commiss decis decemb aid grant greec olymp airwai notifi document number greek version authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite procedur octob hellen air carrier associ quot haca quot lodg complaint regist tren greek state continu give olymp airwai sa quot oa quot aid breach commiss decis ec ec aid grant oa complaint transmit greek author comment letter decemb regist tren letter februari tren greek author submit comment juli tren haca lodg supplementari complaint greek state ground light develop occur supplementari complaint transmit greec comment letter august tren decemb tren greek author repli letter novemb tren decemb tren march tren decis march notifi hellen republ letter date march sg commiss initi procedur laid articl treati procedur regist commiss decis initi formal investig procedur publish offici journal european commun commiss invit interest parti submit comment subject greec forward comment commiss letter april tren timefram public commiss receiv comment interest parti receiv relev inform greek author request open procedur commiss adopt injunct inform august notifi greec letter date august sg letter septemb dg tren greec inform commiss repli complet septemb repli greek author octob dg tren octob meet held greek author state plai oa financi develop progress realis date meet repres greec remit document call quot report commiss quot regist refer dg tren document inform report limit review quot olymp airwai perform compar financi plan quot deloitt amp touch greec novemb regist refer dg tren novemb mr vere minist transport hellen republ report ms loyola de palacio vice presid commiss give quot synopsi hellen republ case olymp airwai kei issu quot addit inform regist refer dg tren mr vere inform ms loyola de palcio letter decemb dg tren privatis process olymp airwai express interest acquir major stake compani submit greec fact past commiss decis oa subsidiari decis octob commiss adopt decis ec quot decis quot aid grant grant greec oa declar compat common market articl ec treati articl agreement european econom area quot eea agreement quot provid greec met seri commit list aid packag consist measur loan guarante extend oa octob pursuant articl greek law june loan guarante total usd million loan contract decemb purchas aircraft eas oa debt burden grd billion convers grd billion oa debt equiti capit inject grd billion instal grd billion measur form part restructur recapitalis plan oa initi submit commiss basi commiss consid aid facilit develop air transport activ restructur main air carrier fragment peripher region commun greec develop part compat aid condit complianc greec commit ensur aid advers affect trade condit extent contrari common interest commit concern oa subsidiari olymp aviat greec requir meet commit repeal decemb articl greek law june permit greek state extend guarante loan contract oa interfer manag oa strict limit role sharehold give oa decemb fiscal statu public limit compani compar greek undertak ordinari law exoner oa tax affect recapitalis oper envisag therecapitalis restructur plan commun commiss grant aid oa form whatsoev conform commun law adopt immedi legisl effect implement salari social financi aspect restructur plan submit commiss year week payment instal capit increas schedul januari januari report implement restructur plan enabl commiss comment postpon week payment instal commiss submit report question scrutini independ consult carri capit increas schedul object restructur plan set decis attain previou year ensur oa act price leader schedul rout athen stockholm athen london period inclus ensur entir durat restructur plan number seat offer oa schedul flight european econom area eea includ addit season flight exclud domest flight greek island exce offer oa eea market ensur remain loan guarante extend oa guarante extend decemb explicitli provid restructur plan amount usd million compli condit set letter april commiss member state decis due fact condit attach decis observ commiss decid april reopen procedur provid articl treati initi proceed regard notifi aid inform commiss doubt concern commit greec interfer manag oa futur strict limit role sharehold appear time greek govern interf manag oa directli board commit greec grant aid oa exempt taxat public levi year tax expens respect loan guarante cost relat militari servic oa employe benefit amount grd billion appear oa pai land park fee decis notifi greec commit greec bring agreement oa line provis packag appear compli greec delai unduli abolit oa exclus oper domest flight continent greec commit greec give oa fiscal statu public limit compani compar greek compani ordinari compani law appear compli provis greek law exempt oa gener taxat link reorganis structur oa balanc sheet commit greec accept airlin oa authoris oper flight countri eea appear compli legisl forc termin oa exclus right rout august commiss adopt decis ec quot decis quot aid grant grant greec oa compat common market virtu articl ec treati articl articl eea agreement aid compris loan guarante grant compani octob pursuant articl greek law june loan guarante total usd million loan contract decemb purchas aircraft eas undertak debt burden grd billion convers grd billion undertak debt equiti capit inject grd billion reduc origin foreseen grd billion instal grd billion aid measur approv decis accompani revis restructur plan quot plan quot plan concern period initi restructur plan provid improv yield revenu manag oper cost reduct base organis restructur work term freez salari reduct allow decreas overtim relat perman personnel reduct number season staff manag plan confirm initi measur contain addit measur achiev reorganis cost structur compani wage freez reduct staff improv yield introduct yield manag foresaw redimens network compani wide reorganis compani intern structur relat invest acquisit aircraft measur refer reloc oa athen intern airport spata quot aia quot addit infrastructur invest place capit drawn sharehold gt tabl gt scenario base assumpt oa aviat revenu increas durat plan grd billion grd billion ground handl revenu decreas period grd billion grd billion result liberalis activ aid approv decis subject respect condit list articl decis integr decis twenti commit greek author occas decis note greec commit ensur oa act price leader schedul rout athen stockholm athen london period inclus note greec commit ensur decemb number seat offer oa schedul flight eea includ addit season flight includ servic continent greec greek island exce oa offer eea market seat take account increas proport growth market question note greec commit ensur decemb oa implement fulli oper adequ manag inform system greec request submit decemb report commiss matter decis stipul payment instal grd billion subject complianc condit attach decis order secur compat aid common market actual implement revis restructur plan achiev expect result cost product ratio set decis order account fact restructur plan extend origin plan allow oa reach viabil commiss request commit ensur effect aid compat common market decis foresaw greec oblig submit report commiss case ten week payment mention instal plan june end month octob march octob report confirm condit impos fulli respect ensur compat aid implement revis restructur plan eventu achiev estim result payment instal releas part condit respect object revis restructur plan met decis forese conting plan provid exempt oblig decis letter juli greec notifi commiss intent remain authoris aid loan guarante contract end invest relat reloc oa hellinikon airport athen intern airport spata extend deadlin loan guarante march greek state issu loan guarante total usd million purchas airbu letter novemb sg commiss inform greek author decis amend articl ii decis regard aid measur loan guarante total usd million modif aid measur question consist loan guarante total usd million loan contract decemb purchas aircraft invest reloc olymp airwai airport spata loan guarante issu march februari oa contract loan approxim grd billion abn amro respect oa econom manag develop adopt decis greek govern releas septemb oa tranch capit inject grd billion issu part state guarante authoris amount usd million fleet renew oa respect airbu aircraft greec submit commiss report implement oa restructur plan supplement memorandum june report scrutinis independ expert deloitt amp touch accord provis decis articl decis articl commit decis report base audit result manag estim budget forecast report result oa significantli perform plan number project target decis achiev time greek author quot actual result exceed pessimist estim made late februari quot actual oper result interest amount loss grd billion approx eur million preview profit approx grd billion approx eur million poor perform caus loss revenu due reduc activ level labour disrupt partli respons load factor deviat plan report achiev expens yield main degrad due agent commiss discount larger expect manag suffer lack control behaviour relat agent incent doubt instrument allow control put place moment addit perform poor due lack punctual ag aircraft strike result flight cancel counterbal underperform compani claim undertaken auster measur introduc strict financi practic februari august effort labour unrest experienc period note restructur plan estim cost amount grd billion disrupt actual term cost gener grd billion billion estim report deloitt amp touch juli object set plan reach oper loss interest grd billion eur million preview profit grd billion eur million accumul contrari greec confirm manag commit restructur plan object laid analysi shortcom state implement plan report deloitt amp touch show commiss posit decis releas instal commiss transmit analysi greek author letter juli commiss invit greec submit updat restructur plan oa examin commiss relat capit inject grd billion eur million repli commiss august greec accept implement restructur plan revis meet preview result commiss posit grant instal address concern order quot restructur time wast quot memorandum greek author april hellen author decid inform commiss letter juli intent appoint intern open tender experienc intern manag run airlin speedw consult subsidiari british airwai heraft quot ba quot final award manag contract provid ba option purchas stake oa year sign manag contract meet august manag team form speedw commiss offici brussel greek author submit letter novemb modifi restructur plan oa prepar speedw compani start implement formal approv commiss deloitt amp touch examin plan express concern aspect kei differ speedw plan plan approv commiss decis appli earli focu revenu increas expans compani activ deloitt amp touch qualifi initi report speedw plan quot ambiti quot greek author confirm memorandum april quot philosophi plan distant philosophi previous authoris plan focus expans revenu maximis cost side quot letter march commiss submit final draft deloitt amp touch report confirm initi concern greek author commiss express concern failur implement revis restructur plan authoris decis speedw contest conclus deloitt amp touch report repli commiss depart manag oa mid letter august commiss greek author confirm oa offici result form audit account commit grant capit inject greec ask commiss abstain adopt decis regard matter parallel greek author manag put place speedw departur want assess financi situat compani order make sound basi oa restructur addit manag intend quot neutral quot long term effect decis speedw manag neg impact financ compani quot start put emphasi cost effici airlin quot greek repli april autumn pricewaterhousecoop pwc ask oa provid compil report audit preliminari consolid balanc sheet decemb find made pwc mention applic law amend law articl corpor tax payabl oa subsidiari olymp aviat taxabl profit pwc report result book record compani form oa olymp aviat audit tax author number year earli olymp aviat olymp airwai statutori financi statement oa olymp aviat time decemb approv respect gener meet sharehold examin financi situat oa departur speedw manag greek author acknowledg summer achiev restructur oa sole basi fund sale minor stake earli summer greek author inform commiss decis proce sale major stake oa order achiev financ airlin septemb greek author appoint credit suiss boston financi advisor number advisor requir greek law privatis report due march octob applic decis commun commiss decis provid part plan oa move aia financ cash flow compens point decis compani grant compens greek state loss invest hellenikon airport result closur estim grd billion regard compens greek state confirm commiss letter juli compens involv element aid oa strictli correspond compani similar situat entitl receiv addit order react commiss concern regard time compens greec reassur commiss basi agreement reach oa greek state payment coincid compani expenditur incur move aia airport letter decemb greec inform commiss compens oa directli link move aia estim consult american apprais uk emploi greek state determin loss oa incur result closur hellinikon move aia grd billion april report transmit commiss formal notif addit state aid commiss appoint alan stratford verifi apprais carri consult american apprais base quot fair market quot principl involv overcompens alan stratford examin oa situat hellinikon method applic fair market principl conclud final report calcul result amount reason question necess includ equip compens item histor benefit enjoi oa hellinikon offset compens consult greec methodolog propos alan stratford respect life assumpt build quot calcul compens figur significantli increas quot oa move oper time athen intern airport spata open march dai hellinikon close end januari oa contract loan eur million commerci bank greec public commerci bank basi assign oa bank claim greek state unpaid air ticket amount eur million loan grant year haca complaint commiss receiv set complaint octob juli haca member haca air carrier aegean airlin cronu airlin hellen star airwai cal aviat tran european airlin interjet avion aviat concern preferenti payment allow oa workforc unclar greek law provid offset debt oa greek state payment time land park charg hellinikon airport payment airport charg aia arrear payment spatosimo passeng tax develop greek airport ca eur million grd billion default substanti delai pai rent premis land charg greek airport hellinikon aia vat relief fuel spare part olymp aviat financi benefit eur million default substanti delai pai social secur contribut default substanti delai pai vat domest fare default substanti delai pai amount due olymp cater decis march ground investig repli greek author complaint februari decemb march dissip commiss doubt decid reopen formal investig procedur laid articl treati ground investig twofold cite abus applic aid grant commiss decis respect restructur plan restructur plan serv basi authoris appar implement foreseen organis structur compani place manag layer essenti remain number employe decreas foreseen restructur plan paragraph appear due spin activ subsidiari previous carri oa employe salari frozen result reduct product cost larg cancel signific rais salari worth note object restructur plan serv basi decis achiev result oa financi situat earlier base inform commiss doubt oa econom financi develop correspond plan cover period basi aid measur approv decis commiss receiv inform financi result compani estim speedw fail produc busi restructur plan observ target set decis commiss doubt current financi situat compani target set year restructur plan requir articl paragraph decis report implement plan submit commiss march octob absenc inform credibl account result compani enabl case commiss fulli verifi respect essenti condit investig result econom financi project plan elabor greek state approv commiss continu met monitor implement restructur plan exist doubt continu compat oa current econom financi situat oper financi indic plan doubt natur justifi commiss examin decis correct implement restructur plan respect condit commit previou decis articl decis requir greec ensur oa implement fulli oper adequ manag inform system quot mi quot decemb date greek author submit report commiss mi inform degre implement result decis requir greec set fulli oper adequ manag inform system decemb purpos set mi manag oa receiv adequ inform monitor result restructur plan amend plan note basi restructur plan form core decis greek state oblig establish consolid account oa subsidiari accur input set account stem fulli oper adequ mi commiss put emphasi absolut necess step respect decis condit sake compani experi account earlier paragraph easili prove difficulti reach target set plan proper start point gener speak impli manag compani decis address situat futur coher precis accur time prepar pictur past action achiev failur manag tool impli underli inform record account system compani time accur process control report manag articl decis requir greec fulfil undertak refer articl decis understand legal context oa function commerci compani common commerci law recal oa public undertak form part greek public administr subject provis privat law notabl law govern form function privat limit compani quot anonymo eteria quot quot societé anonym quot compani subject strict public oblig oa list registri articl associ form part public inform commiss law articl requir gener meet sharehold meet month end financi year order discuss approv financi statement compani year end articl law manag board privat limit compani publish financi statement compani previou financi year dai gener meet sharehold oa publish financi statement year decemb statement establish march ceo chief execut offic compani gener manag examin auditor decemb date requir law applic privat limit compani respect prejudic action commiss situat give rais applic articl council regul eec juli air carrier licens matter import competit posit market oa competitor statement auditor year end decemb draw attent fact fund compani fallen bellow share capit fact appear financi year fund grd eur million correspond share capit grd eur million situat articl law consequ manag board call meet sharehold decid dissolut compani measur redress financi situat compani aspect rais doubt appear examin condit oa subsidiari remain activ restructur measur foreseen normal commerci law commiss recal situat breach commit condit foreseen previou decis impli aid element court justic case magefesa oa legal fiscal statu situat payment greek state undertak continu busi compli tax social secur oblig oblig make due payment airport charg levi rental fee greek airport greek state current situat default defer payment airport charg tax rental fee levi greek airport greek state rais doubt oa grant state aid contrari decis appar distort competit air carrier oper servic greec commiss draw attent greek author extrem difficult situat oa competitor context refer made axon airlin competitor cronu airlin aegean airlin face signific difficulti partial due fact legal financi oa treat handedli greek state appear oa current situat payment oblig greek airport greek state constitut aid common interest oa legal fiscal statu seri law subject oa direct supervis control ministri provid right oblig deviat explicitli law greek law provid oa exclus fiscal benefit appli privat limit compani form commerci compani provis commit greek state ensur manag statu point view part vii decis articl thereof oa fiscal statu public limit compani undertak subject ordinari law foot commun airlin special privileg constraint interfer manag oa strict limit role sharehold articl decis adopt immedi legisl effect implement salari social financi aspect plan articl decis legisl question law law decis commiss consid articl articl law aim implement restructur plan oa compar privat undertak staff manag commiss account articl law qualifi practic oa subsidiari public sector compani purpos recruit staff system recruit concern commiss note decis provis law public undertak undertak public law belong public sector exempt provid articl law oa pilot commiss state decis point quot cumbersom administr procedur perman staff unsuit flexibl personnel manag personnel plan advanc provis question law supplement law complet implement restructur plan oa articl paragraph law personnel fly crew technic ground staff submit provis law quot appear flexibl previous exist recruit fly crew pilot remov clear provis law state decis provid specif recruit procedur oa season staff implicitli abrog provis law appear case law exclud explicitli season staff provis law public undertak undertak public law belong public sector maintain recruit flexibl season staff addition note oa manag subject provis law stipul articl law oa staff regul preambl paragraph thereof oa public util compani provis law explain manag ceo chairman board director director gener gener legal counsel appoint state aspect bring oa recruit condit afar form privat ordinari law appli privat public limit compani law articl paragraph law claim bank greec oa loan grant state oa januari consid claim state offset claim oa state articl paragraph law contractu transact enter oa transfer asset real estat properti oa aircraft aircraft engin helicopt notari transact free notari registr fee articl paragraph law act cabinet minist oa share transfer hellen bank industri develop etva contravent applic greek legisl articl paragraph law stipul oa subject event control supervis minist transport commun scope provis broad cover activ manageri aspect oa constitut import differ undertak oa privat public limit entiti articl paragraph law contractu transact transfer asset properti oa entiti privat public law carri free taxat fee public levi articl paragraph law stipul meal allow paid cash personnel oa work airport constitut part wage subject withhold favour social secur fund pension scheme aspect address complaint lodg haca commiss greek state octob articl paragraph indent stipul reevalu oa properti result readjust exempt taxat fee law law concern quot modernis public undertak organis provis quot law includ oa subsidiari list quot public undertak quot law appli qualifi quot public util quot quot deko quot greek compani subject law privat limit compani transform compani form requir articl law provis law appli oa derog applic ordinari privat limit compani deko consid undertak offer servic gener interest greek govern involv manag oper undertak intens standard legal environ deko scope intervent state vari except articl applic oa articl law total number articl constitut signific deviat provis law hand greek state sole sharehold oa appoint revok oa member board director time case ordinari privat limit compani board appoint gener assembl sharehold provis deko state de facto interven oa follow procedur appoint member board decis make procedur chief execut offic appoint state repres govern time chairman board compani deko unlik ordinari privat limit compani extra bodi director board main task ensur compani polici coordin state polici deko oa preferenti access state fund programm project nation commun intern interest commiss consid measur specif oa rais doubt compat abovement commit enter greek state articl decis refer tax exoner affect recapitalis restructur oa result directli restructur plan confer oa exclus specif financi benefit constitut aid measur provid law provis decis show oa statu ordinari privat public limit compani provis articl decis initi procedur regard illeg aid commiss consid measur violat prior decis constitut state aid greec toler applic normal commerci law rule oa law greec toler default defer payment social secur tax oblig oa greec toler default defer payment kind airport charg exempt tax notari registr fee oa transact possibl offset debt state oa airport oa includ quot spatosimo quot tax transpar fact presidenti decre oa requir pai airport charg exempt rental fee levi space greek airport oa factual compli oblig pai charg fee levi fact greek author accept submiss commiss complaint haca oa arrear payment request debt offset claim greec ii argument appli offset debt oa greek state implement virtu law stress offset debt consid incompat articl treati measur provid object relev transpar neutral discriminatori debt accru side doubt aris amount concern offset calcul reason doubt exist compat calcul method amount offset law grd eur million outstand amount decemb includ tax payabl oa overdu payment airport charg space rental iii doubt exist payment condit land charg athen intern airport payment airport develop tax quot spatosimo quot commiss concern statement greek author observ supplementari complaint oa request offset amount eur million due spatosimo amount outstand airport charg space rental greek airport oa biggest oper greek airport default payment charg rental depriv airport signific revenu creat import distort competit air carrier airport iv appear greek state toler oa arrear payment airport charg tax rental levi airport greek state made full payment oa compens state payment greek state amount agre outstand moment oa loss invest hellinikon rais doubt compat payment context consider greek author assert observ supplementari complaint lodg haca grant oper fuell facil oa subsidiari open tender tariff condit appli regard fuell facil aspect rais concern oa largest sharehold ofc olymp fuel compani ofc select greek state tender procedur construct oper fuell facil aia signific discrep final cost oppos plan cost facil doubt aris amount charg ofc fuell fee recoup invest reflect differ exchang rate element state aid grant loan eur million public commerci bank commerci bank greec oa basi assign oa bank claim greek state amount eur million unpaid ticket open procedur commiss issu inform injunct applic articl council regul ec march lai detail rule applic articl ec treati regard inform commiss decid alleg violat commit condit includ decis implement restructur plan basi decis alleg unlaw aid refer inform includ relev element audit financi account year loan guarante provid decis purchas aircraft reloc olymp airwai aia state financi oper leas aircraft oper olymp airwai subsidiari inform introduct yield manag polici programm inform state reloc activ olymp airwai aia report implement restructur plan due march octob state detail payment olymp airwai quot spatosimo quot tax vat compani subsidiari airport charg hellinikon aia rental fee levi payabl hellinikon aia greek airport todai inform payment detail condit loan guarante eur million extend februari greek state commerci bank greec oa cover oper cost greek author repli april inform extrem dens audit account miss report implement restructur plan due march octob letter greec inform commiss process privatis oa trigger inform injunct result inform injunct adopt commiss august request greec inform request decis march audit financi account year ii precis quantit inform payment oper cost olymp airwai met enlighten charg year hand charg previou year hand repay plan debt januari addit inform precis quantit inform current debt financi institut repay plan debt ii concret econom data olymp airwai month object analysi compani reach viabil analysi control certifi independ expert iii legisl modifi law articl paragraph paragraph paragraph paragraph paragraph law permit olymp airwai act effect privat limit compani independ state influenc result sharehold posit octob greec repli ask commiss conven meet issu audit account miss inform commiss analysi certifi independ expert eventu transmit novemb comment greek author commiss emphasis fact inform transmit greec open procedur injunct inform notabl letter april octob hand occas meet octob late incomplet situat greek author abus applic aid grant illeg aid abus applic aid grant commiss decis respect restructur plan greek author underlin result exceed pessimist result addit strike financi crisi shortfal aircraft signific personnel retir achiev target year product concern effort undertaken strict manag introduct frequent flyer programm progress develop manag inform system novemb speedw present restructur plan due disagr expert appoint commiss deloitt amp touch plan accept privatis process start parallel manag oa rationalis oa oper reduc capac cost meet held brussel octob dg energi transport offici greek author accompani oa repres oa made signific progress arriv manag summer term reduct cost effort maximis revenu domest market share olymp airwai half period intern market share load factor indic network rose half period econom side spite progress greek flag carrier record loss earn interest tax depreci asset quot earn interest tax depreci asset quot hereinaft ebitda amount loss eur million result due oa chang manag increas usd petrol ebitda estim loss eur million due move spata increas oper land cost estim made oa manag show compani posit ebitda eur million deloitt amp touch report submit greec point recent achiev compani oper financi result state depend hypothis account ebitda rang eur eur million quot quot scenario loss eur million differ link varianc revenu estim report neg impact staff cost plan object eur million deloitt explain impact link unsatisfactori staff product quot staff product compar product seat kilometr deterior quot oper cost depreci asset interest charg includ oper result shown oa manag loss eur million review made deloitt amp touch lower figur loss rang eur eur million scenario eur million estim tend show improv previou year oper result eur million eur million remain case neg addit profit loss account includ except result eur million eur million eur million enabl compani project post net profit eur million basi oper result review deloitt net result remain manag expect loss rang eur eur million scenario eur million oa inform commiss incom sale plane galileo hella olymp cater action quantifi report deloitt mention expect manag hand consult take note necess oa build provis addit expenditur eur million relat fine surcharg past due payment pendent settlement greec balanc sheet side compani neg stockhold equiti end eur million comment side made deloitt report light late achiev hellen author made progress restructur compani commiss assess formalist attach plan absenc report march octob concern greek author consid send report basi speedw report appar result plan summer satisfactori time frame restructur oa achiev revenu target cost increas greec view realist assess situat airlin pricewaterhousecoop report made adopt decis restructur greec consid inform commiss assess verif situat achiev conclud greec insist comment novemb restructur process imped quot insurmont obstacl quot oa oper situat unrest due manag restructur plan chanc fulli implement authoris aid delai commiss payment tranch grd billion eur million authoris prevent restructur effort bear fruit fourth final point number critic extern factor septemb reloc aia aviat market downturn neg affect oa perform respect condit commit previou decis articl decis mi system greek author argu impos decemb deadlin implement mi decis requir oa put place system month requir consid unrealist compani implement system start articl decis requir greec fulfil undertak refer articl decis gener greec consid condit fulli compli context decis prerequisit adopt decis applic normal commerci law oa basic issu stake decis oa articl associ concern publish govern gazett june articl law greec draw attent commiss fact sole sharehold conven meet dissolut compani decid privatis compani take account fact instal grd billion capit inject releas delai present account due fact oa need sound basi futur decis reli estim longer chosen constitut basi greec insist suffici financi inform manag audit account legal fiscal statu greec maintain law repeal modifi accord commiss suggest adopt decis condit aspect provis law abrog law provid specif sui generi recruit procedur oa adopt march carefulli examin commiss adopt decis accept explan appli law aspect implicitli repeal articl law adopt decis applic law oa formal repeal adopt interministeri decis privatis compani law precondit adopt decis greek author full complianc requir decis enact legisl implement plan law greek author stress articl decis requir hellen republ repeal articl concern extens guarante loan contract olymp airlin greek author requir repeal paragraph articl explain request formul instanc open investig procedur substanc law articl repeal food allow entir fly crew reduc gross monthli salari rest oa employe social secur contribut exempt monthli salari ground staff insignific commiss find law incompat european institut propos measur modif law pre date access gener greec consid quot mere fact delai deviat occur implement restructur plan suffic characteris aid grant misus quot element proof contravent decis amend restructur plan grant illeg aid state toler applic normal commerci law rule oa greek author categor deni alleg consid measur involv case consid state aid measur assess context examin complianc condit causal link delai public oa account abil compani surviv regard alleg support oa default defer payment greek author refer poor function greek administr possess modern effici resourc infrastructur law administr practic applic gener fashion discrimin favour oa magefesa case applic present case greek author legal measur ensur payment amount due treatment oa provid discrimin ident similar case oa competitor outstand debt state grd billion intend settl due outstand debt aia oa case extrem limit number legal provis appli oa pecuniari element support oa state aid mean articl ec treati oa competitor greec fail financi difficulti attribut greek state instanc case axon ceas oper sole busi ground sharehold accumul loss difficult period time air industri comment novemb greec insist plaintiff insignific player compar oa real competit oa consid distort competit imput oa lost market share greec consid futur relationship oa state rationalis secretari gener ministri economi financ issu decis payment air ticket futur effect market practic cash regard oa issu intern document oa depart prohibit issuanc ticket state employe credit member state toler default defer payment social secur tax oblig oa delai oa payment social secur contribut employe period march decemb settlement ika conclud accord applic greek legisl sign settlement oa oblig pai debt time outstand settl amount immedi due repli februari octob alleg payment vat fuel olymp aviat greek author reassess give support evid vat statement oa bui fuel olymp aviat return pai vat oa payment vat domest fare journei island oa oper flight number island pai reduc vat vat rate reduc provid oa maintain branch locat greek author argu quot insignific fraction total sale volum quot explain vat situat flight concern island repli octob greek author acknowledg situat passeng flight charg amount eur flight paid state consist applic legisl constitut state aid state toler default defer payment kind airport charg greec state overdu payment organis offset transpar manner discrep data payment rental fee facil hangar hellinikon presidenti decre impos oa pai airport charg legisl provid exempt rental fee levi space greek airport case delai payment oa applic procedur impos imposit interest alleg oa debt aia unpaid charg ca eur million spata airport oper privat undertak state aid involv accumul debt due move aia oa increas oper expenditur compani aia oa reach agreement settl oa outstand debt agreement forward commiss sign delai pai rent premis land charg greek airport state common greek law appli full oa default payment oblig offset payment debt oa hellen civil aviat author hereinaft refer hcaa debt hcaa oa ca approxim grd million ongo greec promis provid commiss updat month april payment spatosimo greek author insist case default oa pai interest fine present situat oa pai fine interest grd billion eur million total unpaid spatosimo grd billion oa contest payment fine eur million administr court upheld action order suspens hcaa decis tax assess final outstand debt exist olymp airlin olymp cater normal commerci debt gener greek author contest alleg toler absenc default payment oa impos interest defer payment fine consid repli februari octob annex memorandum demonstr oa treat greek compani oa request payment delai state debt order improv cash flow posit winter season difficult season septemb unpaid amount oa greec initi applic procedur recoveri amount due exempt tax notari registr fee oa transact greek author affirm oa enjoi exempt legisl enact implicitli repeal articl law possibl sete debt state oa airport oa includ quot spatosimo quot tax transpar greek author set debt system transpar total year default payment oa greek state includ spatosimo verifi debt state accord common greek law forward payment arrang includ interest fine due common procedur appli airlin oa default payment applic procedur recoveri appli outstand oa claim grd billion compens forc earli evict hellinikon pend issu offset oa debt state virtu greek law offset effect certifi claim state final argument airport depriv import revenu delai payment oa main contributor affect competit greek author repli airport greec autonom fund state budget incom deriv state budget distort competit grant oper fuell facil oa subsidiari open tender tariff condit appli intern tender run spata airport greek govern basi state assess criteria ofc chosen entir develop cost amount approxim grd billion expens month basi budget ofc approxim grd million hydrant fee charg ofc airlin storag distribut aviat fuel amount cent ugallon eur usd exchang rate april greec recoveri annual oper expens loan amortis contain return investor equiti annual rate estim project fuel consumpt growth year current ofc charg year oper period amount approxim grd billion greek author oppos commiss estim grd billion final greec state oa decid join ofc order make biggest user airport fee rise significantli control petroleum compani refineri sole grant loan eur million public commerci bank commerci bank greec oa basi assign oa bank claim greek state amount eur million unpaid ticket commerci bank greec cbg part public sector acquir crédit agricol caiss national oa need loan face problem cash flow winter difficult season loan grant cbg certifi claim oa state unpaid air ticket amount eur million state guarante loan grant worst market condit cover state guarante euribor oa situat novemb engag assess abus applic previou aid alleg aid examin current econom financi situat commiss emphasis fact examin oa present situat injunct inform repli late instanc request object analysi compani reach viabil remit novemb greec forward commiss main inform relat audit account abus applic aid grant restructur plan commiss insist fact analysi oa result financi situat conduct bear mind reliabl audit inform relat latest year recent figur commiss reli inform provid greec consist audit account estim made compani subject limit review independ consult figur report text round closest million eur billion grd gt tabl gt eur grd difficulti aros implement plan earli oper result interest amount loss grd billion eur million intend profit grd billion eur million auster measur undertaken counterbal develop object set plan achiev oper loss interest compani experienc amount grd billion eur million intend profit grd billion eur million restructur plan foresaw period signific increas turnov turnov reach grd billion eur million compar grd billion turnov remain fact rang grd billion eur million bear mind difficult year air industri oper result intend posit restructur plan forecast drop breakeven level return posit result realiti oper loss oper expenditur includ depreci asset interest cost financ except item remain ca grd billion eur million increas grd billion eur million estim eur million grd billion estim figur eur million ebitda repres improv compar year neg figur result confirm actual figur account audit oa achiev result confirmedbi report commiss greek author deloitt respect point level perform greek author refer oper profit repli commiss octob consid definit head decis spreadsheet includ reproduc claim compani achiev posit oper profit valid profit correspond call ebitda ebitda cover normal profit sharehold envisag major cost compon compani depreci fix asset repres account form decreas link asset invest activ compani aircraft air relat fixtur term amortis expect lifetim head plai kei role futur financ asset replac exist ensur long term run compani interest charg paid compani bank financi institut provid fund activ invest emphasis low level ebitda remain unsustain basi oa figur forward commiss depreci fix asset interest charg amount estim eur million deduct amount ebitda bring oper result ebt quot earn tax quot loss eur million case eur million deloitt review greec insist repli novemb deloitt amp touch report indic applic intern account standard ia greek significantli improv ebitda underlin constitut classif issu ia present case account leas econom purchas asset transfer part cost financi depreci charg deloitt amp touch report make clear quot chang significantli affect result oa quot oper profit analysi commiss base greek inform import amount except gain gener reduc loss amount signific eur million eur million estim eur million forecast year consist compens receiv state move hellinikon airport aia spata eur million eur million addit sale build eur million except gain intend consist instal compens move aia spata eur million gain sale tangibl fix asset aircraft eur million financi fix asset share particip eur million gain partial link dispos core asset eas financi situat compani remain shot oper consequ cost structur compani remain worri emphasis oper profit long run surviv undertak inform provid refer except incom eur million relat compens offer greec greek airlin event septemb closur airspac aid scheme regist commiss number nn scrutini servic state aid rule present decis prejudg outcom examin inform provid octob oa manag greek author addit eur million except item addit eur million except incom await formal evid content item commun oa manag broadli explain correspond eur million sale compani share cater reserv system activ remain major part eur million sale leas back airplan magnitud alleg profit comparison underli asset balanc sheet compani decemb gross book eur million net book depreci eur million poor level hand aircraft sell price moment ground await buyer lessor lead commiss final proof figur reliabl due compani continu make high loss equiti situat increas debt gear statu total payabl compani divid equiti remain compani difficulti neg gap sharehold equiti plan actual increas grd billion eur million grd billion eur million grd billion eur million final arriv grd billion eur million year fund nil grd million eur million base audit figur commun commiss fund decreas eur million figur mention depend level except incom effect achiev fund decemb rang eur million eur million quot case quot deloitt eur million favour assess effect except incom compani financi situat sharehold equiti event remain neg final period restructur plan level sharehold equiti exception uncommon compani activ audit account confirm red line loss share capit cross situat trigger reaction sharehold constitut increas share capit put action sever restructur measur relat cost structur lead adapt compani activ reaction greec increas share capit undertak import adapt restructur plan time view situat compani reli end borrow monei financ activ extern fund financ bank parti trade partner supplier state author addit loan grant delai payment increas borrow financ asset compani neg sharehold equiti eur million debt notabl increas financi debt increas approx grd billion eur million multipli compar addit liabil supplier increas grd billion eur million liabil relat tax social secur grd billion higher case figur doubl amount shown import increas debt justifi compani develop activ turnov remain stabl gener higher cost purchas salari increas significantli debt situat relat fact oa financi situat compani lack mean meet current financi oblig relat parti oa audit figur current liabil total increas grd billion eur million grd billion eur million long term debt increas eur million due loan guarante state financ reloc cost connect oa move aia spata current liabil parti increas eur million eur million eur million estim tripl comparison figur show oa debt relat social secur payment rose eur million eur million eur million end end oa debt relat tax multipli eur million eur million eur million increas justifi compani activ caus higher debt relat factual situat oa contrari current asset financ current liabil slightli decreas eur million eur million audit figur reduc financ acut cash compens recent loss justif develop gear indic provid decis intend monitor implement restructur plan ratio calcul total debt ow compani divid sharehold equiti depend invest oper result year expect remain wors year fact posit start weight debt combin poor oper result brought actual figur end equiti vanish debt repres time equiti gear arriv todai ratio calcul due neg level equiti element prove oa compani financi difficulti possibl achiev viabil independ intervent gear ratio highest ration allow restructur plan put relat total debt level request net equiti oa repres eur million case except gain foreseen realis achiev increas equiti compani present financi situat equival cash inject capit sharehold compens current neg equiti capit inject amount eur million figur repres minimum capit inject suppos oa remain breakeven condit condit oblig laid present restructur plan authoris commiss met oa receiv instal eur million grd billion foreseen condit oblig partial met amount instal restructur aid eur million grd billion minimum capit inject meet pai current debt oa conclus greec state commiss commit implement restructur plan target request achiev addit condit oblig request plan correctli implement compani continu financi difficulti oa financi situat difficulti identifi lead lack viabil short long term implement manag inform system quot mi quot relat effect inform system put place oa septemb alan stratford associ independ expert investig state quot consult satisfi manag receiv valid reliabl inform provid data input defin timet quot inform system put place latest decemb request commiss decis consult success system depend quot contract effici implement revenu account system quot provid data allow calcul revenu profit potenti weak system identifi consult relat fact mi appli subsidiari oa olymp aviat kei manag inform includ reduc manag abil obtain true overview aviat busi inform submit april greec argu deadlin decemb unrealist meant implement mi month greec submit commiss mi applic oa annex mention inform state complet octob appli annex mi appli subsidiari olymp aviat macedonian airlin oper air transport servic commiss possess evid confirm system successfulli implement quot fulli oper adequ manag inform system quot request commiss decis inform provid page annex show system made access full implement limit access grant octob actual applic inform system proven inform commiss result thereof reflect data transfer commiss signific evid mi oper provid offici auditor oa sol sa certifi auditor audit report year enorm delai account audit remind audit report gener broken major categori favour situat frequent relat report issu remark call quot clean opinion quot show restrict opinion auditor fulli ensur true fair view account compani opposit side refus certif sever case suspect fraud find grei zone call quot qualifi opinion quot auditor accept account condit mention reserv qualif report note qualif case unavoid instanc audit year big account polici occur remain except relat present case qualifi opinion except mention specif situat neg occurr compani manag avoid persuad auditor lift reserv qualifi opinion impact compani situat vi vi client supplier credit institut oa audit report relat subject qualifi opinion refer financi term issu qualifi qualif made basi audit process scope restrict relat year auditor state quot todai note septemb receiv satisfactori number confirm letter liabil receiv concern quot relat written quot balanc receiv liabil account fulli investig due discrep cross check lack data provis set result quot refer quot delai complet close entri balanc sheet event affect significantli uniform applic inventori method year quot state relat overdu draw account quot aforement delai restrict abil appli basic audit procedur physic count verif reconcili cash cash equival inventori asset quot commiss understand auditor order releas neg opinion remind public report address work assess requir rule profess fulli perform relev evid audit assign undertak check request complianc normal audit standard requir nation legisl rule intern standard audit auditor make refer begin report oa case remark mention report design show complianc normal audit standard assur qualif link account manag intern control statu year auditor mention quot gener speak system book keep incom account system improv order ensur full complianc account standard principl quot step state quot incomplet system revenu present weak account organis ineffici intern control entail measur order elimin signific weak quot relat critic field precis harsher quot incomplet applic revenu inform system result defici applic monitor revenu receiv payabl cycl signific defici compani account infrastructur combin absenc intern control entail action order elimin signific weak quot obviou success report auditor satisfi confid inform system oa grow concern year report mention improv revenu account system report stress measur weak revenu side relat intern control qualifi defici auditor devast opinion revenu cycl kei aspect relat parti includ custom supplier report weak need action intern control concern judgement clear ineffici full absenc report consequ commiss conclud manag inform system implement auditor involv control acut downtrend year provid comfort manag monitor action parti gain confid compani perform addit recent outsourc revenu system evid poor past perform compani respect appear link effort relat cost reduct complet lack intern organis respect term time tabl delai produc final account confirm neg trend mention auditor report commiss note restructur period audit financi account oa present time greek law articl paragraph law manag board privat limit compani publish financi statement compani previou financi year dai gener meet sharehold meet conven month end financi year articl paragraph regul eec requir air carrier quot provid licens author financi year undu delai audit account relat previou financi year quot olymp airwai unabl present final audit account due time account finalis shown audit report septemb half month closur financi year late compar legal deadlin greec european common practic month closur year account report issu decemb full year close month deadlin consequ report account issu august month close deadlin account account concern audit account suppli commiss doubt account exist estim oa manag oral meet octob signatur account earli year close financi year month schedul problem relat product audit account decreas worsen remain disturb level shown greek author reduct delai prove situat improv fact commiss contrari emphasis degrad occur year reduct delai improv hope certitud possibl account time accumul delai creat difficulti manag reli properli audit account daili busi addit sharehold parti gain proper view secur compani perform result delai relat qualifi opinion rais auditor lead greater suspicion reliabl account data relat conclus drawn deloitt amp touch report commiss direct prevail greec inform commiss action comfort situat futur view reli audit data obtain final pictur undertaken great caution recent year signific differ traceabl compani announc figur final show annual audit account assess figur expert appoint commiss deloitt amp touch report chang net profit grd billion loss grd billion forecast final figur recent greec report april net loss estim grd billion eur million year figur provid month closur financi year chang loss grd billion eur million audit account sign august incid confirm persist lack reliabl audit figur present final relat implement reliabl manag inform system appli hold oa auditor mention report oblig greek law infring seventh council direct eec june base articl treati consolid account lastli amend direct ce european parlament council compani prepar consolid account group addit constitut breach law behaviour context grow role major subsidiari olymp aviat macedonia airlin network air transport activ oa repres lack inform parti manag sharehold engag parti includ commiss gain proper vision oa group activ result financ flow newest piec inform report submit greec novemb recent prepar deloitt amp touch confirm absenc reliabl data oa consult state quot note previou report manag inform reli manual system case unreli inconsist quot conclus reliabl mi place relat oa subsidiari confirm respect offer greec respect prove grant commiss oa manag unabl reli valid data produc reliabl figur survei effect restructur plan authoris commiss unachiev specif oa statu greec inform commiss legisl stake law contraven articl decis articl commit decis examin verifi accept commiss proceed lead adopt decis commiss acknowledg legisl contest decis accept law concern greek author readi redress situat creat provis law favour oa greek author refut doubt express commiss compat law question enter forc date access greec commun januari appear redress situat requir measur consist simpl abrog relev provis law articl paragraph paragraph articl paragraph paragraph paragraph articl paragraph commiss take note fact oa articl associ publish financi account greek author argu link delai public financi audit account abil compani surviv commiss acknowledg absenc link strictu sensu observ accept audit financi account produc time contrari delai increas greec accept oa infring commun nation greek law show mi implement ask decis illeg aid grant eur million loan oa grant februari loan public commerci bank commerci bank greec oa basi assign oa bank claim greek state amount eur million unpaid ticket loan repaid year repay interest loan equal euribor rate default late payment late payment interest due penalti interest repay interest submiss greec annex mutual settlement debt greek state oa olymp aviat decemb accru debt greek state oa amount decemb grd ca eur grd ca eur overdu amount unpaid ticket piec evid appear line amount eur million recognis greec debt oa cede commerci bank greec secur loan eur million greec toler default defer payment advantag treatment greek fiscal commerci law greek author submit annex ix repli octob extract articl greek law juli cooper develop government organis issu refer implicitli oa relev provis state decis accord articl greek law compani privatis provis greek law deko compani qualifi quot public util undertak quot modernis public undertak organis provis applic articl law concern procedur case privatis articl percentag capit compani privatis remain greek appear oa longer deko confirm greek author submiss octob point state oa subject provis greek law deko june greek state confer manag oa speedw applic articl greek law requir decis privatis compani subject provis greek law deko correspond august greek author refer oa manag indic privatis procedur decemb greek state decis privatis oa procedur launch decemb declar unsuccess februari greek author notifi commiss actual chang statu compani take account fact oa longer deko oa subject provis greek law june decemb gener provis greek law public limit compani provis greek law adapt constitut separ legal frame recruit staff regul oa employe commiss observ oa normal public limit compani continu subject deko legisl regard payment social secur oblig submiss greec commun annex section annex april repli amount due greek state oa form social secur payment period year oa paid charg action form fine auction foreseen applic law undertaken social secur institut quot ika quot april oa benefit settlement ika amount due eur million accru interest brought outstand payment grand total eur million amount payabl monthli instal bulk advanc payment instal monthli rate settlement set eur monthli rate contribut ongo monthli due payment vari ca grd billion ca eur legal basi settlement greek law settlement condit payment date settlement unpaid overdu entir settlement collaps law oa possibl suspend overdu payment month period month payment settlement agre affect oa monthli due payment order secur payment claim ika proceed juli execut immov oa amount eur evid action oa properti secur payment oa appear paid effect settlement agreement septemb month octob decemb benefit provis mention law month suspens payment amount concern settlement oa made payment ika social secur contribut due month oa paid social secur contribut year incur punit action observ late settlement collaps payment settlement instal month octob amount eur million payment effect month advanc payment januari februari paid paid amount eur regard payment vat fuel spare part olymp aviat examin annex april memorandum evid olymp aviat paid concern vat fiscal author januari novemb decemb possibl offset debt state oa airport oa includ quot spatosimo quot tax transpar commiss rais issu vagu greek law calcul debt mutual ow settl law greec submiss april present offset agreement greek state oa june breakdown amount due unpaid side amount offset grd ca eur million oa outstand payment greek state repres airport charg domest intern flight period novemb decemb quot rental quot document submit fulli cover airport charg detail total amount quot rental quot concern period amount grd ca eur unidentifi note greek state outstand oblig oa cover period time verifi valid submiss offset agreement refer point annex memorandum april grd ca eur repres amount due unpaid ticket offici hcaa mainten aircraft transport offici hcaa util cost build hcaa breakdown cost annex agreement form integr part cost amount grd ca eur explan differ figur point offset agreement amount grd ca eur rest amount offset repres oblig ministri public servic organis oa refer period time oblig correspond greec provid evid amount present ticket invoic period offset oa greec forward commiss notic rental airport period due amount eur million eur million oa eur olymp aviat evid payment commun imposit airport develop tax quot spatosimo quot submiss april appear evid payment adduc total amount ca eur spatosimo tax period decemb februari month march complementari document novemb specifi outstand debt eur million settl accord applic law procedur proof payment detail period airport concern provid regard payment airport charg aia greec submiss april annex state airport charg levi fee includ rental payment util duli made issu state aid examin materi submit greec reveal annex cost payment incur march start activ airport februari report eur million oa aia reach agreement april settl oa outstand debt commiss receiv copi final agreement date april novemb document assess debt eur million period march march debt reimburs quarterli instal year begin juli interest rate repay base euribor rate high oa secur year settlement conced anticip public servic oblig revenu aia period grant rate mortgag fulli own aircraft proof payment made respect commun exempt tax notari registr fee oa transact exempt link law treat context measur adopt regard payment vat collect oa domest fare greec submiss april ascertain reduc vat paid oa olymp aviat quot flight island lesbo hio samo dodekaness cyclad aegean island thaso samothraki northern sporad skyro provid maintain branch locat document receiv commiss verifi amount fact paid oa state charg passeng ticket quot outstand debt olymp cater commiss present inform oa normal commerci debt eur million compens earli evict hellinikon reloc spata amount set april agre commiss decemb grd billion eur million addit grd billion eur million determin independ review februari link disturb oa forc earli evict brought compens due eur million deloitt mention oa receiv eur million compens amount take account inflat interest impact close establish oa request grd billion eur million settl claim aris move hellinikon amount time recognis greec document analys commiss satisfi overcompens oa move grant oper fuell facil oa subsidiari greek author state grant fuell facil undertaken intern open tender launch aia initi cost construct oper fuell facil ofc set grd billion ca eur million contract award ofc year greec oa ofc largest sharehold annex submiss april greek author submit part fuell concess agreement august aia olymp airwai avinoil motor oil hella bfsc hansaconsult construct commiss oper mainten aviat fuel distribut system aia commun amend agreement relat fuell concess agreement aia ofc sa provid amend initi agreement implement maximum agre construct cost fuell concess agreement refer initi cost invest throughput fee appli state point agreement quot subject forego fuell concessionair ofc sa implement charg polici includ limit respect throughput fee fair object transpar discriminatori user discrimin ground volum frequenc aviat fuel suppli relationship user fuell concessionair connect person fuell concessionair fuell concessionair charg put fee lower calcul accord annex circumst charg higher level quot note evid submit actual fuell throughput fee charg oa subsidiari competitor ofc sa part fuell concess agreement submit annex refer cost facil moment conclus fuell concess agreement annex forward born mind cost construct fuell facil basi calcul base rent throughput fee amend agreement fuell concess agreement cost facil increas reach amount grd billion eur million mention fuell concessionair addit financ amount grd ca eur million explain relationship initi financ requir facil addit financ achiev addit cost amortis fuell charg state subsidi assess aid term articl treati articl eea agreement aid grant member state state resourc form whatsoev distort competit favour undertak product good incompat common market eea agreement measur assess aid grant oa initi authoris commiss decis octob august relat commiss decid open procedur provid articl treati march relat complianc restructur plan complianc commit undertaken greec treat section alleg notifi aid grant oa relat commiss decid march open procedur provid articl treati relat grant eur million toler default payment advantag treatment greek fiscal commerci law advantag relat oper fuell facil treat section assess aid initi grant decis refer exist state aid mean articl treati regard aid initi authoris commiss previou decis state constitut state aid affect trade member state distort competit common market respect commiss refer assess set decis legal basi assess compat commiss consid derog provid articl treati articl eea agreement articl treati articl eea agreement appli case hand respect commiss refer assess set previou decis articl ec treati derog respect aid intend promot econom develop area standard live abnorm low underemploy greec region fall scope articl region relat olymp airwai aviat servic gener account public servic oblig impos greec compani offer servic greek mainland island island offer servic olymp airwai airlin subject oblig benefit case compens relat viabl rout case airlin question oper exclus right grant accord articl council regul ec liberalis market servic achiev econom social cohes region develop offer oper addit commiss consid object region aid met easili aid scheme ensur suppli servic varieti oper aid examin clear cut restructur aid grant compani financi difficulti year situat consider improv restructur aid achiev envisag result authoris commiss state aid grant rectifi financi difficulti compani abus commiss justif aid assess decis help achiev region develop purpos aid elig exempt region object regard derog provid articl treati respect aid facilit develop econom activ aid advers affect trade condit extent contrari common interest commiss refer initi decis consid restructur aid compani consid compat common market proviso respect condit apprais compat aid grant commiss decis decis commiss consid compat aid common market subject full implement restructur plan aim restor viabil compani respect greec specif condit attach authoris aid avoid undu distort competit aid limit exact minimum compat aid subject specif commit commiss assess impact breach commit full implement plan earli commiss inform greec authoris grant remain instal grd billion achiev expect result cost product ratio achiev august greec state commit restructur plan accept revis achiev target result mid onward restructur plan unilater chang oa greec restructur plan establish speedw focus expans cost contain accept commiss speedw initi implement august plan submit commiss novemb period august summer manag period speedw restructur effort object suspend departur speedw phase cost contain start arriv manag compani lost share capit commiss forc constru reduct cost identifi kei element restructur plan improv yield consid longer oa manag greek author continu loss compani decreas level sharehold equiti oa firm difficulti trigger reaction greec sole sharehold order redress situat increas share capit undertak import adapt restructur plan time greec rest restructur period present restructur plan amount aid commun guidelin state aid rescu restructur firm difficulti greec repeat occas quot formalist attach quot restructur plan serv refer longer commiss assess full implement plan basi restructur plan decis commiss observ plan object decis fulli implement longer appoint departur speedw manag creat stop effect cost reduct phase earli expans phase late earli situat counterproduct layer compani staff creat frustrat impress lack direct support state creat addit difficulti restor oa situat interest note respect greec comment novemb acknowledg creat situat unrest compani commiss move made mid greek author departur speedw renew applic plan addit neg effect stop movement impos compani move aros half year deadlin restructur plan give time compani restart achiev plan respect commiss consid behaviour oa manag toler gener state sole sharehold compani consequ greek state shown constant effect attitud put place plan present approv commiss argument put forward greek author payment tranch capit inject eur million aggrav financi situat compani weaken restructur effort accept greec acknowledg earli implement plan revis commiss posit grant instal explain section eur million minimum capit inject restor equiti oa commiss verifi possess audit account real impact septemb event oa financi situat appear irrespect implic irrespect compens receiv oa examin commiss respect restructur plan identifi earli confirm year fact oa put place mi prevent compani implement plan lack monitor tool proper account system consequ plan effect implement object initi set met indic review point depart significantli set decis final order commiss fulli monitor progress restructur plan need detail regular report commiss oppos greek statement report transmit form gave inform suppli march octob report inform receiv sporad heterogen allow commiss monitor progress restructur plan indic set decis demonstr fact tabl point todai fulli complet conclus bear mind abovement financi element view commiss oa implement restructur plan accept commiss decis firm difficulti definit guidelin state aid rescu restructur firm difficulti acknowledg greek author contradict constant statement respect restructur plan admit comment novemb restructur plan chanc fulli implement deviat result foreseen plan lack time reaction greek author awar situat violat origin decis commiss consid respect restructur plan evid justifi conclus previou aid respect commiss assess impact breach condit restor viabil restructur plan durat short commun guidelin state aid rescu restructur firm difficulti lead long term viabil firm reason time scale basi realist assumpt futur oper condit earli commiss consid decis oa recapitalis restructur plan enabl compani creat oper last viabil year receiv aid due difficulti met greek author updat plan submit approv commiss consequ restructur period extend restructur plan respect consequ long term viabil compani primari goal commiss decis achiev long term short term demonstr total financi collaps compani fund debt usual commerci practic oa forc file bankruptci parti commiss assess oa financi situat irrespect full implement restructur plan repeatedli request greek author viabil compani establish remind auditor report year mention certif made quot strict assumpt compani continu activ concern quot statement unusu audit report show viabil oa question option liquid led balanc sheet consid respect specif condit articl decis requir oa put place mi decemb greec inform commiss system place octob affirm mi put place time requir decis amount time system work effect commiss accept greec argument month implement system suffici commiss consid todai evid submit substanti implement requir decis fulli oper adequ system oa monitor result restructur plan contrari oa met huge delai annual account approv audit report includ qualif testifi lack reliabl account intern control defici applic monitor revenu receiv payabl cycl improv respect year instanc oa contract extern expert assess financi situat pricewaterhousecoop unabl monitor restructur plan normal dai dai activ final deloitt amp touch consult appoint oa confirm unreli mi mi allow greek author amend restructur plan basi monitor amend greek author octob accept restructur plan respect conclus commiss conclud greec respect condit articl decis put place fulli oper adequ mi articl decis requir greec fulfil undertak refer articl decis decis manag statu point view oa fiscal statu public limit compani compar greek undertak ordinari law greec exoner oa tax affect recapitalis oper envisag undertak quot quot recapitalis restructur plan commun commiss greec interfer accord decis manag oa strict limit role sharehold final order respect articl commit decis greec adopt immedi legisl effect implement salari social financi aspect plan commiss take note oa articl associ publish oblig transpar law respect commiss consid clarif transmit greek author give insur law contraven commit respect commit breach greec identifi articl inform commiss demonstr greec fail compli commit law concern greek author readi redress situat creat provis law favour oa greek author refut doubt express commiss compat law question enter forc date access greec commun januari commiss reserv possibl propos measur separ procedur greec toler oa publish audit financi account time appli penalti accept infring greek law commun law ec regul ec impos remedi nation law withdraw air carrier licens greec demonstr prolong oa activ restructur measur compani appli normal commerci activ stop articl decis respect articl decis requir greec grant oa aid infring explain section conclus commiss authoris state aid condit consid minimum requir accept aid distort competit contrari common interest compat ec treati commiss note greec grant aid modifi condit contrari aid origin authoris conclud aid longer compli authoris consid compat ec treati recal tranch eur million restructur aid authoris august commiss paid septemb assess alleg aid refer exist state aid mean articl treati alleg aid alleg aid relat grant eur million commiss verifi loan eur million grant market condit repay interest loan equal euribor rate advantag grant oa loan secur state guarante basi assign oa claim greek state amount eur million unpaid ticket commiss examin amount line total amount declar greec debt oa unpaid ticket total amount approx eur million commiss conclud exist state aid eur million loan concern alleg aid toler default payment advantag treatment greek fiscal commerci law regard exempt tax notari registr fee oa transact link law commiss reserv possibl propos measur separ procedur payment vat collect oa domest fare compens earli evict hellinikon reloc spata commiss verifi oa paid compens commiss conclud state aid involv commiss conclud state aid involv oa commerci debt eur million olymp cater repres normal commerci liabil inform receiv oper fuell facil commiss conclud exist state aid regard oa fiscal legal statu greec decid initi specif request commiss modifi oa statu order start privatis greec confirm earli june oa subject law deko accept commiss framework decis oa treat greek public limit compani continu benefit specif legisl appli deko accept commiss context except situat foreseen greek law commiss unabl verifi framework appli oa entail state intervent distort competit fact oa impos specif cumbersom legisl recruit staff exclud infring condit attach grant restructur aid articl decis articl decis greec interfer manag oa strict limit role sharehold situat stem infring greek law misus previou aid respect condit attach decis exist distort competit payment social secur oblig conclus settlement organis social secur ika greec provid commiss oa paid contribut eur million incur fine penalti signatur amount eur million settlement accru interest brought outstand payment total oa appear paid octob decemb breach settlement privat creditor financi situat oa immedi legal mean action includ need legal mean execut obtain payment due amount laid settlement fact ika undertaken action constitut state aid amount eur part collaps settlement overdu immedi payabl amount default interest accru regard payment vat fuel spare part olymp aviat evid payment januari novemb decemb provid commiss receiv inform exclud constitut state aid proof payment rental airport period amount eur million normal creditor inform oa financi difficulti minimum legal mean action includ need legal mean execut obtain settlement due payment absenc action lead commiss conclud exist state aid evid payment forward commiss irport charg aia adopt settlement agreement oa aia amount eur million commiss take note agreement receiv proof payment todai take account payment occur juli exclud agreement respect accord term agreement normal creditor claim total unpaid amount instal bear default interest respect legal mean action includ need legal mean execut obtain settlement commiss receiv inform natur exclud exist state aid proof payment adduc spatosimo tax period decemb februari month march amount ca eur commiss receiv inform tax paid toler persist payment due amount constitut state aid final offset debt state oa airport oa amount ca eur million includ detail refer period state outstand oblig oa law form basi offset lack precis actual agreement reproduc vagu coupl lack evid valid amount verifi invok demonstr absenc aid form toler persist payment airport charg relat measur consid aid determin measur imput state judgement court date case french republ commiss imput state measur public undertak infer set indic aris circumst case context measur present case doubt state toler constant deferr payment charg tax due oa infring commun greek law case measur imput airport ika airport concern greek author state airport run hcaa fund state budget incom deriv activ state budget airport greec autonom financi hcaa ika public bodi establish greek law made respons state supervis manag social secur system collect mandatori employ worker social secur contribut measur imput state examin illeg aid involv transfer state resourc case accept oa pai time year delai ika instanc financi oblig remind greek author deni exist state aid case pecuniari advantag involv concept aid quot wider subsidi embrac posit benefit subsidi measur form mitig charg includ budget undertak quot thirdli determin illeg aid distort competit conduct state oa signific commerci advantag competitor mitig oa burden normal applic social secur system levi airport charg oa opportun regularli escap financi oblig contradict normal commerci practic artifici maintain hellen flag carrier aliv oa pai amount interest penalti due state greek author return gener payment facil amount wholli undu advantag gain oa ika fiscal author airport constantli accept discret deferr payment held act vi vi oa public creditor privat creditor seek obtain payment sum ow debtor financi difficulti magnitud facil obtain oa public bodi rel frequenc take account fact oa financi dire strait oa manifestli unabl obtain compar facil privat creditor situat creditor allow situat debt continu increas asset satisfi debt disappear contrari privat creditor ask legal mean payment arrear execut guarante distort competit favor oa intern market commun air carrier aviat liberalis sector implement packag fourthli examin measur affect trade member state oa carri transport activ natur cross border activ cover intern market greek author prevail intern weak administr grant aid oa compani fulfil financi fiscal oblig oa allow contravent decis nemo auditur propriam turpitudinem allegan final greek author assur commiss futur relationship oa ration ticket civil servant purchas normal practic statement reinforc commiss convict oa allow oper commerci entiti fact state chang situat modifi fact greek author compli oblig deriv decis grant aid letter secretari gener ministri economi requir offici greek state pai market practic legal bind natur addresse remain greek state pai purchas ticket oa subsidiari basi commiss consid notifi measur constitut state aid mean articl ec treati legal basi assess regard alleg aid toler default payment advantag treatment advantag relat oper fuell facil safeguard function common market view principl enshrin articl treati derog principl enshrin articl set articl strictli interpret system aid individu aid measur examin articl treati aid social charact aid make good damag caus natur disast except occurr aid grant economi area feder republ germani applic present case articl ec treati derog respect aid intend promot econom develop area standard live abnorm low underemploy greec region fall scope articl aid assess region aspect commiss aid meet region object demonstr section articl ec treati aid promot execut import project common european interest remedi disturb economi member state articl ec treati aid promot cultur heritag conserv applic aid aviat transport articl ec treati aid facilit develop econom activ area consid compat common market aid advers affect trade condit extent contrari common interest case stake commiss consid articl ec treati legal instrument provid exempt respect consid aid restructur contribut develop econom activ advers affect trade condit set commun guidelin decemb applic articl treati state aid aviat sector commun guidelin state aid rescu restructur firm difficulti met apprais compat alleg aid notifi aid infring past commit grant aid articl decis contraven commun guidelin state aid rescu restructur firm difficulti paragraph legal econom justif accept aid importantli grant identifi unlaw aid examin background oa receiv aid past current situat clear breach quot time time quot principl contain commun guidelin decemb applic articl treati state aid aviat sector commun guidelin state aid rescu restructur firm difficulti irrespect breach principl examin condit accompani restructur aid mention guidelin todai oa respect ongo restructur plan altern restructur plan commiss conclud return viabil compani medium long term result aid grant fulfil condit derog laid articl commiss find greec unlawfulli grant notifi aid relat toler default payment advantag treatment greek fiscal commerci law advantag relat oper fuell facil breach articl treati conclus doubt prompt commiss initi procedur allai commit articl decis articl decis concern grant eur million loan compens earli evict hellinikon spata debt eur million olymp cater oper fuell facil payment vat collect oa domest fare commiss take view abus applic aid aid element state incompat common market refer articl treati meet requir applic derog provid articl recuper light commiss view state aid grant greec oa pursuant decis ec decis ec incompat common market recov period recoveri concern distinct made period accord articl regul ec quot commiss requir recoveri aid contrari gener principl commun law quot commiss account occas provis order request recoveri light specif circumst case commiss adopt decis ec authoris state aid condit commiss notic condit observ decid open procedur subsequ august commiss posit decis condit decis paragraph commiss consid commit set decis ec fulli compli greec commiss conclud exist illeg incompat aid decid paragraph decis recuper aid fundament equival aid authoris decis order recoveri exclud posit decis commiss creat kind expect aid packag unproblemat light specif circumst case recoveri aid grant august period recal tranch eur million restructur aid paid septemb month decis commiss illeg aid concern decis whatsoev commiss creat expect aid recov time commiss decis normal practic final core aid grant period illeg aid commiss receiv complaint point illeg aid examin depth open procedur launch march commiss found state aid involv incompat common market reason full recoveri adopt decis articl restructur aid grant greec olymp airwai form loan guarante extend compani octob pursuant articl greek law june loan guarante total usd million loan contract march purchas aircraft invest reloc olymp airwai airport spata eas undertak debt burden grd billion convers grd billion undertak debt equiti capit inject grd billion reduc grd billion instal grd billion consid incompat common market mean articl treati condit initi authoris aid grant longer met full implement restructur plan aim achiev long term viabil compani observ specif undertak attach authoris aid regular monitor implement restructur aid articl state aid greec implement form toler persist payment social secur oblig vat fuel spare part olymp aviat rental airport airport charg athen intern airport airport spatosimo tax incompat common market articl greec measur recov beneficiari aid grd billion eur million refer articl compat treati aid refer articl unlawfulli made beneficiari recoveri effect delai accord procedur nation law provid effect execut decis aid recov includ interest date dispos beneficiari date recoveri interest calcul basi refer rate calcul grant equival region aid articl greec inform commiss period month date notif present decis measur compli articl decis address hellen republ brussel decemb commiss loyola de palacio vice presid commiss oj oj oj oj plan submit commiss letter date juli oj case point european court report page oj concern debt paid supplier parti airport charg social secur concern financi debt bank possibl debt relat financ fleet paragraph follow except item paragraph net result amount par manag estim eur million deloitt analysi loss eur million eur million addit except incom eur million charg eur million aris caption liabil oa balanc sheet caption provis liabil charg creditor accrual defer incom caption net equiti liabil oa balanc sheet calcul preced footnot eur million end eur million end page draft report juli page report juli appendix greek memorandum forward april oj oj greek law articl encyclia ika settlement oblig annex annex oj major action head reorganis cost structur compani decis oj paragraph section specifi firm difficulti case limit compani half regist capit disappear quarter capit lost preced month articl commit articl commit call stardust marin case paragraph greek develop law articl case banco exterior de espana ayuntamiento de valencia ecr paragraph case transport remind social secur period cover year law ika oblig reach settlement agreement late payment debt case transport point opinion advoc gener mischo case magefesa point rep oj inter alia case itali mesur urgent pour administr extraordinair de grand entrepris en dificulté approv point case spain spanish corpor tax law approv octob point case franc provis pour le implant entrepris étranger en franchis impôt approv novemb point