commiss decis juli subscript cdc particip bond issu air franc french text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement establish european econom area point articl thereof protocol thereto accord abovement articl treati notic parti concern submit comment regard comment letter april regist commiss april french govern request commiss march belatedli notifi commiss issu bond state own compani compagni national air franc hereinaft refer air franc state own compani cdc particip hereinaft refer cdc subsidiari caiss de dépot de consign hereinaft refer caiss repres air franc french govern held meet brussel respons offici director gener transport french author provid number document regist commiss june aid regist notifi aid juli commiss secretariat gener novemb commiss decid open articl procedur regard abovement transact air franc cdc french author inform decis letter decemb letter publish offici journal interest parti invit comment case decis open articl procedur commiss concern natur aid advers effect trade common market commiss need clarifi grant aid link restructur plan case commiss need assur air franc monei receiv sole purpos intern restructur commiss need assur aid air franc affect trade condit extent contrari common interest order verifi aid air franc transfer difficulti competitor commiss need assur aid air franc unaccept anti competit effect commun domest rout end commiss request french govern provid inform carri assess ii french author repli commiss letter januari main argument french author summar french author notifi oper commiss prior take place financi intervent state aid caiss consequ cdc entiti autonom french govern cdc autonomi guarante fact subject surveil parliament govern independ confirm statu cdc director gener appoint presid french republ enjoi autonomi director gener dismiss except procedur presid french republ decre reason request commiss de surveil bodi compos member parliament judg repres ministr de économi de financ appoint director gener offici charg manag caiss take oath guarante independ caiss februari cdc decid invest air franc basi strateg analysi final end end situat air franc compar competitor difficult year world civil aviat industri air franc debt ratio part similar competitor end prospect gener optimist subsequ event undermin assumpt plan drawn octob forecast recoveri short term assum increas passeng traffic stabil unit revenu deficit ff billion cdc decid invest air franc take account good prospect interest rate bond line market rate project confirm event econom crisi civil aviat industri deterior half french domest market affect specif recess half amount sale air transport servic french domest market decreas period whilst british german domest market grew point slow neg effect air franc perform short term consider cdc decid invest air franc growth prospect air transport sector longer term good cdc take consider potenti air franc modern fleet qualifi personnel world wide market behav ration investor time decis cdc foreseen turn air franc activ analysi confirm particip oper foreign privat investor wish subscrib ff million bond redeem share oblig reimburs en action hereinaft refer ora request fulli met privat investor allow subscrib ff million ora impli partial privat air franc requir special procedur privat investor presenc evid subscript condit attract conform market invest link restructur plan drawn octob plan de retour équilibr hereinaft refer pre commiss conclud light subsequ deterior air franc result plan inadequ overcom crisi face airlin invest link plan pre propos air franc june subscript bond issu strengthen pre sole object invest contribut restructur air franc financi inject affect competit intra commun rout air franc lost market share intern intra commun rout air franc air traffic airport pari member state decreas point month compar period french domest rout posit air franc sizeabl air franc oper rout pari charl de gaull nice pari oversea depart air inter french carrier oper main french domest rout receiv financi contribut air franc consid compani independ air franc issu relat access french domest market commiss rais open articl procedur directli relat present case treat separ iii unit kingdom denmark netherland number air franc competitor british airwai british midland tat submit comment case commiss duli transmit french author parti agre gener commiss assess aid natur oper distort effect competit trade number air franc competitor stress aid incompat common market author state neg effect aid competit trade bound strengthen number measur adopt french govern maintain air franc domin posit french domest market measur effect limit exercis traffic right access french domest rout protect nation carrier competit airlin belong air franc group iv propos board director februari extraordinari sharehold meet air franc march resolv issu ora progress interest subordin note warrant titr subordonné intérêt progressif assorti de bon de souscript action hereinaft refer tsip bsa total involv approxim ff billion ff ora ff tsip bsa subscript period ran april cdc guarante subscript bond issu air franc share capit own state cdc minor privat sharehold french govern major sharehold air franc decid subscrib issu ora subscrib privat sharehold proport share air franc capit cdc remain part ff tsip bsa subscrib cdc amount ff secur characterist ora unitari price ff durat year month interest consist fix part due year time variabl part payabl time variabl interest depend perform compani calcul basi ratio gross oper result excédent brut exploit turnov product global expect actuari interest assum gross profit margin period fix limit ora obligatorili refund share share ora januari latest holder ora demand reimburs bond share time date intern rate return invest calcul cdc cdc account interest rate ora expect increas bond reimburs share mid januari cdc calcul purpos impli air franc ordinari share januari ora reimburs share basi air franc long term financi project tsip bsa unitari price ff durat indefinit interest fix increas period averag actuari interest period interest variabl januari variabl interest calcul basi month pibor pari interbank rate offer progress rate rate interest payabl januari increas year onward interest payabl time bsa enabl owner secur subscrib januari share air franc price ff share air franc reimburs part tsip bsa januari year januari case liquid voluntari forc dissolut compani tsip reimburs secur unsecur creditor ora reason secur call titr subordonné intern rate return invest period calcul cdc cdc account interest tsip bsa period expect increas bond januari calcul basi expect compani time commiss examin air franc econom financi situat decis novemb air franc capit increas juli ora tsdi issu case no total financi inject ff billion decis commiss recogn airlin financi problem air franc capac financ invest deterior significantli period comparison commun carrier suggest strong deterior air franc financi structur commiss attribut deterior neg effect compani econom implic gulf crisi uta increas financi charg aris increas expenditur invest plan commiss consid short term problem long term prospect structur air franc good capit increas ora tsdi issu consid normal financi oper state aid articl treati commiss decis base fact french author approv august comprehens document contrat de plan set restructur programm cap laid econom object attain period object includ inter alia financi commit financi restructur air franc cash flow suffici financ invest reduc indebted improv compani gross profit margin commiss conclud case call market economi investor principl unreason privat investor invest air franc capit cap restructur programm financi inject ff billion late earli air franc situat continu deterior air franc includ uta increas passeng traffic compar averag aea airlin group revenu decreas group record sharp drop gross oper result ff billion object fix cap programm gross oper result group achiev ff billion result ff billion net oper result air franc group manag posit previou year significantli red minu ff billion current net result plan posit significantli deficit minu ff billion account increas burden financi charg ff billion neg extraordinari expens incom minu ff million except result benefit previou year real estat sale factor led air franc consecut neg net result largest minu ff billion air franc profit indic reflect neg result show air franc wors posit major european airlin similarli affect econom recess air franc start month year air franc passeng traffic shrank larg account weak domest demand sharp contrast aea result show increas quarter intra commun traffic loss air franc financi situat deterior end group balanc sheet show temporari distort favour short term debt situat correct issu long term bond march june total ff billion ora tsip bsa subject examin financi object cap programm achiev debt equiti ratio maintain level long term debt continu deterior cash flow situat sharp drop object cap plan financ capac cash flow sale asset achiev group realiz object set cap plan financ invest cash flow air franc product appear low month air franc need high number personnel aircraft carri fewer passeng employe major competitor interest note improv product measur seat kilometr revenu passeng kilometr employe lag achiev major competitor conclus factor air franc situat examin commiss decis novemb juli continu deterior vi obviou difficulti air franc encount pursu object cap plan forc compani review plan substanti plan pre present govern autumn provid save increas revenu amount ff billion ff billion vii articl treati articl eea agreement provid aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state contract parti incompat common market agreement present case air franc receiv cdc ff billion purpos strengthen capit french govern time issu waiv subscrib favour sharehold subscrib issu proport sharehold air franc cdc subscrib amount ff repres ora ora tsip bsa amount tsip bsa french govern air franc minor privat sharehold ask subscrib issu amount higher proport exist sharehold request met imposs specif legisl author proce partial privat air franc mean imposs privat sharehold air franc subscrib issu amount higher proport exist hold commiss assess capit inject air franc grant french state state resourc context recal court justic rule prohibit contain articl cover aid grant member state state resourc necess draw distinct aid grant directli state public privat bodi establish appoint administ aid case van der kooi decid preferenti tariff charg limit compani netherland gasuni result action netherland state court state share gasuni distribut netherland state directli indirectli hold share appoint half member supervisori board bodi power includ determin tariff appli conclud consid factor demonstr gasuni enjoi full autonomi fix ga tariff act control instruct public author clear gasuni fix tariff take account requir public author caiss french public entiti établiss public creat law april director manag personnel appoint french govern propos minist financ caiss own share cdc appoint director cdc determin subsidiari invest polici vote right provid fund cdc financi oper cdc decemb sharehold held caiss instrument acquir stake compani point french author cdc select purpos public institut belong state french privat law infring capit increas air franc cdc addit legal consider state control invest activ caiss subsidiari demonstr senat commiss acknowledg cdc limit compani french law corpor purpos consist manag invest fund condit fulfil connect grant aid question intent state factor provid consider evid cdc autonom entiti caiss subject control french public author capit inject act imput french state mean court case law articl commiss verifi oper aid pursuant articl treati articl eea agreement order determin state aid involv commiss base assess call market economi investor principl principl state aid involv fresh capit contribut circumst accept privat investor oper normal market economi condit treati eea agreement establish principl neutral regard system properti ownership exist member state articl treati articl eea agreement principl equal public privat undertak consequ principl commiss action prejudic advantag public entiti inject capit undertak commiss investig financi inject compani prevent member state infring state aid rule treati gener rule commiss opinion case capit inject public fund state aid involv privat minor sharehold particip transact proportion sharehold privat investor sharehold genuin econom signific present case privat sharehold air franc employe bank york london banker trust int plc granit capit lp subscrib ora minor extent tsip bank subscrib tsip privat parti sharehold air franc repres air franc capit share ora tsip subscrib neglig ora tsip privat investor particip subscript ora tsip bsa rule possibl capit inject state aid mean articl treati articl eea agreement ora commiss attach decis signific fact alleg french author request import privat foreign investor legal reason met bank allow subscrib ff million ora ff million request ff million ora request bank york london ff million banker trust ff million granit capit number ora bank sought subscrib repres small percentag total number ora investor sought subscrib order diversifi portfolio invest bank decid make riski invest ff million ff million repres signific outlai rel size bank total invest portfolio amount signific risk risk privat investor small size invest air franc limit foreign investor small invest consid conclus evid exclud possibl state aid subscript cdc ora compar equiti invest aim strengthen airlin capit ora bond compulsorili redeem equiti financi perspect repres defer increas capit case ora return invest depend financi perform compani share time convers similar consider valid tsip bsa tsip bsa obligatorili redeem share tsip bsa permit owner subscrib januari share air franc predetermin price ff share owner decid exercis subscript continu receiv interest januari compani resolv reimburs share disadvantag tsip bsa case dissolut compani owner reimburs creditor reason bond common capit market consider natur bond confirm air franc prospectu émission de valeur mobilièr composé publish april bond issu purpos issu strengthen compani equiti long term appli market economi investor principl commiss establish moment aid grant cdc final decis invest air franc capit time decis import order evalu cdc basi object data expect adequ return invest french author cdc decis invest air franc end cdc decis light plan de retour équilibr time sharp drop traffic air franc passeng traffic incur expect inform provid french author air franc board director negoti cdc fix detail rule bond propos sharehold approv issu februari sharehold extraordinari meet approv issu bond march normal busi practic cdc invest decis consid place bond subscrib april french author prove cdc legal oblig subscrib issu date absenc bind legal act declar cdc date subscript treat mere statement intent event suppos cdc irrevoc invest decis april relev date earliest februari date propos board director issu bond date final detail issu fix cdc suffici inform final decis give kind commit articl procedur commiss examin featur issu verifi conform market condit return instrument strictli depend perform compani convers ora signific profit relat element interest rate vari cash flow margin record compani actuari interest rate vari interest paid time convers ora share return depend profit tsip bsa interest rate directli profit relat air franc make consolid loss equiti year interest payment respect year suspend case liquid dissolut tsip bsa holder limit protect bond repaid creditor commiss state state aid involv financi posit compani structur volum debt normal return dividend capit gain expect reason time capit invest present case commiss take view invest decis earliest februari cdc awar awar sharp deterior air franc financi structur cdc knew increas compani loss ff billion ff million ff million adopt cap restructur plan cdc concern critic debt posit compani redress requir signific improv profit air franc abil repai debt cash flow appear weak air franc oper profit cover interest expens year interest cover ratio air franc debt level high air transport industri highli gear air franc debt equiti ratio major capit expenditur programm cap plan take account capit oper leas increas comparison previou year intern rate return bond recal calcul cdc take account interest impli air franc share time convers french author cdc arriv estim futur air franc mid januari estim reflect assumpt cdc led lower rate return prudent figur account estim appear ora optimist time issu highest return forecast air franc ora lower forecast cdc air franc includ prospectu issu april tabl set valu air franc share scale return ora highest return point lower return expect cdc calcul intern rate return tsip bsa expect return bsa coupon repres import element regard weak air franc financi prospect medium long term cdc conclud underli share rate return tsip insuffici justifi cdc particip market economi investor principl conclus reinforc subordin natur loan brought consider fact intern rate return bond calcul cdc line prevail market rate se suffici convinc exclud aid charact oper light deterior air franc financi structur commiss privat investor oper normal commerci condit enter import financi arrang air franc enter cdc market economi investor principl court justic stress behaviour privat investor intervent public investor compar privat hold compani privat group structur global sector polici guid profit prospect longer term case loss make compani long term investor base decis coher restructur plan case air franc commiss opinion aid directli link pre pre prospectu publish connect issu bond minut board director meet invest aim financ implement plan assum capit inject strengthen air franc capit indirectli link implement pre commiss reach conclus plan long term suffici redress airlin financi econom viabil pre aim adopt number measur reduc cost improv financ capac ff billion ff billion consequ pre air franc significantli improv result made profit restructur measur provid plan concentr reduct cost reduct extern expens check interlin invoic renegoti airport charg hotel activ ration fleet organ termin oper aeroplan exploit synergi group reduct cost fly personnel increas product ground personnel reduct cost personnel reduct financi cost relat fleet reorgan ticket reserv system set hub charl de gaull airport pari april pre aim primarili reduc oper cost minor extent financi charg suffici address financi item assum remain constant pre note decreas unit yield creation hub charl de gaull airport pari measur increas revenu proxim entri forc liber packag januari pre analys futur market evolut assum make refer studi statist air franc long haul medium haul traffic increas year pre note temporari overcapac affect air transport industri provid adapt air franc commerci polici contrari pursu invest strategi restructur measur provid pre case deterior econom situat respect pre state deterior situat compromis attain object improv cash flow air franc embark round measur improv posit measur total exclud present pre exhibit defici envisag option case definit select object select fail mean achiev light consider commiss opinion pre insuffici redress longer term airlin econom viabil profit commiss consid time invest decis cdc awar weak structur pre awar air franc adopt pre octob increas capac worldwid traffic growth air franc seat kilometr increas octob air franc traffic growth novemb decemb januari februari commiss opinion ration privat investor inject ff billion air franc take account recent poor financi oper perform fact unabl carri cap restructur programm pre manifestli insuffici redress situat financi inject oper aid aim help nation french carrier temporarili overcom financi crisi commiss examin aid distort competit affect trade strong competit exist commun rout oper air franc aid strengthen air franc financi posit regard competitor distort competit europ distort competit take account dimens air franc largest european carrier largest french carrier situat overcapac temporarili affect european air transport industri acut time grant aid fact aid grant month entri forc packag liber commun air transport market aid affect european trade concern compani transport activ natur directli affect trade cover entir econom european area commiss believ subscript cdc bond issu constitut aid pursuant articl treati articl eea agreement viii aid fall scope approv aid scheme notifi commiss accord articl treati french govern notifi aid advanc put aid effect fail fulfil oblig pursuant articl aid illeg grant unlaw ix commiss aid air franc compat common market pursuant articl treati articl eea agreement aid fall case provid provis articl treati eea agreement list aid consid compat common market compat assess context commun singl member state articl treati articl eea agreement provid except respect aid promot facilit develop region aid air franc qualifi exempt laid articl relat region aid french author put forward argument support propos aid articl treati articl eea agreement evid show aid question intend promot execut import project common european interest remedi disturb french economi french author invok provis regard except articl treati articl eea agreement aid facilit develop econom activ commiss restuctur aid compat common market meet number condit condit context principl set articl treati articl eea agreement aid requir develop activ standpoint commun aid advers affect trade condit extent contrari common interest criteria interpret sector aviat context memorandum stipul commiss case decid accord articl aid grant individu airlin financi difficulti provid condit met aid form part programm approv commiss restor airlin health short period expect oper viabli aid aid question transfer difficulti member state rest commun aid structur transpar verifi observ financi inject scrutini link object set pre oper aid aim ensur surviv compani experienc crici suppos fund scruniti indirectli form part pre commiss demonstr plan inadequ restor air franc health case aid incompat common market commiss power pursuant articl treati confirm court justic judgment juli judgment februari requir member state compel recipi repai aid grant french author month recov unlaw aid grant air franc cdc ff minu interest paid air franc cdc recoveri aid place accord relev nation provis includ provis repay interest arrear case liabil state interest start run effect date grant aid measur establish statu quo elimin financi advantag recipi aid illeg grant unduli benefit date grant aid adopt decis articl subscript cdc particip ora tsip bsa issu air franc april constitut unlaw state aid amount ff grant undertak breach articl ec treati aid incompat common market mean articl ec treati articl eea agreement articl franc request ensur aid ff reimburs month public decis deduct interest paid bond air franc cdc particip recoveri aid place accord relev nation provis includ provis repay interest arrear case liabil state interest start run date grant aid articl franc inform commiss month public decis measur order compli decis articl decis address french republ brussel juli commiss han van den broek member commiss oj decre opinion commiss évaluat de entrepris publiqu financi figur air franc group annual report figur slightli figur decis open articl procedur provision figur provid french author case commiss franc ecr paragraph join case van der kooi commiss ecr paragraph inform report caiss submit senat roger chinaud behalf commiss de financ du contrôl budgétair de compt économiqu de la nation french senat annex minut meet june case steinik weinlig germani ecr paragraph case cite footnot paragraph case cite footnot paragraph commun commiss member sate public author hold compani capit septemb bulletin ec judgment court justic join case netherland leeuward papierwarenfabriek bv commiss ecr paragraph commiss commun applic articl capit inject public fund bulletin ec commun member state public author hold compani capit bulletin ec case itali commiss ecr paragraph council regul eec eec eec oj pp eighth report competit polici point judgment court justic septemb case philip morri commiss ecr case commiss germani ecr case derfil commiss ecr