distort threaten distort competit affect trade member state short term loan equiti loan grant ico ico state own compani mean articl gener budget law approv royal legisl decre septemb object oper regul sixth addit provis royal decre law decemb urgent budget tax financi measur financi resourc constitut state resourc mean articl treati ico state own bank transfer resourc ico compani involv transfer state resourc mean articl treati purpos loan cover capit liquid requir fesa enfersa group short term bridg loan grant fesa enfersa fertiberia sl vehicl set aim implement group restructur plan bridg loan total esp million grant market term cover secur mortgag condit state measur natur deem constitut rescu aid mean restructur aid guidelin commiss found state aid element measur bridg loan subsequ convert equiti loan convers term loan interest bear equiti loan reimburs date deem constitut restructur aid convers directli link implement restructur plan commiss base examin loan criteria assess restructur aid equiti loan defin loan event insolv debtor compani repaid creditor satisfi sharehold receiv payment loan frequent made public author natur equiti loan question rais includ liabil balanc sheet contact committe direct account view equiti loan includ quot creditor quot quot capit reserv quot view confirm interpret commun articl fourth seventh council direct account context restructur fesa enfersa bridg loan convert interest bear equiti loan reimburs date year equiti loan total esp million grant fertiberia sl cover compani cash flow requir settl fesa enfersa outstand debt convers bridg loan grant equiti loan term deem involv element state aid situat fesa enfersa time loan grant aid element interest bear loan repay date event insolv repaid creditor satisfi sharehold receiv payment equival amount loan present case total amount aid involv loan esp million amend made repay term alter assess establish timet repay run year effect margin reduc total amount aid analysi contest spanish author respons decis initi procedur laid articl treati commiss confirm view loan decis initi procedur present case equiti loan grant inmobiliaria espacio increas fertiberia sl capit equiti loan amount esp million grant immobiliaria espacio enabl grupo villar mir investor increas fertiberia sl capit context restructur fesa enfersa strengthen fertilis group posit term similar laid abovement equiti loan situat fesa enfersa time loan grant aid element interest bear loan repay date event insolv repaid creditor satisfi sharehold receiv payment equival amount loan esp million behaviour spanish state context composit creditor particip composit creditor state institut treasuri social secur administr ico secur claim privat creditor recov claim precis figur shown tabl gt tabl gt note ercro case treasuri social secur administr abstent context insolv proceed bound composit agreement sign ercro creditor unlik claim cover composit state claim reduc state accept composit inform submit spanish author waiv claim decis juli commiss conclud spanish state act privat creditor similar circumst action involv aid present case treasuri social secur administr respect abstent right commiss examin observ submit spanish author conclus behaviour spanish state context fesa enfersa insolv involv element state aid reason set court justic european commun confirm magefesa measur state context insolv proceed circumst involv element state aid context insolv proceed state act public investor conduct compar privat investor lai capit view make profit short term commiss examin state act dilig privat creditor maximis chanc recov claim court held tubacex good test compar behaviour state behaviour privat creditor approach confirm court dmt state public creditor compar quot hypothet privat creditor posit vi vi debtor public creditor seek recov sum ow quot paragraph judgment relev fact consider assess behaviour spanish state state make abstent context insolv proceed ii state privat creditor condit agre waiv substanti proport claim commiss examin decis spanish state exercis abstent mean entir amount debt waiv constitut state aid spanish author shown net fesa enfersa asset plant time composit creditor conclud fesa enfersa liquid spanish state receiv payment waiv collater repres econom commiss conclud spanish state act dilig privat creditor recov claim similar circumst suffici demonstr advantag agreement reach order show requir privat creditor principl fulfil establish state privat creditor afford equal treatment stage analysi determin amount paid state return waiv proport claim similar receiv privat creditor inform submit spain show amount waiv privat creditor global speak slightli lower waiv public creditor composit agreement submit spanish author creditor privat public waiv claim basi percentag rang appli tranch debt tranch esp waiver tranch esp million waiver tranch esp million million waiver tranch million waiver altern convers capit privat creditor ercro grupo torra waiv higher percentag claim treasuri social secur administr amount privat debt esp million substanti higher amount public debt esp million tax social secur contribut payment due ico commiss conclud state treat equal foot privat creditor subject term waiver claim state aid element identifi behaviour spanish state context fesa enfersa insolv assess compat aid measur amount esp million grant authoris aid scheme commiss assess compat common market directli light articl treati articl save provid treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market articl treati except principl state aid incompat common market except articl serv basi aid compat common market aid measur examin social charact grant individu consum make good damag caus natur disast except occurr grant economi area spain exempt applic present case except provid articl aid question intend promot execut import project common european interest remedi disturb spanish economi displai featur project kind intend promot cultur heritag conserv except region aid provid articl aim aid measur examin support product fertilis promot econom develop area spain spanish author maintain repli transmit commiss measur constitut region aid commiss assess measur basi except provid articl treati commiss assess aid favour develop econom activ aid advers affect trade condit extent contrari common interest govern specif commun guidelin commiss consid commun guidelin applic case commun guidelin state aid rescu restructur firm difficulti doubt fesa enfersa underw substanti restructur restructur aid guidelin set condit authoris aid commiss assess measur light condit laid restructur aid guidelin show elig firm commiss consid suffici proven fesa enfersa group qualifi compani difficulti mean restructur aid guidelin point fesa enfersa file insolv context extrem advers market condit european fertilis sector suffer liquid problem compani declar insolv decemb madrid court instanc liabil amount esp million loss esp million restor viabil commiss individu aid measur endors restructur plan assess potenti restor compani long term viabil basi inform refer point commiss consid spanish author submit suffici evid restructur plan includ project profit loss account restructur period estim return capit sensit studi base scenario includ risk analysi spain point fesa enfersa return profit end restructur period restructur plan fulfil condit aid restor long term viabil firm reason timescal spain claim loss incur fertiberia correspond chang busi condit due impact agenda reform common agricultur polici coupl acut crisi south east asia tradition net fertilis import posit support view recent express sector annual meet octob efma gener assembl discuss dramat loss eur million suffer western european fertilis industri wors result record end efma member began embark ambiti restructur programm end plant close product ceas complet site europ job lost industri began show result part commun measur control dump fertilis product eastern europ profit continu neg affect massiv increas price ga repres total manufactur cost efma secur futur involv improv access efma member competit price ga suppli correct distort ga fertilis market soviet union page efma annual review addit event place foreseen major impact european fertilis industri factor contribut european market condit intern europ result worldwid trend event world urea market continu depress caus combin factor includ ban urea import impos china fall indian import commiss export capac high level export soviet union depress affect sector nitrogen industri impact western european market state world market difficult european produc export safeti valv time import pressur soviet union countri eas background fertiberia undertook restructur measur involv stop nitrat product cartagena tonn close urea plant huelva tonn close plant produc sulphur acid huelva result job cut cost restructur amount eur million inform provid spanish author financ exclus compani support state result restructur measur fertiberia spain inform commiss compani record profit esp million base year result spanish author confirm intend grant addit restructur aid current restructur implement compani exclus resourc view forego commiss consid current crisi call question spanish author assert origin restructur plan devis realist plan basi compani successfulli return profit commiss note fact spain intent grant addit restructur aid assess potenti restructur plan restor compani long term viabil commiss endors avoid undu distort competit except provid articl treati condit aid distort competit extent contrari common market restructur aid guidelin measur mitig advers effect aid competitor condit take form limit reduct presenc compani enjoi relev product market limit reduct proport distort effect aid rel import firm market market mitig measur restructur plan provid averag reduct exist capac inform efma possess fesa enfersa share commun market fell commiss note implement restructur plan compani effect reduc product capac close plant zaragoza valladolid sevil escombrera el hondón locat assist area capac reduct gave rise redund repres exist workforc time aid proport restructur cost benefit amount intens aid limit strict minimum need enabl restructur undertaken relat benefit anticip commun point view ratio current liabil total liabil restructur slightli higher compani similar size oper market aid beneficiari expect make signific contribut restructur plan resourc extern commerci financ take account cost restructur esp million amount aid esp million deem excess initi procedur commiss express doubt privat investor made signific contribut restructur plan resourc sharehold contribut set esp million amount esp million esp million provid american industri investor talk held takeov fesa enfersa talk broken earli privat investor grupo villar mir submit offer fesa enfersa investor decid make invest amount esp million period spain submit observ certifi statement effect immobiliaria espacio suppli guarante privat bank cover loan fertiberia total esp million view forego commiss find privat investor make signific contribut restructur plan resourc conclus abovedescrib aid measur grant fesa enfersa fulfil condit laid commun guidelin state aid rescu restructur firm difficulti authoris vi conclus commiss find spain unlawfulli implement aid question breach articl treati commiss conclud aid grant fesa enfersa fulfil condit laid commun guidelin state aid rescu restructur firm difficulti authoris adopt decis articl restructur aid spain implement fesa enfersa group quot fertiberia sa quot amount esp million compat common market mean articl treati articl decis address kingdom spain brussel januari commiss mario monti member commiss oj oj decis juli case nn oj http europa eu int comm secretariat gener sgb state aid industri nn pdf ninth paragraph point decis juli cite footnot footnot oj section base research undertaken european fertilis manufactur associ efma studi forecast food farm fertilis european union fertilis industri european union consult efma websit www efma org public efma annual review compani websit http www hydro http www kemira annual cash flow exceed esp million maximum limit annual cash flow profit tax spanish bankruptci law quot abstent quot privileg enjoi state opt bound composit creditor regard claim oj point guidelin commiss examin compat common market rescu restructur aid grant authoris basi guidelin aid grant public offici journal european commun basi guidelin forc time aid grant case aid examin case grant public applic version commun guidelin state aid rescu restructur firm difficulti publish oj aid measur grant guidelin publish measur assess basi commiss polici state aid rescu restructur firm difficulti publish eighth report competit polici spanish offici gazett spanish offici gazett footnot account harmonis european commun problem appli fourth direct annual account limit compani luxembourg page definit subordin liabil articl council direct eec decemb annual account consolid account bank financi institut oj document xv en point page footnot judgment octob case spain commiss publish provision authent version judgement found court websit http curia eu int judgment april case spain commiss ecr judgment june case déménagement manutent transport sa dmt ecr refer efma organis websit www efma org detail point ii footnot commiss draw attent connect quot time time quot condit laid version restructur aid guidelin case grand paroiss elf aquitain ratio