commiss decis novemb measur implement spain favour refractario especial sa notifi document number spanish text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur letter date april commiss receiv complaint state aid allegedli grant spain refractario especial sa complain express concern number financi measur compani benefit distort competit relev market letter juli octob commiss request spain submit inform measur remind request letter june novemb letter juli regist juli spain request extens deadlin repli extens grant letter august letter date june regist june septemb regist septemb novemb regist novemb spain submit inform request commiss januari commiss decid initi procedur laid articl treati respect measur question letter januari inform spain decis commiss remind spain invit comment decis ask inform letter march spain react decis initi procedur letter march regist march answer question remind letter regist decis initi procedur publish offici journal european commun invit interest parti submit comment aid spain forward copi commiss decis beneficiari compani refractario especial sa hereinaft refractario march refractario subsequ ask letter march regist march extens deadlin enabl respond decis initi procedur commiss grant extens letter march commiss receiv comment interest parti includ refractario letter april april spain invit comment question letter septemb includ copi agreement tax author refractario submit commiss parti letter juli regist juli commiss remind spain question letter june octob spain provid answer question letter juli regist juli octob regist dai detail descript measur refractario especial sa refractario locat valencia spain produc specialis heat resist ceram refractori sell product compani metallurgi cement ceram sector employe annual turnov eur million balanc sheet total stood eur end compani qualifi sme accord commiss recommend ec april definit small medium size enterpris tabl summaris compani result period gt tabl gt crisi steel product earli meant crisi face refractori sector includ refractario compani close plant asturia produc steel sector maintain plant valencia rel improv due develop product sold cement industri domest sale product export countri europ countri africa america compani hope export asian countri sale innov product increas compani expect increas measur spain refractario recurr difficulti pai debt gener social secur treasuri hereinaft social secur valencia offic tax agenc ministri financ hereinaft tax author wage guarante fund hereinaft fogasa suspens payment procedur suspens payment procedur termin march agreement date septemb social secur debt esp eur reschedul year period repay year interest paid reschedul amount debt cover mortgag land build machineri instal own refractario net present instal calcul basi commerci interest rate amount initi tax author similar term social secur debt esp eur reschedul year period repay year interest paid reschedul amount cover mortgag ordinari creditor accept debt write total debt esp million eur mortgag obtain social secur tax author charg properti amount maximum esp eur equal outstand debt esp eur foreclosur cost total esp eur correspond properti estim land mortgag favour creditor lai worker asturia result debt esp eur fogasa agreement conclud novemb debt reschedul year period payment month quarterli payment gradual increas esp million esp million total payment sum esp eur impli simpl interest rate correspond legal rate interest time agreement contain oblig refractario establish secur favour fogasa order guarante debt effort recov outstand debt period show mix pictur compani result refractario time difficulti pai debt addit financi problem increas environment problem ow locat centr quart de poblet valencia hand chang land plan significantli rais refractario properti discuss decemb march refractario accumul social secur debt social secur author measur recov debt sought distraint mortgag properti total esp eur distraint obtain februari concern properti surfac area valu esp eur area june procedur auction land initi suspend appeal allow agreement reach debt esp eur interest surcharg debt maximum amount esp million eur includ esp million eur foreclosur cost brought coverag mortgag properti social secur debt time amount esp eur debt tax author debt cover mortgag amount eur mortgag charg properti amount maximum esp eur earlier mortgag distraint obtain social secur author properti burden distraint favour creditor amount esp eur half situat complic crisi sector wore refractario success enter profit nich market time environment problem due compani locat citi centr worsen chang land plan remain uncertain neg effect potenti land procedur chang land plan success conclus land build instal remain unclear valuat date march order social secur author assum chang land plan show low eur refractario mention valu valuat time agreement construct compani land eur million agre price sale contract land build date june amount eur septemb octob refractario accumul social secur debt paid contribut full social secur author respond agre postpon seek distraint measur fail end social secur author obtain repay esp eur enforc auction mortgag land debt start suspens payment procedur amount esp eur eur cover mortgag tax author small debt incur amount amount major problem aros refractario fail pai amount payment agre instal debt problem tax author set distraint machineri order recov claim refractario compli fulli tax oblig total debt start suspens payment procedur amount esp eur ad interest esp million eur payment due start suspens payment procedur amount esp eur total amount eur refractario pai agre instal fogasa fogasa obtain guarante refractario debt breach agreement fogasa entitl demand payment full amount forc payment refractario charg interest juli refractario ask fogasa renegoti debt fogasa agre propos social affair tribun rule refus compli formal requir interrupt statutori limit period commiss repeat request spain provid evid fogasa insist agre instal payment amount suspens payment procedur clear fogasa simpli forgot debt deliber fail demand payment suspens payment procedur januari refractario start suspens payment procedur order settl accumul debt burden procedur conclud june base agreement june refractario construct compani reach agreement bui compani current properti exist mortgag agreement condit debt agreement refractario social secur tax author proce esp million eur bui land build factori construct compani reloc settlement part outstand debt esp million eur paid directli social secur tax author exist agreement sale price mention report draft court appoint auditor suspens payment procedur term condit public author februari refractario reach agreement ordinari creditor remiss claim debt amount esp eur total march refractario social secur author agre debt reschedul reduct total debt eur refractario pai eur immedi finalis transact construct compani eur reschedul period year annual interest rate remain cover mortgag refractario instal machineri remaind debt eur remit present percentag origin debt explicit condit agreement refractario punctual pai instal current social secur contribut refractario tax author agre debt reschedul remiss total debt eur esp refractario pai eur remaind remit social secur author agreement contain explicit condit refractario punctual pai instal fulfil current tax liabil letter march fogasa demand claim includ suspens payment procedur court appoint auditor procedur rule debt time bar letter februari fogasa demand payment debt direct refractario esp eur time demand claim includ suspens payment procedur fogasa appeal auditor decis lost case land plan note spring depart public work urban plan transport region govern valencia gener transit plan municip quart de poblet includ refractario site letter juli spain state plan expect definit approv month invest aid final refractario appli intend appli valencia financ institut ivf loan eur million capit inject eur region govern depart econom affair eur million invest grant financ section refractario restructur plan take aid measur account spain confirm loan aid grant ground initi procedur articl decis initi procedur articl commiss express doubt spanish author act market economi creditor doubt concern fogasa failur demand guarante reschedul debt step ensur actual repay doubt concern agreement refractario tax social secur author long period half creditor appar accept arrear refractario payment aid involv agreement reschedul debt commiss inform exist restructur plan ascertain aid compli condit set commun guidelin state aid rescu restructur firm difficulti hereinaft rescu restructur aid guidelin comment interest parti public decis initi procedur commiss receiv comment cérame uni european ceram industri associ competitor rhi beneficiari refractario comment summaris comment spain section cérame uni rhi fulli share doubt express commiss stress presenc overcapac refractori sector argu aid advers effect competitor trade intern market cérame uni provid substanti number articl document sector cérame uni copi agreement tax author refractario stress explicitli state tax author account econom situat viabil compani gener social interest maintain job cérame uni point approv composit creditor make refer long term viabil restructur plan argu insuffici ground debt relief provis opinion aid compli requir set rescu restructur aid guidelin comment spain refractario spain refractario held period investig social secur tax author fogasa act privat creditor opinion measur constitut state aid mean articl treati spain refractario produc support argument detail descript financi situat social secur tax author found proceed enforc claim bankruptci limit land chang land plan worker claim prioriti bankruptci financi attract act respect agreement refractario argu term accept public creditor compar favour term accept privat preferenti creditor banesto leas compani demand return machineri leas refractario subscrib agreement compani creditor condit ordinari creditor reason state aid mean articl treati involv agreement public author respect refer made agreement tax author refractario quot gener social interest maintain job quot spain explain statement regard formal made fact agreement constitut act usual scope tax author activ normal channel manag collect claim cover current legisl understood gener explan reason prompt author act gener interest fogasa spain fund financ compani contribut constitut state resourc spain argu fogasa step recov claim opinion shown court rule appeal case fogasa demand claim includ suspens payment procedur refractario argu reschedul debt fogasa advantag comparison outcom creditor refractario maintain advantag obtain affect trade member state output total output eu market structur oligopolist reason receiv state aid mean articl treati commiss found aid involv refractario claim regard compat common market time agreement compani difficulti aid close link restructur programm limit minimum aid agreement public author fulfil criteria rescu restructur aid guidelin refractario submit restructur plan detail inform restor viabil measur plan argu aid limit minimum argument put forward refractario aid link agreement creditor author subsequ action relat composit creditor time bar pursuant articl council regul ec march lai detail rule applic articl ec treati market refractario held recent year stagnat demand low qualiti refractori industrialis countri offset grow demand product develop countri refractario past year specialis higher qualiti durabl higher price product market boom final refractario argu aid deem compat common market basi commun guidelin state aid environment protect aim assist reloc activ urban area provid point guidelin reaction comment parti spain react comment parti restructur plan refractario current restructur plan main compon reloc concentr high qualiti segment market financi restructur base major debt write off reloc compani solv environment problem total cost invest amount eur main item equip eur plant capac tonn year tonn produc tailor refractori tonn tailor refractori roughli doubl exist capac significantli increas proport dedic product higher ad higher gross margin gt tabl gt restructur plan estim expect annual result period assumpt worst case scenario compani profit year period assess gener consider articl treati lai principl save provid treati aid distort threaten distort competit favour undertak product good affect trade member state incompat common market case law court justic state financi aid strengthen posit undertak compar undertak compet intra commun trade regard affect aid product market refractario trade member state competit manufactur aid strengthen posit refractario market compani small turnov compar competitor small market share oligopolist structur market trade member state affect fact trade affect confirm fact refractario export part product countri order establish refractario benefit select advantag commiss assess measur public creditor agreement refractario measur agreement correspond privat creditor act similar circumst constitut state aid agreement social secur tax author term social secur tax author accept reschedul amount ow favour comparison payment ordinari creditor accept debt write comparison ordinari creditor suffici prove absenc aid public creditor held preferenti claim posit term favour comparison privat preferenti creditor banesto leas sa commiss consid posit banesto leas public preferenti creditor compar argument suffic prove absenc aid agreement refractario public creditor firstli refractario debt compani amount esp eur smaller public debt cost banesto incur obtain higher repay greater rel term gain thirdli real machineri undoubtedli small sold bankruptci scenario suspens payment procedur spain argu absenc interest compens guarante constitut mortgag gener social secur law contain oblig appli legal interest rate extraordinari defer grant oblig appli situat social secur author grant reschedul debt compani suspend payment commiss note rule possibl scenario enforc payment subsequ bankruptci public author fact social secur tax author accept debt reduct debt reschedul detract conclus situat order establish public creditor act accord privat creditor principl commiss deem make estim maximum amount tax social secur author recov sign agreement meant compani bankruptci articl labour statut wage debt work dai preced claim exce minimum wage debt preced debt guarante mortgag articl establish privileg wage debt separ procedur recov worker claim delai suspens payment procedur worker de facto quot super privileg quot respect sever pai total amount payment estim eur refractario argu higher amount compens negoti practic balanc sheet drawn court appoint auditor suspens payment procedur report date octob show total asset eur land account eur build eur tangibl fix asset eur intang fix asset eur stock eur debtor eur cash bank eur bankruptci scenario realis estim valuat land carri social secur author juli estim site valencia eur instal site valu eur land asturia valu eur million plot valencia eur asset difficult realis bankruptci procedur intang fix asset stock half consist finish product crisi sector full swing note amount stock debtor cash bank chang year elaps draft report conclus agreement creditor thing ow loss sustain period commiss take account fact balanc sheet upward bia suspens payment procedur initi show posit differ total asset total liabil take consider appli privat creditor principl septemb asset bankruptci scenario estim figur close land build equip estim valuat report give total eur million subtract payment worker total asset figur eur preferenti creditor instanc repres total debt eur theoret calcul account factor expect neg impact actual amount public creditor obtain bankruptci scenario actual proce sell land instal forc bankruptci lower calcul account cost bankruptci procedur cost sell land public creditor receiv payment substanti period time normal procedur confirm lower actual expect bankruptci scenario fact creditor accept signific debt waiver agre payment depend futur viabil compani benefit hindsight clear financi problem solv mortgag precis intend cover uncertainti risk delai pai agre instal extent cover normal applic interest surcharg delai occur note interest rate paid arrear legal rate interest time stood impli decreas present debt case take consider account differ social secur tax author expect obtain payment agreement expect obtain bankruptci scenario commiss consid term social secur tax author agre debt reschedul correspond market economi creditor accept circumst commiss conclud agreement author accord privat creditor principl constitut state aid refractario step social secur tax author recov claim period commenc suspens payment procedur commiss note social secur author remain passiv decemb june charg interest surcharg debt aros sought distraint final june start procedur sell properti auction time total debt amount eur partli secur mortgag total debt slightli lower maximum properti arriv valu eur eur annual account onward refer potenti increas land result chang land plan basi step commiss conclud behaviour social secur author accord privat creditor principl significantli depart privat creditor act similar circumst accept agreement suspend auction establish addit mortgag reach justifi expect increas land modif land plan fact refractario accumul debt april commiss conclud action social secur author period agreement addit mortgag constitut state aid refractario commiss explain surprisingli low result valuat properti order social secur author sharp contrast valuat commiss refractario sell price stipul contract construct compani clear real increas modif land plan increas debt social secur tax author period amount eur eur total increas debt expect increas valuat increas eventu place debt aros short period time initi proceed enforc collect social secur tax author avoid accumul debt mixtur irregularli grow debt hope econom situat chang land plan commiss conclud restrict distraint threat foreclosur mortgag proceed declar bankruptci section social secur tax author act maximis chanc recov debt refractario ow commiss find state aid favour refractario behaviour agreement agreement preferenti privat creditor suspens payment procedur agreement refractario public creditor compar refer agreement tax author refractario quot gener social interest maintain job quot suffici proof exist aid evid aid absenc explicit evalu compani futur viabil lack ground agreement commiss deem make estim maximum amount tax social secur author recov agre meant compani bankruptci spain payment worker salari sever pai cover quot super privileg quot de jure de facto amount eur mention earlier higher amount compens negoti practic payment worker salari increas ow delai declar bankruptci approv collect dismiss worker labour author spain estim month take account amount eur main asset bankruptci land build price sale agreement esp eur part comprehens deal acquisit land construct plant negoti context litig parti subject term condit unknown public author public author expect agreement condit modif land plan spain consid quot riski quot base assess price stipul sale agreement spain argu auction procedur requir author start round bid basi valuat eur round bid start price set level public author dilig privat creditor cautiou commiss consid auction modif land plan involv signific risk sale contract suffic proper estim sale agreement clear valuat unrealist low proper time estim extrem depend risk avers potenti buyer balanc asset liabil drawn court appoint auditor suspens payment procedur report sum eur intang fix asset fix asset stock debtor cash bank cautiou pessimist expect realis bankruptci procedur lower intang fix asset difficult realis bankruptci situat quot fix asset quot prove longer subject forc sale note amount stock debtor cash bank chang year report actual agreement tax author agre payment instal depend financi futur refractario contrast actual agreement social secur author depend partli futur financi situat compani agreement refer directli restructur plan futur viabil compani public author awar loss late decreas turn modest profit refractario fulfil oblig recent develop increas sale innov product actual develop meantim confirm consider increas expect sale figur show strong increas hand report drawn court appoint auditor refer loan ivf capit inject invest aid major sourc financ reloc fact measur grant cast doubt viabil compani debt reschedul confirm refus grant measur social secur tax author includ claus agreement requir refractario pai current oblig punctual pain invalid agreement lastli social secur author agre instal secur mean mortgag establish properti take element cautiou pessimist assumpt accord privat creditor principl total amount claim held social secur tax author estim close net present actual amount receiv agreement net present tax author percentag origin debt significantli lower net present social secur author reflect clever negoti strategi part refractario put maximum pressur smaller creditor event commiss base decis place fact note event bankruptci public author collect claim signific delai differ recoveri expect actual negoti amount small absolut term uncertainti delai cost bankruptci procedur commiss conclud agreement refractario social secur tax author accord privat creditor principl commiss find state aid agreement social secur tax author hand refractario invest aid spain confirm grant invest aid evid contrari commiss assess aid fact refractario announc applic aid type amount mention report viabil plan chang find commiss note substanti part invest qualifi initi invest mean point guidelin nation region aid appear concern reloc fundament chang product product process commiss note viabil plan small capit inject privat parti eur rais doubt capit inject public author abovement loan eur ivf line privat investor principl commiss spain inform invest aid grant refractario relat reloc capit inject public author year fogasa commiss note fogasa independ bodi set spanish author govern spanish law attach ministri labour social affair ministri appoint chair member govern council secretari gener respons fund manag payment destin fund determin law court justic rule judgment parafisc charg constitut state aid occas commiss made clear fund fogasa constitut state aid confirm court fogasa award loan firm liquid difficulti settl valid claim put forward employe monei pai recov firm concern commiss object fogasa settl valid claim employe refractario wage due sever pai earli respect agreement element state aid action protect employe right consist direct eec payment part normal cost busi compani continu activ suspens payment procedur result debt fogasa paid accord market creditor principl commiss rule possibl term agreement reschedul refractario debt fogasa justifi expect recov event bankruptci eventu result favour reschedul term agreement date half year conclus suspens payment procedur refractario econom posit weak crisi sector averag rate interest charg privat bank loan year durat consider higher simpl interest rate payabl agreement spanish legisl creditor impos higher interest rate arrear legal interest rate commiss account commiss find state aid agreement fogasa failur demand addit interest agre instal paid failur insist guarante reschedul debt fact make effort secur actual payment suspens payment failur avoid risk debt time bar justifi market creditor principl neglig correspond behaviour privat creditor market condit dilig privat creditor forgotten claim face breach agreement undoubtedli act obtain secur addit interest late payment fact social secur author obtain mortgag demonstr feasibl option mortgag uncertain real properti conclus fogasa inact rise state aid refractario failur furnish guarante pai agre instal gave fogasa claim immedi full amount origin debt privat creditor ultim remedi occas point time event end limit period enforc payment debt commiss deem moment latest june point time arrear reach amount eur june social secur author action respect arrear refractario accumul start procedur auction land mortgag spain maintain privat creditor act arrear fogasa concern smaller amount arrear social secur fogasa obtain guarante unlik social secur tax author act earlier social secur author commiss consid full amount debt fogasa state aid june onward aid illeg commiss inform pursuant articl treati put effect compat aid grant fogasa commiss examin except laid articl treati appli except articl serv basi deem aid compat common market aid social charact grant individu consum intend make good damag caus natur disast except occurr requir order compens econom disadvantag caus divis germani qualifi except articl treati refer promot econom develop area standard live abnorm low underemploy project common european interest promot cultur heritag conserv spain attempt justifi aid ground enumer part except articl treati concern aid facilit develop econom activ commiss note aid aim assist amp activ invest sme aid pursu environment object environment problem due refractario locat aros year direct link aid action allevi problem purpos aid rescu restructur refractario fact fogasa recov claim demonstr aid serv purpos purpos avoid financi crisi compani case aid class rescu aid condit attach aid suffic fulfil requir commiss appli aid notabl condit restructur plan submit period time aid found compat common market ground refractario argu aid result agreement creditor compat common market restructur aid firm difficulti appli aid grant fogasa aid deriv agreement fogasa fogasa failur action ensur complianc agreement explain aid aros june onward link implement restructur behaviour involv set condit restor viabil regard constitut minimum aid situat argument commiss conclud aid incompat common market commiss agre refractario argu aid relat reschedul debt time bar limit period year commiss longer power recov aid expir stress action commiss request inform year agreement conclud refractario fogasa accord settl case law letter mean commiss time investig case view assess measur aid due fogasa failur action recov claim june onward aid affect limit period laid articl regul ec incompat aid recov beneficiari conclus commiss find term tax social secur author agre debt reschedul context suspens payment procedur accord privat creditor principl conclud agreement constitut state aid refractario commiss find effort made social secur tax author recov claim refractario accord privat creditor principl conclud action constitut state aid refractario commiss find term tax social secur author agre debt reschedul context suspens payment procedur accord privat creditor principl conclud agreement constitut state aid refractario fogasa failur act june onward recov secur claim refractario constitut state aid aid incompat common market recov beneficiari order restor situat exist aid grant calcul amount recov includ interest date dispos beneficiari date recoveri interest calcul basi refer rate calcul grant equival region aid adopt decis articl agreement conclud gener social secur treasuri tax agenc ministri financ hand refractario especial sa action author recov claim agreement conclud gener social secur treasuri refractario especial sa involv state aid compani mean articl treati articl failur wage guarante fund act recov amount ow refractario especial sa june onward constitut state aid compani mean articl treati articl state aid refer articl incompat common market articl spain measur recov beneficiari 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 spain inform commiss month notif decis measur compli articl decis address kingdom spain brussel novemb commiss mario monti member commiss oj footnot oj interest incur agre instal paid determin interest rate line market condit commiss make comparison relev time refer rate fix member state concern time rate fix spain accord council resolut octob gener region aid scheme oj commiss make comparison averag rate interest relev market case averag rate interest charg privat bank spain loan year statist publish bank spain rate commiss rate previou occas decis eec magefesa oj decis ec la seda de barcelona oj estim made juli social secur execut recoveri unit plot land build brought mortgag amount esp esp total eur refractario viabil plan refer valuat carri estim plot esp bring total eur machineri instal estim esp eur bring total estim esp esp eur eur event insolv bankruptci employ fogasa pai compens worker made redund assum law right statutori amount laid royal decre march organis oper wage guarante fund spanish offici gazett spain transpos council direct eec octob approxim law member state relat protect employe event insolv employ oj basi articl royal decre fogasa conclud recoveri agreement compani concern detail arrang condit recoveri laid ministeri order august spanish offici gazett valuat march request social secur author land build eur land plan chang eur land plan chang recit judgment juli juzgado de lo social social affair tribun oviedo demanda sentencia judgment confirm fogasa suspend limit period footnot oj footnot oj oj case philip morri commiss ecr paragraph case vlaam gewest commiss ecr ii paragraph refractario letter april argu event bankruptci debt repaid calcul base land instal mortgag argument put forward spain public author insist result fewer resourc left ordinari creditor inclin agre debt reduct argument valid eventu public author obtain expect bankruptci scenario refractario argu public author base expect recoveri origin valuat made eur report date septemb refractario profit amount eur eur annual account approv june unknown social secur tax author time agreement refractario privat creditor made global analysi figur annual result oj case steinik weinlig germani ecr magefesa case commiss decis eec cite footnot commiss decis ec octob oj confirm court juli case commiss spain publish la seda de barcelona case commiss decis ec cite footnot tubacex case commiss decis ecsc ec oj ec oj court judgment case spain commiss ecr footnot footnot court judgment tubacex cite footnot judgment court instanc case gestevis telecinco commiss ecr ii