commiss decis measur grant itali favour breda fucin meridionali spa italian text authent text eea relev ec commiss european commun regard treati establish european commun articl thereof regard agreement european econom area articl thereof interest parti notic submit comment accord abovement provis letter date march commiss inform italian govern decis initi procedur pursuant articl treati respect aid receiv breda fucin meridionali hereinaft refer bfm formal complaint competitor bfm commiss letter date octob ask italian author inform aid allegedli receiv bfm inform receiv commiss bfm control finanziaria ernesto breda turn part efim group public hold compani liquid juli finanziaria ernesto breda compulsorili wound decre italian minist treasuri march decre compani irrevers insolv liabil lit billion bfm special thing suppli railwai equip steel cross frog market firm lodg complaint oper bfm product cross frog account total output bfm fall deplor financi situat inform commiss possess suggest bfm record loss amount lit billion turnov lit billion loss risen lit billion turnov fallen lit billion debt reach lit billion compar share capit lit billion reduc result firm loss period finanziaria ernesto breda efim bail bfm time provid recapit fund make good loss grant loan bfm succeed remain market avoid wound partli ow ad hoc provis contain articl decre law decemb convert law februari hereinaft refer law wind efim appli efim control firm clear forego commiss encount difficulti determin aid question recapit write loss loan grant efim finanziaria ernesto breda applic bfm gener rule italian civil code wind dissolv compani compat common market commiss decid initi procedur pursuant articl ec treati respect aid question ii part procedur commiss request italian govern submit comment member state interest parti invit notic publish offici journal european commun comment initi procedur receiv manoir industri sa manoir letter date novemb german govern letter date decemb commiss forward comment italian author januari send repli dai repli receiv date comment manoir french competitor bfm market steel cross frog made claim bfm stai busi sole state aid receiv derog italian law bankruptci insolv juli bfm suspend payment supplier bfm lost capit time resourc bfm oper loss year result competit commun market cross frog sever distort repercuss manoir privat own compani oblig compet bfm necessarili limit resourc manoir claim final aid question qualifi exempt pursuant articl treati request commiss seek repay aid comment german govern agre commiss decis initi procedur state assist italian govern efim finanziaria ernesto breda provid privat investor normal market economi condit view bfm debt increas time financi situat firm measur constitut state aid letter italian govern respons commiss decis initi procedur made statement period preced liquid efim group juli bfm benefit guarante scheme measur efim wound receiv paid bfm advanc need pai worker advanc bfm receiv financ finanziaria ernesto breda receiv appoint italian govern wind efim group consist compli principl privat investor market economi except sole differ liquid efim govern italian law efim year bfm debt grew result loan grant sole financi charg accru previou debt financ grant market rate financ grant parent compani bfm essenti intend product invest time expect show profit measur regard constitut state aid qualifi exempt pursuant articl treati view situat prospect firm ii sale parti iii locat firm mezzogiorno region meet requir articl treati bfm viabl debt financi charg achiev profit albeit small expect make consider profit neg decis unfair entail wind firm take account effort made restructur articl law derog articl civil code respect efim seek firm efim group remain oper minimum time requir wind group iii task identifi commun rule applic case hand take account market liabl advers affect measur question market mangenes steel railwai cross frog rail cover ecsc treati cross frog cover articl treati distinct made chapter combin nomenclatur relat articl iron steel code switch blade cross frog point rod cross piec make clear bfm product cover ec treati articl state save provid treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market determin public resourc allegedli grant bfm constitut state aid affect trade member state lastli qualifi exempt pursuant articl ec treati constitu illeg aid notifi commiss regard compat common market iv case file bfm establish mid profit incur heavi loss year balanc sheet commiss possess debt exceed lit billion end time initi share capit lit billion period lost lit billion turnov lit billion lit billion turnov lit billion lit billion turnov lit billion lit billion turnov lit billion lit billion turnov lit billion period bfm receiv efim subsidiari finanziaria ernesto breda capit inject lit billion lit billion debt write off lit billion lit billion lit billion lit billion lit billion financ parent compani respect bfm ow lit billion finanziaria ernesto breda lit billion efim connect note efim letter februari request commiss author capit convers abovement debt acknowledg bfm ow lit billion parent compani light forego ground conclud prior entri forc juli ad hoc provis refer chapter bfm succeed remain market question public measur benefit hand financ capit inject wipe loss parent compani order determin measur question constitut state aid commiss consid commun member state novemb public enterpris deriv advantag state control case state public fund circumst simpl role proprietor public fund made public enterpris favour term privat investor provid privat firm financi competit posit provid state public enterpris provid privat investor similar privat firm financi posit public enterpris receiv advantag privat enterpris proprietor competit common market distort respect matter aid public enterpris grant direct state indirectli hold compani public enterpris court justic european commun consist held judgment case case order determin public measur constitut state aid assess differ term fund made state public enterpris question term privat investor find accept provid fund compar privat firm normal market economi condit judgment octob case itali commiss court justic held fact financi contribut intend product invest preclud contribut constitut aid regard situat undertak appear improb privat sharehold subscrib capit question case question contest measur includ alleg grant aid capit contribut make good loss enjoi firm bfm profit normal econom legal condit wound loss wipe share capit regard measur privat investor oper normal market economi condit adopt normal busi word measur public author question constitut state aid similar circumst id quod plerumqu accidit privat investor larg efim finanziaria ernesto breda inject capit provid larg scale financ requir restructur plan show prospect futur viabil case file restructur bfm plan aim public measur question fact highli normal condit bfm privat firm owner long ago sought declar bankruptci hard privat oper allow firm remain market loss exceed turnov restructur plan fail bring financi benefit behaviour privat investor compar public investor necessarili ordinari investor put capit view secur return fairli short term investor take action ensur surviv firm experienc temporari difficulti return profit case bfm debt larg rule prospect profit long term privat investor oper normal market economi condit view longer term futur sale firm continu financ enterpris debt long period view forego commiss conclud public measur question constitut state aid mean articl treati articl law applic member efim group includ bfm mandatori rule contain articl italian civil code provid firm loss reduc share capit legal minimum lit million wound bfm manag remain market avoid wound unlik privat firm similar circumst virtu ad hoc derog gener system provid articl applic articl civil code bfm led bankruptci disappear market provis gener specif measur intend benefit specif firm constitut state aid enabl bfm avoid repai public debt debt public enterpris debt public financi institut provis question enabl bfm remain oper repai state aid declar incompat wound result decis depriv effect special rule introduc juli termin end itali extend ministeri decre januari measur relat special scheme liquid efim respect member group sold wound case bfm juli italian govern protect continu protect bfm bankruptci insolv complet alter origin assess liquid efim scheme minimum time need sell compani wind clear extens scheme behalf bfm view distort competit common market involv justifi object valid reason italian author reason extend special scheme state time need find buyer obviou justif unaccept italian author prolong scheme question sine die long purchas found imposs find purchas bfm time evid deplor financi situat bfm find precari imposs sell firm reason period extens respect bfm effect provis law question articl law extend decre januari regard state aid artifi enabl bfm remain market give edg competitor distort competit relev market commiss note derog provid law enabl bfm benefit grant lit million liquid efim pai wage surplu worker freez amount ow supplier total lit million suspend repay loan total lit million grant financi establish isveim imi suspend interest payment total lit million bank juli clear specif measur adopt itali derog ordinari law sole purpos maintain bfm artifici market juli enabl oper meet financi oblig public enterpris vi articl ec treati aid grant member state affect trade member state incompat common market geograph market railwai cross frog defin commun market lead commun produc cross frog present commun tender competit contract award bodi member state export larg proport output member state inform commiss competit intensifi huge overcapac market italian author refer margin natur bfm export case court state connect undertak oper sector surplu product capac produc member state compet aid receiv public author liabl affect trade member state impair competit continu presenc market prevent competitor increas market share reduc chanc increas export vii conclud public measur benefit bfm constitut state aid advers affect intra commun trade decid aid compat common market unlaw notifi commiss articl refer type aid compat common market articl aid social charact grant individu consum aid make good damag caus natur disast except occurr compat common market provis applic aid question aid social charact grant individu consum intend make good damag caus natur disast possibl relev provis articl invok italian author subparagraph aid promot econom develop area standard live abnorm low underemploy aid facilit develop econom activ econom area advers affect trade condit extent contrari common interest articl clear aid question grant public region programm document case aid grant creat job assist area contrari close scrutini reveal measur specif intend facilit industri surviv bfm irrespect cost regard articl italian author state measur question allow bfm restructur return profit futur commiss note italian author furnish evid support claim aid grant connect restructur plan public sharehold consid adopt restructur plan fact plan wrong ill advis document case show question restructur bfm hypothet restructur reason state aid grant ad hoc measur design enterpris surviv refer econom logic form restructur point contrari statement italian author effect entepris profit bfm record loss amount lit billion turnov lit billion loss total lit billion lit billion lit billion time profit loss account account incom financi charg show neg balanc lit million lit million lit million posit balanc lit million view forego commiss conclud italian statement relat viabil bfm unfound lastli hard understand alleg viabil firm constitut italian author claim reason strictli oper level claim aid compat take account financi burden firm bear compat commun law enterpris disappear aid grant special derog italian law benefit favour treatment ground oper result improv market sole virtu illeg aid line reason give illeg advantag member state delai abolit aid measur commiss conclud measur question qualifi exempt pursuant articl treati lastli fact commiss decis prohibit illeg aid requir repay entail liquid bfm italian author assert examin specif context case question bfm case cover liquid plan submit commiss efim plan end transit period firm found buyer wound itali extend special liquid arrang author commiss occas decre januari view failur find purchas bfm wound end origin date provid law liquid efim liquid bfm logic consequ plan drawn italian legisl liquid efim group excess inflex applic commun rule viii view forego conclud public measur bfm benefit capit inject amount lit billion lit billion lit billion make good loss total lit billion lit billion lit billion lit billion lit billion lit billion financ grant bfm finanziaria ernesto breda efim result debt parent compani lit billion articl law extend decre januari enabl bfm halt repay public debt debt public enterpris includ amount ow public financi institut remain oper repai state aid declar incompat wound provis law extent enabl bfm suspend repay loan grant public financi institut isveim imi total lit million constitut illeg state aid notifi commiss incompat common market qualifi except provid articl treati case law court justic judgment februari case commiss germani relev provis nation law appli recoveri requir commun law render practic imposs adopt decis articl state aid grant bfm capit contribut total lit billion consist lit billion lit billion make good loss total lit billion consist lit billion lit billion lit billion lit billion lit billion financ grant bfm finanziaria ernesto breda efim amount ow bfm parent compani total lit billion articl law extend decre januari enabl bfm postpon repay public debt debt public enterpris debt public financi institut remain busi repai state aid declar incompat wound provis law allow bfm suspend repay loan grant public financi institut isveim imi total lit million illeg notifi advanc commiss accord articl ec treati aid incompat common market mean articl treati articl itali recov aid paid bfm accord provis italian law relat recoveri amount ow state order abolish effect aid interest charg amount aid date award date repay rate commiss calcul net grant equival region aid period question articl itali forthwith suspend regard bfm applic provis relat extens derog ordinari law regard public debt debt public enterpris itali sole regard bfm forthwith suspend applic provis relat suspens repay loan grant public financi institut articl itali inform commiss month notif decis measur compli herewith articl decis address italian republ brussel commiss karel van miert member commiss market cross frog europ continu suffer overcapac total estim capac commun manoir bfm jadot jez amurrio cross frog maximum demand total unit paragraph ecr