commiss decis state aid implement franc favour bretagn angleterr irland compani quot bai quot quot brittani ferri quot notifi document number french 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 call interest parti submit comment regard comment procedur procedur overview complaint march regist april commiss inform franc intend grant financi support bretagn angleterr irland ship compani hereinaft quot bai quot quot brittani ferri quot exchang letter franc amount inform matter commiss request letter date commiss inform franc decis initi procedur laid articl ec treati respect aid nn case inform commiss franc submit notif part dossier letter date octob aid regist letter date decemb commiss inform franc decis extend proceed includ aid commiss decis initi extend investig procedur abovement case publish offici journal european commun commiss invit interest parti submit comment aid question commiss receiv comment interest parti initi extens procedur forward franc give opportun react receiv franc comment addit inform notabl letter date novemb februari april french author commiss document inter alia juli octob respons initi aforement procedur compris studi mazar amp guérard quot comment brittani ferri quot document entitl quot plan quot letter date march comment quot agreement state bai quot document entitl quot year plan quot quot restructur plan quot date octob march june comment report dynamar consult refer find counter studi carri nera consult request brittani ferri addit commiss obtain studi independ expert institut ship analysi ship financ french author provid commiss inform quot semi public compani quot system compani financ ship bai oper arrang question complaint addit number meet place commiss french author bai repres held januari context meet number document submit commiss meet held complain notabl septemb januari exchang letter place march complain institut proceed failur act respect matter complaint submit februari brittani ferri case titl aid aid question entitl quot aid favour bretagn angleterr irland compani bai brittani ferri quot dossier nn recipi aid direct recipi restructur aid bretagn angleterr irland ship compani quot bai quot quot brittani ferri quot bai partner receiv state subsidi purpos aid main purpos restructur aid enabl bai complet restructur process ensur long term viabil subsidi receiv commiss approv intend support compani effect aid brittani ferri oper member state franc unit kingdom ireland spain subsidi grant liabl distort competit contrari common interest subsidi contribut directli preserv job bai restructur contribut develop region bai serv bai activ restructur section describ compani partner market describ develop forc compani restructur strateg restructur measur implement set cost restructur state subsidi accompani bai subsidiari bretagn angleterr irland maritim transport compani quot bai quot quot brittani ferri quot set farm cooper chamber commerc industri north finistèr number privat investor essenti boost veget export unit kingdom open direct access brittani british tourist oper rout franc unit kingdom central western channel franc ireland unit kingdom northern spain bai plai import part improv commun region concern compani carri activ directli case passeng transport wholli own subsidiari quot trucklin quot freight quot serestel quot board cater foreign subsidiari bai uk ireland spain provid commerci servic perform reserv servic port oper abroad set bai help develop cross channel transport market term carri passeng vehicl brittani normandi hand south east england ireland bai bought rent number ship oper brittani bai run perman daili connect great britain franc ship cherbourg pool barfleur coutanc caen portsmouth duc de normandi normandi saint malo portsmouth bretagn roscoff plymouth quiberon val de loir season bai run weekli servic brittani ireland roscoff cork val de loir great britain spain plymouth santand val de loir oper bai spc group bai spc close link econom group french law local semi public compani société économi mixt hereinaft quot spc quot public limit compani major sharehold local author object link public interest jurisdict author word spc characteris composit capit compani purpos spc object involv activ relat public interest fall legal jurisdict local author spc object includ run public servic industri commerci natur public servic common interest relat cross border cooper activ public interest french law requir intervent local author respect freedom commerc industri case law requir justifi circumst meet requir local commun view object spc prioriti gener maximum econom financi return sharehold achiev region develop gener econom interest object pursu public author spc appreci influenc manag strategi privat undertak associ bai group ran financi difficulti ow substanti cost acquir ship difficulti prompt reduc capac inter alia discontinu maritim servic oper brittani region local author react success set spc acquir ship bai need order maintain activ semi public compani sabemen senac senamanch set essenti act partner bai partnership spc access public capit bai time bound condit laid collabor agreement agreement bind bai spc ultim requir spc region sharehold requir bai provid maritim transport servic frequenc specif port report result oper provid forecast propos action spc manag board agreement give spc observ statu observ censeur bai manag board de jure de facto legal financi relat bai spc give decis influenc power guid bai strateg decis decid acquisit sale ship bai oper fleet composit oper condit ship gener traffic condit bai meet capit increas need maintain condit inform french author show spc form integr part brittani ferri group role invest bai subsidiari constitut group oper market structur larg part brittani ferri debt li semi public compani spc ship directli financ borrow hold leas contract econom interest group quot eig quot acquir ship form financ prefer shipown spc appreci influenc bai group busi decis decid group strategi maritim connect port departur arriv frequenc fleet composit servic provid passeng freight transport capac provid public author achiev object term return gener interest context spc sharehold occas increas capit occas capit increas involv sharehold public privat nonetheless note main privat sharehold spc bai compani eig context financi institut establish econom interest group quot eig quot eig govern order septemb financ mechan common law form eig open door tax optimis acquir heavi industri asset practic involv fiscal transpar vi vi eig member profit loss made eig pass member eig common franc set sector econom activ french author mechan common law eig purchas ship loan leas spc inform commiss show fiscal eig involv financ ship bretagn normandi barfleur specif case dossier ship financ fiscal eig note eig ship bank loan financ eig rent ship spc leas contract spc rent ship bai subchart contract eig account acquir ship written degress period year degress amortis produc fiscal deficit begin contract eig fiscal transpar pass eig member enjoi bank interest rate subsidi eig deficit year tax save made member case return form loan eig start pai back loan show profit spc rent charg bai case financ eig spc directli acquir ship rent bai rent paid bai includ rent charg spc leas charg eig spc includ depreci financ cost rent directli charg leaser trovil quiberon amortis addit ship relat invest upgrad meet standard fit account bai book exchang rate differenti ship financ foreign currenc val de loir normandi directli record bai account credit institut appli margin interest rate charg spc spc pass margin bai french author bai charg rent spc balanc budget profit loss time ship definit sold dynamar report criticis fact level rent spc charg bai market rate french author nera reject argu dynamar find base mislead comparison amp ship januari brittani ferri broker brax ship produc detail estim bareboat charter rate charg market ship charter bai bai submit figur rent paid ship charter complain submit estim rent believ bai pai ship oper complain argu rent charg bai market rate cover extern financ ship complain argu public capit increas invest aid allow extern financ level market price list rent paid bai suppli test argument determin rent paid accept past futur restructur tabl compar claim market rent ship type oper bai tabl gt tabl gt tabl show rent estim expert complain match exce estim spc charg rent market rate financ system return invest born mind spc capit constitut public partner region privat partner bai crédit agricol bai hold signific proport spc share major privat sharehold privat financi institut crédit agricol grant loan success acquisit ship decis increas capit link invest develop market group built bai subscrib capit increas proport hold spc capit increas implement public privat sharehold time proport respect sharehold emphasis set spc balanc budget mean rent charg bai sell ship realis capit gain give annual profit rang tabl profit regularli reinvest group french author system enabl spc avoid make loss loss record result difficulti brittani ferri encount prompt spc major public sharehold grant temporari defer part rent paid ship frf million repay made condit quot fortun quot claus french author region local author previous interven recapitalis sabemen senac senamanch loss system financ explain gener speak virtual spc right oblig financ arrang deleg bai specif decid spc cost revenu bill bai rent charter contract charter contract spc bai financ ship pai rent rent intend cover depreci ship spc financ cost spc balanc budget mention ship sold spc recov capit achiev averag annual return invest capit earn regularli reinvest ship capit gain break tabl gt tabl gt examin market practic financ method return invest appli ferri commiss refer inter alia independ expert studi institut ship analysi quot isa quot compar isa opinion sourc inform materi suppli brax ship complain isa gener descript financ arrang acquir rent sell passeng ferri common practic ship industri oper shipown rent ship oper leas charter contract market practic show return invest ship life time vari balanc return profit period ship profit oper period cover cost capit cost subject market fluctuat usual industri shipown realis profit ship residu capit gain realis sell isa year ago ferri sold premium origin construct cost year hand market ferri lucr gener speak isa resal valu vari greatli investor highli invest strategi depend anticip market develop similar argument advanc brax ship provid exampl show hand market ferri declin sharpli announc duti free abolish nonetheless pick illustr inform receiv crédit agricol indosuez show investor annual return accept nonetheless reflect difficult present situat ferri resal market transact group bai spc commiss consid compar spc oper bai check consist born mind spc make profit shown instanc tabl senac senamanch retain profit sabemen profit rental incom sale ship acquir roscoff saint malo servic plymouth portsmouth cork santand transfer bai intern transact group transact stipul charter contract sabemen bai bai oblig serv port roscoff saint malo explain sabemen expect return invest return bai bai spc group commiss spc oper need align group form bai french author state letter date march sabemen oper align senac senamanch term agreement link bai guarante bai region guarante provid occas part financ ship guarante frf million sabemen brittani region financ quiberon total loan frf million guarante frf million brittani pai de loir region financ bretagn total frf million guarante frf million conseil général de la manch sureti senamanch oblig financ barfleur part extens loan frf million role crédit agricol crédit agricol specif crédit agricol caiss régional du finistèr brittani ferri main banker creation meet virtual compani oper cash requir plai lead role fleet financ oper crédit agricol privatis french author explain crédit agricol bank group public undertak strictli privat credit institut capit caiss national du crédit agricol cnca held exclus region bank caiss régional crca director capit crca held local bank caiss local clca individu member capit clca turn held million member natur legal person bai market geograph map annex cross channel passeng market passeng tourist vehicl market subject degre substitut price charg oper north sea central western channel extent influenc price charg channel strait calai dover revers evid inform suppli brittani ferri nera amp context case show open channel tunnel subsequ fire direct impact strait segment limit effect western channel inform show bai oper western central channel west diepp newhaven line ireland spain amp bai western central channel sector repres million passeng million tourist vehicl correspond market segment run central channel strait term passeng term tourist vehicl bai share passeng traffic fairli stabl central western channel market inform commiss dispos central western channel sector share bai roscoff plymouth saint malo portsmouth cherbourg pool caen portsmouth rout amp compani cherbourg portsmouth le havr portsmouth rout condor ferri compani saint malo weymouth pool rout note condor ferri oper channel island part year note bai oper rout south west unit kingdom santand spain servic ireland spanish rout compet amp oper similar rout sector irish rout irish ferri bai repres compani activ creat market brittani lower normandi previous exist cross channel freight market substitut strait mark impact freight market passeng market brittani ferri comment relev market term freight defin region market consist carriag freight unit kingdom contin compris strait channel nonetheless brittani ferri case open channel tunnel caus freight traffic strait fall nera traffic central western channel remain stabl nera impact western central channel market born diepp newhaven rout amp oef end oper rout hoverspe resum part strait market impact central western channel weaken distinct market segment strait central western channel made regard freight bai estim central western channel market repres lorri carri cross channel freight market million lorri bai fairli stabl share central western channel freight market hand market share term total cross channel traffic gradual erod recent year regard freight relev market consid bai competitor framework dossier central western channel strait amp portsmouth commodor amp stena line sea franc eurotunnel hoverspe holyman salli deterior brittani ferri econom situat describ restructur aid measur describ main factor led restructur brittani ferri ow primarili extern factor brittani ferri econom situat began declin rapidli indic compani need restructur intern order cope chang environ extern factor brittani ferri indic submit french author main coincid extern factor prompt crisi hit compani devalu pound sterl frf septemb fall frf remain open channel tunnel intern result result event affect bai scale compani loss threaten surviv commiss inform show fall frf pound automat reduc bai turnov frf impact traffic passeng yield combin impact devalu sterl open channel tunnel caus increas loss shown result tabl gt tabl gt commiss inform year net account result fallen frf million state assist bai fortun affect entir group bai revenu pai rent spc rent balanc annual budget aforement result decis influenc bai spc group restructur plan brittani ferri restructur plan compris coher set measur commiss fact receiv success document brittani ferri restructur consid form ensembl constitut singl restructur concept set document describ restructur plan consist concept formul octob supplement plan audit carri amp comment bai nera studi decis french state central govern region grant compani restructur aid frf million frf million sum frf million restructur measur concern bai oper ship own spc spc role ship owner aid propos central govern involv tranch direct state aid bai notifi success commiss frf million frf million region support restructur total frf million frf million public capit amount consist capit increas spc sharehold bai spc pass bai temporari waiver rent accompani quot fortun quot claus condit french author met sum frf million paid aim restructur support region author provid capit increas frf million spc implement financi restructur measur achiev materi structur restructur object ship replac reorganis servic set inter alia restructur plan octob adjust support fact serv financ repay loan critic period begin brittani ferri restructur preserv spc initi invest ship contribut lastli acquisit normandi replac quiberon conjunct reassign ship exist rout view rebalanc rout make profit expert document requir closer attent mazar amp guérard audit provid april pictur financi situat period dynamar report main task check document held commiss suffici assess restructur report produc decemb nera studi suppli bulk outstand document need analys restructur entitl diagnost de la situat financièr le perspect du group bai produc april mazar amp guérard quot amp quot request french author detail analysi bai econom situat focus chiefli year forecast april amp conclud quot intern measur extern support conjunct posit develop rise pound sterl enabl bai achiev recoveri envisag year plan translat short term profit medium term recoveri provid last solut expect event financ impos competit obsolesc fleet end duti free sale unexpect event signific fall pound develop competit central western market quot decemb dynamar consult present report refer find amp argu document submit commiss constitut restructur plan kei element analysi analysi profit centr analysi relev market lack dynamar criticis compani high central cost acknowledg brittani ferri maintain imag dynamar quot strongest brand quot dynamar conclud data commiss time compil report decemb insuffici settl question compani long term viabil march brittani ferri submit inter alia nera studi suppli miss inform major area dynamar includ market descript compani analysi profit centr viabil analysi forward project amp focus year nera focus essenti brittani ferri futur develop project econom model year project account preliminari studi incorpor analysi profit centr analysi central servic cost analysi futur invest market analysi basi nera analys brittani ferri spc singl econom entiti conclud year amp drew conclus group viabl long term regard extern factor pound sterl french franc pariti market develop intern factor group restructur examin section main measur involv restructur set capac reduct bai downsiz consist withdraw rout saint malo pool saint malo cork total reduc rationalis winter rotat lai sell ship normandi shipper duchess ann fleet programm sell core asset share british televis compani west countri tv servic brittani ferri suppli measur term sail rotat remain constant compar restructur brittani ferri increas number sail enter rout assign addit ship exist rout financi year brittani ferri passeng capac reduc passeng berth capac berth garag capac lane metr financi year quiberon replac normandi caen portsmouth rout mid brittani ferri capac remain pre restructur capac reduct passeng capac passeng berth capac berth garag capac lane metr reorganis sail replac ship regard sail caen portsmouth rout oper ship normandi duc de normandi size capac length cross departur dai caen portsmouth vice versa ship make return journei singl leg dai start caen dai portsmouth ship differ capac major fluctuat suppli dai caen portsmouth portsmouth caen dai dai round caus logist problem signific product loss achiev full restructur plan object quot pursu effort rationalis save improv breakeven point quot decid addit capac reduct measur replac ship order rebal improv profit rout serv normandi similar size featur normandi assign normandi caen portsmouth rout duc de normandi replac quiberon roscoff plymouth rout help optimis oper rout ship replac compli safeti rule total number ship oper brittani ferri reduc restructur risen end compani plan refinanc ship bai refinanc ship option interest short term firstli arrang leaseback quiberon allow short term refinanc gener short term liquid result higher rent frf spread year financ period val de loir extend mean defer payment year period januari januari loan ship crédit agricol privat bank capit repaid period gener cost addit interest frf addit interest charg spc pass bai refinanc ship spc reduc oper cash requir frf year repay frf eas oper cash situat refinanc oper enabl sabemen limit bai oper cash requir event refinanc val de loir cost sabemen rent bai continu cover depreci ship addit financ cost refinanc inject public capit frf million support restructur process spc grant bai partial defer rent year ship oper defer total frf million financi year financ increas frf million spc public capit sum subject transact spc bai group fact input extern public capit frf million brittani ferri group reduct central cost recal brittani ferri group bai reduc capac ship reorganis servic rout closur rout reduc traffic reduc compani quot alloc cost quot addit reduc alloc cost bai reduc alloc cost cut cost reorganis land base servic renegoti contract sale core asset redistribut termin cost proport rout oper alloc alloc cost remain alloc cost made gener expens relat land base servic unit kingdom includ ticket sale central bai staff serestel staff board servic trucklin staff freight servic advertis gener expens total redistribut harbour fee repres total oper cost redund programm inform suppli french author show bai implement redund programm affect offic staff regular seamen note compani measur addit redund plan led shed offic staff board staff staff reduct measur cost compani frf million french author interven nation employ fund nef respect offic staff appli type measur respect seamen introduct part time work support voluntari retir reduc work hour earli cessat activ eca french author eca scheme involv state contribut eca scheme notifi commiss letter date januari regist januari context quot public programm commerci fleet quot commiss approv programm period renew franc period approv commiss eca scheme notifi franc letter date septemb approv commiss measur financ eca cost frf million nef measur cost frf million french author arrang appli context redund programm save intern extern cost cut measur includ wage freez abandon part month cut advertis budget reorganis land base servic medic servic renegoti subcontract contract laundri clean restructur measur replac ship produc save frf million frf million compar respect previou financi year conjunct improv extern context measur serv reduc oper deficit elimin altogeth cost cumul restructur aid full pictur need aid brittani ferri group restructur period restructur aid proper parallel aid grant restructur period cumul tabl tabl inform sheet impact restructur measur brittani ferri submit compani repres meet regist gt tabl gt gt tabl gt cumul measur restructur phase cost brittani ferri group frf million cumul aid receiv period total frf million intens aid cumul restructur intens restructur aid proper aid receiv aid paid restructur period constitut restructur aid tabl aid involv applic brittani ferri scheme approv commiss payment guarante public programm french commerci fleet includ acomo invest aid reimburs busi tax eca scheme approv renew tabl gt tabl gt descript ground initi procedur result complaint refer recit inform receiv french author articl press commiss bodi materi dispos includ inform aid allegedli paid brittani ferri inform intervent involv state resourc subsidi frf million unpaid interest alleg aid respect redund programm prolong acomo scheme invest aid loan crédit agricol reduct port charg part nn liabl benefit compani french author notifi restructur aid frf million part frf million part light vari inform commiss decid initi formal investig procedur provid articl treati respect aid nn extend procedur aid recal initi extend formal investig procedur commiss interest parti opportun full aspect involv includ restructur financi arrang brittani ferri group text indic main point mention remain unresolv investig procedur initi extend quot restructur subsidi quot commiss emphasis base plan aim restor long term viabil brittani ferri french author includ plan notif commiss plan capit inject overcom structur handicap suffer compani detail french govern led present financi situat quot commiss consid notwithstand rationalis plan implement process quot compani french author provid signific evid restructur process aim restor long term viabil gener rule measur support compani implement reaction unfavour financi situat compani found order cover success oper loss protect compani effect market forc aid distort competit ship compani member state extent contrari common interest quot quot french author present sound restructur plan aid ti furnish systemat proof propos aid meet gener condit authoris refer quot spc invest subsidi region guarante part nn commiss rais point quot semi public compani sabemen senac senamanch state agre reduc rent ship paid brittani ferri year return public sharehold spc increas capit hold compani compani gener loss accumul success debt spite fact receiv invest subsidi state loan guarante region author doubt persist case entiti concern compani public sharehold act privat investor quot crédit agricol quot state commiss caiss régional du crédit agricol de bretagn cover success cash loss incur brittani ferri includ frf million frf million spite restructur measur compani partner public privat clear econom reason guarante bank agre cover compani deficit normal market condit bank agre cover cash deficit compani econom posit solid guarante intervent crédit agricol made term accept investor oper free market condit quot redund programm quot applic social plan brittani ferri receiv state aid statutori provis appli specif maritim sector commiss receiv inform provis determin aid measur form part measur applic sector economi special scheme ship compani quot acomo quot commiss remind french author current gener french scheme aid merchant ship includ acomo aid approv commiss extend year longer appli contrari state aid scheme conform commun guidelin quot reduct port charg quot french author maintain measur relat port solidar fund implement state port charg recent reduc result commerci decis port author commiss inform port concern underli reason beneficiari reduct quot franc explain regard rate negoti set port administ chamber commerc industri rule privat law intern oper comment interest parti initi procedur perman represent unit kingdom european union unit kingdom believ aid grant ship compani compli commun guidelin state aid maritim transport commun guidelin state aid rescu restructur firm difficulti fulli transpar complianc demonstr unit kingdom agre commiss view competit situat face brittani ferri uniqu compani justifi state aid aid grant condit distort competit consequ advers impact ferri compani compet market benefit state aid reason assum aid compani protect market pressur enabl market share revenu compani evidenc fact brittani ferri expand servic time stena withdrew western channel amp european ferri rationalis servic area absenc clear restructur plan design ensur compani longer term viabil commiss infer grant aid disproportion inappropri amp european ferri amp european ferri quot amp oef quot compet brittani ferri rout western channel believ commiss preliminari find warrant investig factor french govern claim justifi intervent region bodi favour brittani ferri amp oef brittani ferri compani affect factor fact affect oper includ competitor instanc tougher competit market question keener channel tunnel open forc stena line abandon western channel oper amp oef oblig undertak materi restructur western channel oper case brittani ferri competitor engag costli restructur exercis benefit state aid amp oef believ aid grant brittani ferri justifi accord commun rule state aid chamber ship unit kingdom chamber ship quot chamber quot point market ferri passeng vehicl unit kingdom contin keenli competit recal oper aid incompat common market chamber argu market unit kingdom contin gener consid quot peripher quot quot thinli serv quot order justifi direct oper subsidi chamber argu guidelin state aid rescu restructur firm difficulti highli pertin context case nn chamber note french govern justifi grant subsidi assert brittani ferri commerci disadvantag vi vi competitor believ assert spuriou relat brittani ferri semi public compani chamber review inform present commiss believ decis reduc ship rent promis reimburs propiti trade condit prospect lack commerci credibl state aid chamber relat review case fit wider pattern opaqu measur support oper brittani ferri part public semi public french organis chamber recal commiss decis eec forbad attempt french govern grant excess subsidi build ship brittani ferri regard restructur aid case chamber argu indic aid address handicap brittani ferri alleg suffer chamber encourag commiss insist accept justif subsidi french author forthcom credibl chamber urg commiss ensur propos state aid amount found excess prevent reach brittani ferri caus distort competit ferri servic market unit kingdom contin extens procedur amp european ferri amp european ferri refer comment submit procedur initi state appli aid tranch frf million cover extens investig procedur chamber ship unit kingdom chamber state comment submit procedur initi stand chamber disput french author argument recal admiss previous notifi aid packag cover initi procedur suffici restor brittani ferri long term viabil chamber believ confirm rationalis programm constitut meaning restructur compani core oper chamber maintain implaus activ loss make viabl simpli result inject aid restructur chamber point restructur aid grant disingenu assert repeat instal aid constitut singl grant includ measur offset advers effect competitor sign measur chamber ask french author provid credibl justif subsidi meet abovement criteria commiss prevent fund reach brittani ferri distort competit ferri market unit kingdom contin ian bruce member parliament hous common mr bruce unfair subsidi receiv compani directli affect ship oper weymouth portland mr bruce constitu affect oper south coast port pool adjac mr bruce constitu dorset mr bruce countri franc consist act prop ineffici compani simpli french own prevent effici oper europ provid servic mr bruce ask subsidi question sort brittani ferri brittani ferri present seri document main quot plan return competit quot cover period octob quot plan return competit quot cover period march quot viabil plan quot cover period annex septemb agreement french state bretagn angleterr irland bai sa comment brittani ferri annex comment brittani ferri studi nera consult quot assess brittani ferri viabil plan quot date march brittani ferri argument abovement document design demonstr brittani ferri group bai spc return long term viabil restructur conclus result analysi set studi forecast document submit compani british port plymouth british port plymouth quot abp quot harbour author millbai dock port plymouth comment abp point total million pound sterl gbp invest ferri facil port plymouth gbp million fund erdf grant plymouth object statu plymouth grant statu object region counti cornwal adjac plymouth recent obtain object statu abp year traffic volum increas year year plymouth roscoff total passeng year passeng plymouth santand job includ high tech job scarc plymouth region depend directli brittani ferri oper citi plymouth compani site inform technolog train centr termin servic offer brittani ferri catastroph port citi plymouth term sever econom logist effect local commerc term perceiv isol entir south west commun rest europ lastli link region atlant arc essenti develop region abp ask commiss decid favour brittani ferri approv aid question ensur link plymouth contin commun region continu pool harbour commission pool harbour commission quot phc quot harbour author pool dorset unit kingdom phc state pool top unit kingdom port phc receiv public aid phc emphasis annual turnov gener activ brittani ferri compani provid year round ferri servic pool phc point set addit job provid directli phc local job depend success pool harbour commerci oper year phc invest gbp million brittani ferri develop servic pool phc argu ferri servic market western channel displai overcapac brittani ferri oper nich market specialis link outli region unit kingdom franc complet termin brittani ferri servic result loss job complet closur commerci port remain trade cover oper cost hard pool harbour develop trade shallow harbour increas size ship phc believ oper facil offer port pool phc negoti reduct port charg brittani ferri compani restructur avoid reduct rotat brittani ferri reason phc ask commiss approv aid brittani ferri point brittani ferri withdraw pool result closur commerci port port santand port santand quot po quot state unit kingdom main commerci partner area ro ro ferri transport po continu invest expans ro ro infrastructur brittani ferri compani offer schedul passeng servic port po facil year link santand plymouth portsmouth weekli basi brittani ferri account po ro ro activ contribut substanti region economi po impact region economi rate term region job revenu gross earn ad exist ferri link improv region infrastructur po maintain brittani ferri oper nich market outli region commun support initi develop maritim link atlant arc reliev road congest reduc pollut lorri po believ commiss approv aid question comment conseil régional de bass normandi conseil général du calvado conseil général de la manch region author refer submit comment commiss individu part comment express similar opinion group summaris lower normandi region compris depart calvado la manch orn partial object statu qualifi structur fund region aid accord articl treati lower normandi main port caen ouistreham cherbourg serv brittani ferri plai crucial role econom life depart la manch calvado addit lower normandi region depart calvado la manch activ involv maritim transport sharehold semi public compani senac senamanch spc ship assign rout oper brittani ferri view consequ open channel tunnel fact pound sterl fell significantli lower level remain long period spc agre support brittani ferri grant temporari defer rent restructur period recent difficulti cross channel sector brittani ferri restructur viabl oper amp sudden closur rout boulogn le havr diepp instanc region author want cost avoid ty futur region port singl ship compani disappear brittani ferri hand amp ferri compani monopoli rout central western channel octob report opinion entitl bass normandi le retombé du trafic transmanch en bass normandi lower normandi impact cross channel traffic lower normandi submit commiss conseil régional de bass normandi support argument comment conseil régional de bretagn conseil général ill vilain conseil général de côte armor conseil général du finistèr conseil général du morbihan region author refer submit comment commiss individu part comment express similar opinion group summaris region author emphasis region import brittani ferri simpl compani stake surviv econom player preserv job brittani region brittani ferri li entir region slow stop drive forc region develop oper brittani ferri fly face commun polici cohes region develop region point brittani elig object programm brittani ferri directli emploi worker brittani lower normandi region french labour contract subject nation social secur scheme repres french merchant navi contribut sustain french institut includ balanc french merchant navi pension fund futur port roscoff saint malo close link brittani ferri continu activ argu brittani ferri oper recov implement compani restructur plan light argument abovement public author invit commiss approv aid notifi french govern order compani continu plai kei role region economi comment franc initi extens procedur french author submit seri document initi extens procedur cite descript section nonetheless featur comment submit procedur recap main argument french author argu busi handicap affect compani compound period year major econom handicap relax control duti free sale strait open channel tunnel devalu pound sterl caus compani make oper loss period problem affect compani great french author agre lend support restructur process french author told commiss except circumst public support brittani ferri oper aid offset compani oper loss protect normal competit forc contrari compani engag genuin restructur oper emerg stronger competit oper aid french author point brittani ferri meant year emphasis compani continu serv nation instrument european region plan indic compani mean satisfi nation interest strateg purpos ground french author commiss recognis support decid grant brittani ferri conform commun guidelin state aid maritim transport commun guidelin state aid rescu restructur firm difficulti risk monopoli french author point maintain credibl competit altern central western channel brittani ferri competitor amp european ferri portsmouth disappear brittani ferri liabl creat de facto monopoli amp sector temporari waiver rent financ capit increas capit increas allow spc grant bai temporari waiver rent french author state spc act privat investor shipown spc choic brittani ferri run difficulti sell ship recuper full invest term purchas fit accept temporarili reduc rent higher realis ship rent maritim transport compani contribut compani recoveri rent repaid brittani ferri capit back level rent reduct financ spc capit increas subscrib sharehold brittani ferri capit hold compani slip local author interven accord principl equalis protect econom commerci activ direct interest activ gener brittani ferri contribut directli french author argu context amortis profit commerci port tourist oper depend success brittani ferri oper local author econom interest lend temporari support loss make activ sort analysi inform investor make invest subsidi grant past addit letter octob french author subsidi refer grant exclus part public aid measur commerci fleet sector measur enter forc decemb post date commiss guidelin august financi fiscal measur ship oper ship regist commun approv commiss articl treati ship amount involv tabl gt tabl gt quiberon val de loir acquir secondhand sweden duc de normandi secondhand netherland normandi barfleur order masa yard finland lastli french author invest aid frf million grant bai ferri bretagn addit frf million shipbuild aid grant chantier de atlantiqu build ferri basi contract price notifi commiss frf million accord decis commiss notifi french author crédit agricol correspond juli french author explain crédit agricol bank group public undertak strictli credit institut capit caiss national du crédit agricol cnca held exclus region bank caiss régional crca director capit crca held local bank caiss local clca individu member capit clca turn held million member natur legal person crédit agricol decis intern basi loan grant fund privat origin deriv privat save state provid guarante loan grant brittani ferri crédit agricol du finistèr letter brittani ferri ask crédit agricol sum amount aid expect state rapidli account administr payment procedur french author step intervent state reason inform french author crédit agricol act accord principl investor free market economi take account brittani ferri recoveri prospect declar intent french state support compani implement restructur plan crédit agricol hold mortgag ship sureti loan advanc brittani ferri interest prevent compani bankrupt late earli call mortgag time enabl crédit agricol recov ow brittani ferri fleet modern channel high intrins ship suppli market depress phase time older ship offer lower price crédit agricol relationship eig french author point event financ mechan eig act intermediari common law acomo letter date juli french author inform commiss brittani ferri regularli receiv consolid modernis aid view intern natur oper plan extend aid januari reduct port charg french author reduct port charg system discount turnov negoti port concessionair chamber commerc industri quot cci quot ship compani french author type agreement common shipown oper schedul rout gener larg turnov case ferri compani agreement includ oblig port shipown undertak inter alia guarante minimum take cover port financi commit stipul actual take higher quot guarante quot amount compani enjoi discount turnov excess quot guarante quot context brittani ferri conclud agreement cci port serv roscoff saint malo caen cherbourg french author brittani ferri compani conclud agreement type cci irish ferri conclud cci morlaix port roscoff amp cci cherbourg french author point port serv brittani ferri fall categori quot port nation interest quot oper quot public equip quot concess grant state cci legal administr public institut administ quot industri commerci public servic quot constitut privat manag public servic oper rule appli privat undertak agreement industri commerci servic conclud user common law contract public author exercis control assess aid legal basi assess articl treati stipul quot aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market quot articl treati stipul state aid compat consid compat common market assess restructur aid ship compani commun guidelin state aid maritim transport interpret articl treati respect maritim transport refer commun guidelin state aid rescu restructur firm difficulti basi grant derog rescu restructur aid grant firm difficulti articl virtu articl commiss authoris quot aid facilit develop econom activ aid advers affect trade condit extent contrari common interest quot aid compat analys main criteria exist restructur aid return viabil restructur plan prevent distort competit proportion aid lastli implement restructur plan commiss commun member state applic articl ec treati articl commiss direct eec public undertak manufactur sector applic individu case sector unrel manufactur industri principl commun applic sector commiss consid essenti determin state aid exist examin element dossier respect exist state aid mean articl compat aid treati context verifi extent restructur brittani ferri result oper requir aid futur analysi mechan ship oper bai financ parallel aid receiv past complain notabl correspond februari explain french author brittani ferri meet document submit bai spc singl econom group judgment court justic european commun intermil case confirm approach accept quot accept spite fact manufactur compani legal person separ sa intermil undertak form singl group aid grant belgian author concern commiss justifi entir group singl undertak purpos applic articl treati quot quot note applic stress restructur carri mean aid question constitut indivis industri financi point view implicitli acknowledg origin undertak manufactur compani form singl econom unit quot light explan section indic essenti analysi restructur undertak invest oper activ commiss believ case account bai asset liabil reflect account spc spc close link brittani ferri oper commiss believ examin grant state aid relev analys brittani ferri econom group commiss analys group intern relat point view state aid wish avoid count state aid group nonetheless analysi present section tabl show rent charg mechan appli brittani ferri group bai spc line market practic includ term amount rent charg short analysi serv clarifi group intern transfer show group practic line market practic sector concern exist aid form financ bai spc group addit restructur aid grant french govern commiss check exist aid result bai partnership spc firstli regard econom interest group tax advantag confer commiss consid constitut gener measur common franc set sector econom activ common law crédit agricol oper respect bai group creditor minor sharehold spc note french author explain institut capit privatis held larg number member privat true mutual agricultur credit institut subject check public author crca clca subject cnca check stipul instanc provis quot code rural quot check ensur book order compli current statutori regulatori requir extend decis quot caiss quot autonom part credit institut activ commiss consid state answer crédit agricol activ check exist featur inher notion state aid mean articl point spc control public author access fund state origin commiss analysi shown measur involv state aid mean articl treati ship financ mechan emploi brittani ferri group bai spc guarante provid financ determin aid element involv oper bai conduct result public financ ship spc prior aspect consid refer principl investor free market economi interpret commiss posit applic articl ec treati public author hold financ mechan return invest born mind creation spc appear difficulti led restructur unilater capit increas part restructur financi situat brittani ferri group bai spc normal return earn group expect achiev return invest oper revenu residu achiev sale ship cover capit origin make invest question commiss conclud regard common accept practic industri shipown rent ship oper make profit resel point indent point commiss posit public author hold relev quot state aid involv fresh capit contribut circumst accept privat investor oper normal market economi condit appli public hold compani increas provid capit inject proportion number share held author inject capit privat sharehold privat investor hold real econom signific quot point decis increas capit link invest bai subscrib capit increas proport hold spc requir criteria set bai hold privat investor real econom signific involv major hold bai spc invest reinvest significantli enhanc brittani ferri group includ increas asset acquir oper expand build market clientel previous exist acquisit maritim transport earn compani excel market imag identifi dynamar nera restructur group underpin prospect long term viabil sustain oper built oper year brittani ferri group oper enabl spc balanc budget rental incom bai sale ship earn group capit gain year ship difficulti led restructur oper consid line market practic sector question commiss conclud profit made group enabl increas significantli return normal term dividend capit gain commiss consid public capit increas prior carri accord market principl element state aid brittani ferri bai spc group ship financ prior view forego commiss decid cast doubt financ mechan analys order supplement analysi brittani ferri group bai spc restructur guarante regard guarante provid spc commiss note measur prior cover initi extens procedur request inform french author april initi proceed letter commiss french author date dealt question guarante provid spc quot intent french author grant financi support brittani ferri quot april date regul ec enter forc limit period laid articl regul expir absenc action interrupt period aid sum relat guarante deem quot exist aid quot frf million guarante provid view fact group difficulti commiss consid fact recipi admit proper return guarante line market rate constitut state aid commiss notic march applic articl ec treati state aid form guarante mention bai argument element subsidi deriv guarante deem region aid guidelin state aid region purpos quot initi invest quot bai refer commun guidelin state aid maritim transport invest aid favour ship compani framework region aid respect commiss refer nonetheless text guidelin section commiss favour type aid quot region aid maritim compani disadvantag region take form invest aid compani invest region permit clear benefit accru region reason time period case invest relat construct dedic warehous purchas fix tranship equip quot aid compli region aid rule guarante invest financ compli commun shipbuild rule text requir commiss conclud text fix invest accept rule region aid form invest aid ship compani mobil invest ship subsidis aid element deriv guarante provid deem incompat treati recov accord articl regul ec order establish exact amount aid element frf million guarante grant commiss invit franc quantifi refer market rate light commiss commun march exist restructur aid amount frf million french author notifi amount frf million restructur aid part bai restructur plan inject public capit frf million part restructur brittani ferri end spc sharehold provid capit increas frf million public monei capit increas distinct predat carri essenti public author public fund total frf million match concomit increas privat fund case prior capit increas constitut unilater inject public capit brittani ferri group contrari practic prior increas board subscript involv privat sharehold bai result public hold reach significantli higher level origin group financi difficulti commiss note condit laid indent point posit public author hold met group situat fact indent point posit quot state aid inject capit compani capit divid public privat sharehold make public hold reach significantli higher level origin rel disengag privat sharehold larg due compani poor profit outlook quot view forego commiss conclud point unilater capit increas frf million spc public sharehold constitut state aid inject public capit made part restructur programm commiss consid inject deem restructur aid firm difficulti question proportion compat aid examin redund programm parallel measur french author approv fall categori gener measur applic franc commiss social cost restructur favour light parallel aid approv state aid identifi mean articl treati item reduct port charg recal question commiss initi rais french author measur relat inter port solidar fund introduc french author introduc commiss ask quot inform port concern reason reduct beneficiari quot french author repli summaris section port rememb commiss want quot inter port solidar plan quot introduc franc commiss ask addit inform oper port basi inform possess commiss reason suppos brittani ferri pai market rate conclud aspect current dossier brittani ferri receiv state aid mean articl treati exist aid form aid paid brittani ferri group categori restructur aid restructur aid proper parallel aid paid restructur period cumul aid paid restructur period treat restructur aid tabl section invest aid grant acquisit ship set tabl section section aid involv brittani ferri applic scheme approv commiss acomo invest aid includ reimburs busi tax eca approv commiss pronounc sum parallel aid duli account proportion restructur aid note acomo scheme discontinu begin commiss comment make aid french author paid bai accord commiss quot shipbuild quot decis letter sg date februari aid paid complianc aforement decis invest aid french author grant aid prohibit time favour decis similar scheme view time elaps commiss consid beneficiari legitim confid aid compat restructur plan return viabil context extern factor pound sterl french franc pariti market develop intern factor relat group restructur analys pariti pound sterl french franc amp april diagnosi fall frf pound automat reduc bai result frf impact forecast traffic passeng yield march year nera note franc sterl pariti remain frf pound sterl year nera base oecd unit kingdom treasuri forecast basi inform commiss note firstli nera base find exchang rate forecast recognis reliabl institut strong pound help brittani ferri commiss recognis stronger exchang rate bai brittani ferri econom group return viabil market develop expert estim brittani ferri market channel structur overcapac confirm notabl rise price begin growth potenti realist market rout brittani ferri oper commiss accept argument brittani ferri relev market structur overcapac commiss find growth potenti offer market extern factor conduc develop compani brittani ferri econom group gener cost section alloc cost firstli cover group revenu explain part bai excel imag dynamar nera recommend maintain addit nera consid compani principl hold asset strong brand bring market benefit view satisfactori analyt find group profit nera conclud brittani ferri group pass market test addit gener cost reduc effect reduc alloc cost realloc profit centr advoc dynamar instanc reduc realloc explain repres accept proport commiss consid central cost justifi liabl threaten viabil individu rout analysi profit centr dynamar note element restructur analysi analysi compani profit centr nera consid point analys brittani ferri group angl profit centr basic rout oper end nera compar cost revenu rout passeng freight traffic found individu rout made posit net contribut group profit addit examin rout profit closer detail nera realloc port charg rout bai oper found posit net result maintain rout basi detail analysi proportion alloc cost commiss recognis profit rout bai oper viabil posit net contribut rout explain group profit analysi group profit develop viabil rout tabl individu viabil rout brittani ferri nera maintain rout constitut core brittani ferri number reason irish spanish rout closur rout result bai traffic destin lost compar rout plymouth roscoff rout serv distinct market traffic divert central channel rout cherbourg pool reduct plymouth roscoff rout result user servic choos travel destin travel air rout longer oper nera consid brittani ferri central channel rout necessarili provid good substitut altern serv distinct geograph market rout close passeng freight divert brittani ferri main competitor dai trip excursionist traffic lost reduct rout prevent brittani ferri increas high season revenu rout loss high yield sale peak time conclus view explain proportion central cost commiss accept argument profit individu rout bai oper assur rout constitut profit ensembl group tabl replac ship section invest normandi order balanc servic caen portsmouth rout capac uneven dai dai ship servic substitut duc de normandi quiberon optimis oper roscoff plymouth rout section acquisit normandi brittani ferri capac remain restructur bai acquisit ship financ brittani ferri group point commiss conclud invest ship justifi balanc homogenis fleet ship withdrawn time bai capac remain capac start restructur court instanc european commun recognis legitimaci invest view commiss accept invest part restructur financi forecast viabil group financi evolut includ sum frf million return viabil forecast tabl confirm end french author announc bai return quot fortun quot start pai back intern group sum frf million spc maximum tranch frf million year spc continu pai rent normal restructur measur place restructur consid complet normandi acquir ship reassign brittani ferri bai spc group econom financi evolut nera forecast data tabl gt tabl gt nera forecast group oper profit continu improv significantli vari frf frf plan replac ship offset trend temporarili progress retain profit year level frf modest impact invest plan rapidli overcom net cash posit frf frf nera studi extern financ amount invest cost consid impact acquir ship remain modest studi establish ebit interest cover ratio start low rise rate deem reason improv rate deem ampl debt equiti ratio initi high fall level deem accept ship relat debt repaid debt repres invest cost ratio rise percentag point stabilis immedi resum downward trend nera ratio similar ferri compani firm profit oper return capit emploi develop posit reach commerci respect firm profit compani return equiti consid commerci respect strength analysi nera conclud brittani ferri group viabl long term check valid nera forecast onward commiss obtain confirm french author bai return quot fortun quot start pai back intern group sum frf million spc maximum tranch frf million year spc continu pai normal rent restructur measur essenti place sabemen oper align spc assist group viabil take account brittani ferri econom group capac financ ship year ahead likelihood extern factor develop posit evolut brittani ferri market macro econom factor commiss accept forecast confirm brittani ferri actual econom perform end produc realist consid reliabl commiss conclud long term viabil brittani ferri econom group appear realist order commiss monitor applic remain element restructur wish inform align sabemen oper senac senamanch respect agreement link bai intern repay frf million bai spc acquisit normandi subsequ reorganis ship plan viabil light readjust made commiss believ group long term viabil assur aid frf million paid group net result posit frf frf cumul frf frf cumul forecast net cash posit frf year absenc frf million aid group insuper difficulti note result reflect invest coutanc duc de normandi financ ship frf compens frf million absorb sum abovement result onward satisfactori result expect year net result frf frf cumul frf frf cumul net cash posit frf year view consid group long term viabil affect frf million tranch addit aid paid view confirm french author confirm bai return quot fortun quot bai begin refer viabil sum frf million light posit extern factor exchang rate pound sterl french franc compar forecast restructur plan compat prevent undu distort competit abovement commun guidelin state aid rescu restructur firm difficulti condit restructur aid measur reduc busi capac mitig advers consequ competitor aid quot contrari common interest quot qualifi derog articl treati determin extent common interest compli undertak reduc capac commun guidelin requir examin aspect capac market risk monopoli assist area market situat recal shown descript section bai shed capac ship rout reduc frequenc sale asset commiss bai reduc capac issu examin excess capac market risk monopoli region develop aspect firstli note dynamar channel market show substanti structur overcapac view share nera state cross channel passeng traffic western central channel strait rose trend confirm inter alia start condor ferri oper open fast link cherbourg portsmouth recal overcapac central western channel sector case situat minim impact price strait substitut explain descript section freight brittani ferri growth market total amount freight carri channel rose nera confirm trend state number lorri carri rose nera peak season brittani ferri oper full capac central western channel market appar upward trend price cross channel market identifi inter alia dynamar decemb predict immin price rise central western channel strait commiss inform ticket price cross channel maritim traffic risen late earli price rise strait impact central western channel sector plausibl indic growth central western channel rout short nera dynamar confirm passeng freight market grow sign substanti structur overcapac western central channel strait transport market conclud cross channel market central western channel sector suffer structur overcapac conclud commiss requir capac reduct reduc capac brittani ferri group recal point brittani ferri shed capac shown financi year compani passeng capac reduc passeng berth capac berth garag capac lane metr financi year quiberon replac normandi caen portsmouth rout mid brittani ferri capac remain pre restructur capac reduct passeng capac passeng berth capac berth garag capac lane metr view measur brittani ferri servic suppli measur term sail rotat remain constant compar restructur compani increas number sail enter rout assign addit ship exist rout remind strengthen argument capac reduct ask bai risk monopoli commun guidelin state aid rescu restructur firm difficulti structur overcapac market relax principl requir proportion capac reduct allow reduct manifest deterior structur market creat monopoli tight oligopoli situat brittani ferri compet chiefli amp rout oper western central channel rout spain connect ireland compet irish ferri small number competitor sector bai market born mind disappear brittani ferri lead tight oligopoli situat monopoli sector central western channel spanish market amp left virtual oper market irish rout irish ferri hand entir market risk monopoli argu bai reduc capac market structur overcapac shown assist area commun guidelin state aid rescu restructur firm difficulti commiss show flexibl assist area regard requir reduct capac case market structur overcapac region develop justifi requir smaller capac reduct assist area classif elig state aid region brittani côte armor finistèr ill villain morbihan lower normandi calvado la manch orn elig state aid articl commiss show flexibl regard requir reduct capac case market overcapac view conclus reach previou point market situat market structur commiss believ region argument confirm capac reduct carri bai requir group part restructur conclus prevent undu distort competit market question show structur overcapac disappear bai liabl lead monopoli situat market brittani ferri group reduc capac significantli consid reduct capac requir account fact group locat assist area compat proportion aid cumul measur restructur phase cost brittani ferri group frf million total cumul aid receiv period frf million intens aid cumul restructur intens restructur aid view fact public aid paid order financ practic restructur measur measur implement part restructur plan return group short term financi viabil financi forecast return long term viabil commiss approv restructur aid frf million frf million restructur aid frf million deem restructur brittani ferri hand group econom progress rapid sustain posit trend extern factor group sum bring forward invest consid part restructur concept aid element final guarante paid fit restructur framework commiss franc determin commiss commun march amount aid relat frf million guarante paid compat treati commiss conclud subtract payabl aid sum restructur aid element cumul parallel aid grant restructur period approv advanc commiss reveal aid intens restructur period consid accept intens restructur aid proper justifi restructur lead group long term viabil compat full implement restructur plan monitor annual report commiss consid document submit relat restructur brittani ferri prospect long term viabil constitut coher restructur concept compat commun guidelin state aid rescu restructur firm difficulti commiss inform bulk restructur measur put place nonetheless commiss inform futur event includ intern reimburs fund bai spc reorganis ship rout introduct normandi withdraw servic quiberon conclus condit conclus commiss consid sum frf million restructur aid incompat articl treati commiss invit franc commiss commun march determin amount aid relat frf million guarante paid aid grant french govern support bai spc restructur plan meet criteria set commun guidelin state aid rescu restructur firm difficulti commun guidelin state aid maritim transport commiss point context principl restructur aid grant period subsidi grant prior deem exist aid analys restructur commiss examin group financ system includ practic restructur began voic doubt point commiss take account fact disappear bai liabl lead monopoli situat market segment oper adopt decis articl aid frf million implement franc central administr level public capit increas frf million carri french region local author favour bretagn angleterr irland compani quot bai quot quot brittani ferri quot grant violat articl ec treati aid compat articl treati notifi restructur aid frf million constitut restructur aid incompat treati guarante provid conseil général de la manch provid violat articl ec treati aid element quantifi french author refer market rate constitut state aid incompat treati aid element recov interest calcul basi refer rate appli time grant accord procedur nation law interest calcul date aid made beneficiari recoveri franc nonetheless invit quantifi commiss commun march applic articl ec treati state aid form guaranti basi object criteria amount aid relat guarante capit increas carri prior semi public compani spc sabemen senac senamanch fund alloc brittani ferri crédit agricol caiss régional du finistèr privatis crédit agricol constitut state aid mean articl ec treati aid grant acomo scheme scheme reimburs busi tax earli cessat activ esa reimburs employ contribut invest aid measur includ approv separ commiss aid grant april ten year regul ec enter forc deem exist aid accord articl regul articl franc ensur sabemen oper align senac senamanch respect agreement link bai inform commiss measur respect franc inform commiss year intern reimburs frf million bai spc acquisit normandi ensu reorganis ship provid restructur concept articl franc inform commiss month date notif decis measur compli therewith articl decis address french republ brussel commiss loyola de palacio vice presid oj oj initi procedur oj extens procedur letter date mazar amp guérard hereinaft quot amp quot quot diagnost sur la situat financièr le perspect du group bai quot quot diagnosi bai group financi situat prospect quot april studi commiss french author dynamar consult bv quot review restructur plan ferri compani quot alkmaar netherland decemb studi commiss commiss dg quot energi transport quot consult ask determin inform submit commiss french author demonstr adequ public subsidi grant brittani ferri recent past state state resourc grant accord criteria accept privat investor plan restructur measur take account earlier subsidi restor brittani ferri long term econom viabil reason period time accord criteria laid commun guidelin state aid rescu restructur firm difficulti oj dynamar report finalis commiss receiv restructur plan studi nera consult nera studi examin dynamar nera nation econom research associ quot assess brittani ferri viabil plan quot march london studi commiss brittani ferri french author made studi nera studi submit addit inform dossier provid amount explanatori materi dynamar consid lack major brittani ferri capit held soparfi econom committe agricultur cooper signific share held chamber commerc industri remaind held diver group sdr sofipar caiss régional assur mutuel agricol crama brittani sharehold correspond french author date march februari quot comment brittani ferri quot date march figur show bai capit privat remaind held diver group sdr sharehold quot stock exchang cci code général de collectivité territorial octob sabemen capit held region local author bai year plan pp region local author hold brittani ferri sabemen capit correspond french author date comment brittani ferri date octob senac capit held region local author bai caen chamber commerc industri crédit agricol sharehold year plan pp senac share ownership region local author brittani ferri caen cci crédit agricol correspond french author date comment brittani ferri date octob senamanch capit held region local author bai sharehold year plan pp region local author hold brittani ferri sharehold senamanch share correspond french author date mabl dm comment brittani ferri date letter french author date june applic board irrespect sector letter french author date june regist commiss june letter commiss date brax ship argu unrealist estim charter rate brittani ferri ship year difficulti obtain meaning result period document complain document submit bai repres regist commiss letter french author date june tabl show purchas price capit made group ship acquir copi contract submit brittani ferri meet januari amp annual return durat calcul origin capit sum provid spc sharehold capit gain realis sale ship spc capit dispos ship question inform shippax submit bai meet held januari life expect ferri year depreci period institut ship analysi work collabor shippax stena annual report annex document submit bai regist januari maintain borrow liquid common loan financ ship involv payment larg sum end loan quot balloon payment quot normal depreci period ship year payback arrang linear base interest rate develop libor london interbank offer rate brax ship consult bai brax wrote dg quot energi transport quot januari ship financ annual euromonei public place crédit agricol indosuez top ship financi practic bai resal duc de normandi shown tabl result real estim provid expert copi amp correspond juli commiss decis januari oj comment brittani ferri nera pp amp state bai relev market cross channel traffic western central channel brittani ferri oper west diepp newhaven line diepp newhaven line oper amp stena begin oper reduc basi hoverspe analysi extend geograph strait north sea requir context case bai oper strait north sea commiss decis octob oj comment brittani ferri nera term substitut diepp newhaven rout act vector price charg strait charg central western channel comment brittani ferri amp summari passag squar bracket busi secret confidenti inform delet agreement french republ bai amp summari acomo payment tabl request franc request dg quot energi transport quot commiss submit brittani ferri french author base argument report market condit alter substanti interven period pariti pound sterl french franc comment brittani ferri march letter brittani ferri date juli regist dg quot energi transport quot bai correspond juli plan return competit octob sold trovil ship compani leas back bai rent paid leaseback compris capit repay payment interest result leaseback rent paid consid high amp amp annex nonetheless oper carri gener aim financ compani amp annex inform sheet impact restructur measur brittani ferri submit compani repres meet regist inform sheet impact restructur measur brittani ferri submit compani repres meet regist amp annex sabemen grant frf million senac frf million senamanch frf million nb sum frf million region local author chamber commerc industri crédit agricol sharehold nera nera pp letter french author date juli letter french author date octob involv pre retir shift part time work letter franc date juli regist commiss letter franc date novemb brittani ferri plan septemb annex eca scheme appli context redund programm parallel aid link restructur plan result applic scheme approv prior restructur decis invest aid commiss rais object invest aid includ applic prior submit document led notif scheme reimburs busi tax part public programm french commerci fleet mention scheme appli partial reimburs financi year partial applic plan applic plan financi year onward commiss approv scheme year scheme renew object rais applic prior commiss decis address franc letter date juli commiss decis address franc letter date june commun commiss member state publish oj principl investor free market economi past invest relat restructur letter french author date octob oj oj oj judgment novemb sa intermil commiss aid convers paper manufactur undertak case ecr commiss commun member state applic articl eec treati articl commiss direct eec public undertak manufactur sector oj ec bulletin letter french author date june mean group sold public privat sharehold obtain return group includ asset element market clientel built group excel imag recognis market tabl aforement commiss posit public author hold oj regard crédit agricol illustr view bai financi situat frf million bank guarante carri interest rate year document regist commiss number oj regard crédit agricol illustr view bai financi situat frf million bank guarante carri interest rate year judgment court justic rsv case ecr amp report pp summari busi strategi analysi dynamar defin brittani ferri quot strongest brand quot dynamar report letter french author date includ nera comment dynamar comment point refer comparison bai refer compani nera stress factor brittani ferri carri manag oper refer compani enjoi synerget advantag manag part fit larger group brittani ferri respons oper larger number port refer compani brittani ferri larger turnov refer compani revenu ticket sale revenu restaur bar duti free sale entertain activ film video cost travel agenc commiss port tax insur cost prepar cabin clean food drink purchas staff work restaur bar shop load lorri cost fuel oil pilotag seamen wage accommod feed crew ship rent mainten amortis board equip nera pp rout roscoff plymouth st malo portsmouth caen portsmouth cherbourg pool plymouth santand roscoff cork nera section pp judgment june air franc joint case point letter french author date decemb normandi due acquir amp work nera produc financi model point group long term financi viabil posit develop short term viabil suggest amp april long term viabil suggest nera march due inter alia rise stabilis french franc pound sterl pariti franc pound nera analysi econom group perspect offer passag time amp analysi focus period nera produc complementari studi analys group requir futur option period led conclud group viabl long term item quot return equiti quot figur includ provis frf million repay aid figur provis cancel letter french author date decemb guidelin state quot object assess demand suppli situat structur excess product capac relev market european commun serv recipi restructur plan make contribut proportion amount aid receiv restructur industri serv relev market european commun irrevers reduc close capac quot hand structur excess product relev market commiss requir reduct capac return aid satisfi aid purpos restor firm viabil product capac expand essenti restor viabil unduli distort competit ensur aid distort competit extent contrari common interest commiss impos condit oblig western central channel strait includ north sea sector bear dossier dynamar nera quot comment brittani ferri quot date march rapid ferri carri passeng car quot comment brittani ferri quot date march dynamar pp nera pp correspond bai date dynamar condor ferri oper channel channel island affect balanc substanti manner oper capac frequenc bai lawyer letter date sum frf million longer return viabil descript section intens disproportion light case commiss approv aid higher intens notabl case quot plan quot oj annex bai market gt pic file quot en tif quot gt