commiss decis march aid award spain intelhorc sa industria textil de guadalhorc sa call gte gener textil españa sa state own produc cotton textil spanish text authent eec commiss european commun regard treati establish european econom commun subparagraph articl thereof notic accord articl interest parti submit comment regard comment industria textil de guadalhorc sa call gte gener textil españa sa establish instituto nacion de industria ini spanish state own hold agenc compani author activ consist product market cotton product firm own sole product plant situat suburb km town malaga andalusia product activ integr vertic spin weav finish cloth cotton good compani head offic annex plant compani commerci deleg barcelona spanish author decid suspend ordinari process invest compani result except polit econom circumst fact bad industri plan made suffer financi instabl compani red take advantag favour situat cotton textil sector compani privat owner initi restructur programm replac weav equip increas workforc reach peopl compani made profit deterior gener econom situat notabl crisi cotton textil industri broke firm recoveri compani competit posit worsen neg result acceler consequ inadequ polici modern industria textil de guadalhorc chang intelhorc sa time spain midst delic period polit transit econom social situat area larg number job provid compani meant state control state own hold agenc patrimonio del estado spanish govern launch restructur plan design secur compani viabil compani carri consider fix invest total pta million workforc gradual reduc peopl end sale increas top pta million effort intelhorc continu make loss period state provid pta million capit contribut intelhorc serv financ abovement restructur recapit compani intelhorc turn pta million final loss pta million annual product capac industri activ tonn spun product km woven product km finish product part respect effect product tonn km km ii complaint commiss request spanish author letter date april send relev inform alleg capit contribut state made cover oper loss intelhorc sa access spain commun letter date august spanish author provid inform repli insuffici assess compat state intervent provis articl treati commiss request inform letter august inform partial submit letter novemb request spanish author meet place repres spanish administr commiss depart concern letter date spanish author complet inform request inform access spain commun januari state provid pta million intelhorc capit increas wholli subscrib compani owner state own hold agenc patrimonio del estado date capit increas paid valu pta date amount june million novemb million octob million februari million million total million capit contribut util financ equip replac cost workforc cut back oper respect note period mid intelhorc spent pta million invest pta million redund cost workforc pass peopl end june period intelhorc turnov pta million pta million record final loss pta million pta million year export commun countri amount abovement respect turnov spanish author inform commiss examin potenti altern restor firm viabil conclud imper sell intelhorc privat compani adequ posit market view privat intelhorc januari spanish author made approach compani thought interest deal send promot brochur compani detail inform furnish made interest negoti potenti bidder final purchas bid receiv final spanish author select offer highest price econom term prefer bid present compani benorb sa benservic sa agent compani benetton group run franchis busi spain term conclud sale state provid pta million intelhorc form addit capit subscrib patrimonio del estado bidder bui intelhorc capit pta million proport benorb benservic price paid instal pta million pta million pta million due june year owner subscrib capit increas intelhorc pta million paid moment sale capit contribut commit state term sale provid patrimonio del estado stage june pta million remain pta million provid august sign sale contract abovement term note sale contract contain condit claus impos state owner commit appli state author temporari lai off intelhorc sell sharehold acquir previou author state year moment purchas spanish author made commiss final bid reject costlier monetari term requir state higher disburs sale pta million capit contribut pta million capit contribut public loan pta million whilst offer symbol price interhorc sharehold spanish author view select offer present greatest probabl success term industri viabil light characterist year restructur programm intelhorc present buyer part iv final spanish author altern state wind intelhorc costlier state prefer option sell compani abovement term payment dismiss workforc amount pta million pta million worker approxim proce liquid compani asset brought pta million estim addit state born subsidi reindustri creation employ region pta million cost unemploy benefit estim pta million worker dismiss examin forego inform juli commiss decid initi articl procedur respect pta million capit contribut provid state intelhorc moment access spain commun januari effect privat compani august commiss consid financi intervent constitut aid mean articl eec treati aid qualifi principl exempt incompat provid articl articl procedur initi cover potenti addit aid state grant accept purchas bid pta million sharehold intelhorc view firm net worth pta million state provid pta million capit contribut sale term iii commiss decis initi articl procedur notifi spanish govern letter septemb letter invit spanish govern submit observ provid detail inform request inform relev commiss assess compat aid member state interest parti inform commiss decis public offici journal european commun text letter spanish govern spanish govern submit observ letter date novemb letter decemb spanish govern provid addit inform request commiss spanish govern state disagre provision conclus commiss increas capit pta million capit contribut pta million intelhorc sale constitut state aid qualifi exempt eec treati capit increas spanish govern stress form part restructur plan design secur compani viabil invest carri govern base sound criteria equal appli privat investor opinion produc good result downturn market spanish govern consid public intervent question advers affect competit common market market presenc firm declin term product capac actual output period respect capit contribut spanish author state place respons circumst develop prior spain access commun term sale spanish govern state sale intelhorc involv state aid substanti opinion fact intelhorc sold highest bidder openli put sale intern market addit emphas concern valu basi net worth commiss light present anticip return firm purchas respect spanish govern stress intelhorc loss amount pta million pta million reduc workforc intelhorc job restructur programm buyer cost pta million spanish govern point term sale involv aid sale intelhorc put compani privat hand meant implement recoveri plan drawn buyer particip financ capit contribut pta million incorpor compani asset opinion sale design simpli compani busi ensur econom technic financi recoveri reason public intervent question compli provis applic commun law lastli spanish author firm locat malaga area classifi commiss elig region econom aid suggest exempt provid articl eec treati case applic commiss inform decemb intelhorc chang gte gener textil españa part procedur telefax date januari german feder textil produc submit comment feder stress risk distort competit aid intelhorc gener view intens competit exist commun textil produc market import compani comment commun spanish govern letter date februari spanish govern answer comment letter march market import intelhorc spanish govern rate particip commun product spun good market share product woven finish good signific addit spanish govern intelhorc product forecast period show reduct spun good woven product final mention intelhorc export germani amount pta million pta million export countri plan iv fact select purchas bid intelhorc highest econom term spanish author claim justifi choic opinion restructur programm present benorb benservic show highest probabl success term industri viabil initi restructur programm intelhorc drawn owner submit spanish author commun commiss novemb programm made diagnosi compani situat identifi strong point recapit polici carri sale improv notabl financi structur ensur neglig debt equiti ratio excel level work capit high level financi independ compani show low intern rate return exist product market structur made unstabl riski financi balanc conclus radic chang strategi requir ensur compani viabil kei object strategi attain consider strengthen market structur mean creation doubl network shop sell produc finish articl rang household linen cloth innov design promot regist mark strategi intelhorc plan open shop spain household linen franchis contract respect cloth plan open shop spain franchis contract period term turnov strategi meant intelhorc increas sale tradit product pta million pta million whilst sale shop network increas pta million pta million final result tradit activ margin gener shop network pass loss pta million profit pta million loss pta million profit pta million figur make intelhorc global result pass loss pta million profit pta million year posit surplu year plan cover initi restructur programm remark capit contribut pta million provid state sale plai outstand role restructur programm contribut deposit state block bank account intelhorc manag make gradual show state invest tangibl intang fix asset amount previous withdrawn avail block account limit time schedul section pta million sale justif expens invest success section pta million juli section pta million juli purpos invest comput intelhorc expens market advertis design consid invest maximum section final mention initi restructur programm reduct workforc peopl emploi time sale result flood suffer provinc malaga novemb decemb affect product structur intelhorc prove lack capabl compani undertak launch strategi cloth product initi restructur programm revis revis programm submit commiss meet place redefin compani object year period guidelin postpon indefinit time cloth line shop network reduct product level activ lower ad proport reduct workforc workforc reduct revis programm provid cut attain level peopl end dismiss financ resourc initi set invest cloth line revis strategi intelhorc sale tradit product decreas pta million pta million part shop network household linen turn pta million pta million meant intelhorc global turnov decreas pta million pta million compani result inclus plan redund cost intelhorc record loss tradit activ amount pta million pta million household linen shop contribut profit year pta million pta million intelhorc final result pass pta million loss pta million loss year result improv pta million estim annual cost workforc reduct complet end year period cover revis programm final note compani turnov declin period export rate expect increas europ main destin revis restructur programm exclud initi plan strategi cloth product implement reorgan launch line carri examin capit contribut patrimonio del estado intelhorc sale contract term sale contract benorb benservic commiss verifi extent public intervent state aid element mean articl eec treati remark patrimonio del estado intrins part spanish state statu director gener spanish ministri econom affair financi requir wholli cover state basi budgetari appropri financi resourc patrimonio del estado consid resourc state capit contribut provid intelhorc constitut public intervent provis public fund compani form capit contribut involv element state aid fund provid circumst accept privat investor oper normal market condit case financi posit compani structur volum debt normal return dividend capit gain expect reason time capit invest inadequ cash flow reason compani unabl rais fund need invest programm capit market posit made commiss letter member state septemb applic articl eec treati public author hold respect note recent commun juli introduc report system identifi aid present financi flow public author publicli own compani commiss remind member state principl determin aid involv state intervent part iii commun addit court justic clarifi applic articl eec treati respect public hold judgment case intermil meura boch order determin capit contribut state aid court held compani question obtain financ privat capit market evid suggest beneficiari surviv public fund rais capit requir open market privat investor conclud payment constitut state aid take account time provis capit patrimonio del estado intelhorc made loss decad except year state oblig past recapit compani substanti repeat occas busi result term capit return invest privat investor base decis forese probabl profit disregard social consider consider region sector polici provid intelhorc period success capit increas total pta million term sale intelhorc benorb benservic commiss consid proven intelhorc highest bidder fact suffici assur state aid element involv sale compani order arriv conclus prove sale place uncondit open bid tender process potenti buyer invit bid compani state impos condit settl sale respect inform provid spanish author state impos condit buyer limit temporarili dispos sharehold acquir compani appli state author temporari lai off addit state provid financi resourc compani privat verifi ration state behaviour privat investor respect capit contribut pta million conclud sale accept price pta million capit sharehold held patrimonio del estado intelhorc respect question privat investor oper normal market econom condit intend maxim profit invest made capit contribut contribut place econom term consid sale oper capit contribut provid state framework sale contract intelhorc expect monetari return offer present bidder compani sharehold capit contribut state price paid buyer interrel term sale contract buyer paid pta million intelhorc capit state previous provid pta million capit contribut light forego consider state recov amount equival present instal paid benorb benservic intelhorc capit absenc pta million capit contribut state obtain monei purchas bid condit provis state capit aid element contain amount pta million differ pta pta million present moment sale instal total pta million nomin term paid intelhorc buyer actual rate correspond interest rate fix spanish state ico bond issu june state aid element potenti involv accept state pta million nomin price intelhorc sharehold commiss conclud addit aid element exist connect behaviour substanti fact capit sharehold intelhorc consid state higher abovement price view fact compani past financi record anticip final result compani state posit return expect capit sharehold intelhorc radic chang compani market product structur state attempt undertak note light inform commiss behaviour spanish govern sell intelhorc commun term reveal state aid element addit pta million previous identifi chosen option sell compani concern compar altern liquid compani respect inform submit spanish author estim adjust proce sale intelhorc asset previou provis capit state pta million pta million case liquid compani amount offset compani outstand liabil pta million payment dismiss workforc estim pta million circumst state drawn net posit surplu liquid altern intelhorc identifi state aid element sale term continu net disburs state pta million form capit contribut previou compani sale final note contrari observ spanish author option wind intelhorc costlier state prefer option sell compani accpet term score state owner compani oblig cover balanc proce liquid asset liabil link wind intelhorc joint stock compani intelhorc limit respons honour debt liquid asset normal circumst owner compani respons potenti deficit assess behaviour state market economi privat investor commiss consider test similar circumst privat sharehold regard forese obtain return leav social region polici sector consider subscrib capit question case meura ground cost consid commiss amount grant member state power rescu compani difficulti basi pure nation interest situat creat distort competit contrari common interest contradict principl eec treati empow commiss determin compat state assist context commun singl member state put abovement cost behaviour state owner sharehold compani amount empti market economi privat investor principl mean summari detail examin commiss reach conclus state aid grant intelhorc made pta million capit contribut patrimonio del estado period aid element pta million involv capit contribut patrimonio del estado compani privat intervent artifici strengthen intelhorc financi posit aid intelhorc affect trade member state distort threaten distort competit common market mean articl eec treati fact financi assist state strengthen posit enterpris compar compet commun deem affect enterpris judgment court justic case philip morri respect note good produc market intelhorc name gte gener textil españa sa trade member state competit produc commun global product textil amount ecu million correspond cotton industri spanish product repres commun output spun yarn categori fabric categori statist finish fabric commun product amount million tonn commiss state initi procedur offici journal decemb note bottom page intra commun trade cotton textil substanti show intra commun export rate respect commun product spun woven finish good hand intelhorc particip trade hold import posit spanish market recogn spanish author recal multi fibr agreement state market cotton textil categori yarn fabric occupi highest posit scale sensit stagnat demand side increas pressur import countri provok depress price larg proport idl capac circumst aid grant competitor liabl produc distort competit vi legal statu aid intelhorc commun law calcul illeg spanish govern fail notifi advanc commiss provid articl eec treati situat produc breach treati provis aid question paid recipi respect recal view imper charact rule procedur laid articl eec treati import public polici direct effect court justic recogn rule case capolongo lorenz steinick illeg aid issu remedi posteriori note commiss oblig carri due procedur relat articl recogn court justic rule case boussac saint frère vii articl eec treati aid type principl incompat common market except provid articl eec treati applic case natur aid direct attain object articl eec treati list aid compat common market compat treati determin context commun singl member state order ensur proper function common market regard principl embodi articl except provid articl constru narrowli aid scheme individu aid award scrutin invok commiss satisfi aid market forc insuffici guid recipi pattern behaviour serv object except appli except case contribut object aid purpos amount confer advantag industri firm member state financi posit artifici strengthen affect trade member state distort competit justif base common interest refer articl eec treati aid intelhorc form capit contribut pta million period repres big effort creat basi definit viabl restructur compani prove fact practic period invest ration pta million cut workforc cost pta million note actual product level intelhorc remain period question capac ceil previou ration fact confirm aid relaunch artifici activ compani produc unaccept neg extern sector hand commiss share spanish author view capit contribut respons circumst develop prior spain access commun commiss consid judgment extend contribut place direct link arrang sale compani preaccess industri polici spain respect public compani base principl radic inspir competit polici eec treati time loss make public compani run decis oppos sound manageri principl artifici busi financi assist state access spain commun compani forc adapt environ fair competit aid intelhorc question aim facilit adapt light forego consider commiss arriv conclus capit contribut pta million period consid compat common market pursuant except provid articl eec treati contribut implement genuin restructur activ intelhorc unaccept effect contrari common interest respect state aid element intelhorc pta million contain capit contribut made compani sale articl lai execut aid promot develop area standard live abnorm low underemploy respect intelhorc situat malaga assist area pursuant articl qualifi region aid aid measur intelhorc question grant region aid scheme bai ad hoc decis spanish govern take form discretionari capit contribut aid question consid region elig compat articl aid grant pursuant provis articl contribut long term develop region notabl mean case aid serv restor compani viabil object attain intelhorc light inform submit commiss aspect discuss unaccept neg effect competit condit commun hand pta million aid element explic grant state condit pta million section capit contribut part iv intelhorc invest requisit featur aid facilit develop econom area establish commiss commun principl coordin region aid system aid intelhorc consid automat compat view grant made scope aid regim approv commiss commiss assess compat merit verifi aspect aid invest project line interest commun sector concern contribut sound restructur compani aspect discuss case aid pta million larg surpass level invest pta million commit compani situat case unaccept invest aid except provid articl aid measur question intend featur project common interest project remedi disturb spanish economi spanish author invok except observ commiss except provid articl eec treati aid facilit develop econom activ aid advers affect trade condit extent contrari common interest firstli note aid intelhorc fall categori aid compani difficulti compani financi posit financi record precari aid firm difficulti carri greatest risk transfer unemploy industri problem member state act mean preserv statu quo prevent forc work market economi normal consequ term disappear uncompetit firm process adapt chang condit competit reason commiss take strict approach assess compat aid restructur firm difficulti commiss requir public intervent strictli condit implement sound restructur convers programm capabl restor long term viabil beneficiari compensatori justif aid form contribut beneficiari normal plai market forc alter aid achiev commun object establish articl eec treati respect aid textil sector commiss work nation expert number criteria guid govern member state intervent possibl make criteria defin commun guidelin aid textil cloth sector forc major principl set aid assist adapt industri elimin excess capac facilit joint amp activ assist structur genuin restructur adapt prerequisit guidelin grant specif fund invest purpos case aid simpli seek maintain uncompetit posit light forego consider note state aid element intelhorc pta million produc effect competit futur dispos pta million link realiz compani futur invest framework restructur plan present buyer circumst commiss verifi carefulli characterist plan restructur programm connect remark commiss suitabl anticip adjust potenti neg effect aid element competit correct neg effect increas capac caus aid period futur intelhorc relaunch artifici activ respect detail examin initi restructur programm intelhorc revis version commiss note envisag commit reduc product capac consid compensatori justif aid contrari initi programm foresaw relaunch compani activ substanti increas global sale tradit product shop network pta million pta million relaunch abandon hypothesi revis programm realist estim foresaw slight sale reduct pta million pta million case prevent intelhorc expand activ advantag idl capac own highli distort effect strategi competit respect note idl capac rate intelhorc spun woven finish product take consider meet held march commiss offici request spanish author present newli revis restructur plan intelhorc involv reduct product capac market share whilst ensur compani viabil requir remark commiss doubt possibl restructur programm present secur intelhorc viabil initi revis version compani record persist neg financi result receiv repli letter commiss remind spanish author request warn absenc altern restructur plan commiss oblig final posit basi inform date letter spanish author submit financi data past industri activ intelhorc letter date june juli spanish author request commiss postpon decis case submit altern restructur plan negoti owner letter date august commiss inform spanish author view addit month elaps expir deadlin submiss altern restructur plan delai take final decis spanish author submit date revis restructur plan commiss oblig conclud state aid element intelhorc pta million involv capit contribut compani sale consid incompat common market affect trade condit commun extent contrari common interest contribut genuin restructur fulli ensur viabil compani viii case aid incompat common market commiss make possibl court justic judgment case kohlegesetz confirm case deufil requir member state recov recipi aid grant illeg intelhorc repai pta million illeg receiv repay made accord procedur provis spanish law relat interest arrear state liabil interest start run date illeg aid grant measur order restor statu quo remov financi benefit firm receiv unlaw aid improperli enjoi date aid paid judgment case tubemeus adopt decis articl aid intelhorc form capit contribut pta million period grant illeg grant spanish govern breach procedur rule establish articl eec treati aid meet condit fulfil order articl except appli reason compat common market articl state aid element pta million contain capit contribut provid patrimonio del estado intelhorc privat august illeg award spanish govern violat provis articl aid element meet condit fulfil order except articl appli reason incompat common market articl incompat state aid element withdrawn recoveri patrimonio del estado recov pta million refer articl gte gener textil españa sa intelhorc sa aid element recov accord procedur provis nation law relat interest arrear payabl state liabil interest start run date illeg aid grant articl spanish govern inform commiss month date notif decis measur compli herewith articl decis address kingdom spain brussel march commiss leon brittan vice presid oj oj ecr ecr ecr ecr ecr ecr ecr ecr oj ecr ecr ecr