commiss decis januari recapit iberia compani spanish 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 accord provis abovement articl notic parti concern submit comment regard comment fact compani iberia línea aérea española iberia lae hereinaft refer iberia carri million passeng largest airlin spain control state hold compani teneo own compani share addit iberia subsidiari airlin aviaco viva binter special charter flight oper rout end iberia emploi peopl compani iberia aviaco viva binter own fleet aircraft iberia turnov billion iberia occupi mid posit european nation airlin compani network cover spain europ middl east north america latin america end iberia acquir sizeabl hold south american airlin viasa ladeco aerolínea argentina hereinaft refer arsa subsidiari austral iberia hold share arsa capit argentin hold compani interinvest turn own share arsa par air franc lufthansa hold capit amadeu computer reserv system iberia group benefit state aid measur form inject capit pta billion accompani complet programm restructur invest entitl strateg plan iberia group hereinaft refer strateg plan strateg plan ambiti term growth develop iberia base good gener upturn traffic dramat drop activ wit result gulf war addit increas market share held iberia provid princip renew increas compani fleet facil reduct personnel product develop compani activ latin america iberia invest heavili inject capit design reestablish ratio debt equiti deterior appreci return profit anticip inject capit pta billion strateg plan notifi commiss februari decis juli submit spanish author august commiss accept aid subject complianc condit refer commit made context spanish govern condit aid strateg plan la ayuda será la última inyección de capit en forma de ayuda aumento del capit cualquier otra forma de ayuda procedent de fondo público para la duración del programa actual fact strateg plan hard hit crisi air transport sector start gulf war continu result econom recess strateg plan provid increas turnov current price actual increas shortfal due overestim growth traffic correct reduct seat kilometr suppli low seat occup level anticip substanti drop receipt passeng kilometr fell compar face crisi iberia reduc seat suppli invest forecast level lower cost provid whilst improv product line strateg plan addit lower number employe effort centr ground handl servic aircraft mainten compani organ improv custom servic renov fleet switch freight transport aircraft carri sole cargo term input iberia group attain product object set ratio million seat kilometr suppli employe increas iberia product measur term seat kilometr suppli employe passeng kilometr carri employe remain lower main european competitor term personnel group fewer decemb repres reduct staff plan iberia reduc suppli term seat kilometr increas averag increas european carrier low seat occup level figur reflect signific reduct market share compani iberia revis fleet forecast abandon target maintain number aircraft oper make increas leas cancel order altogeth invest expenditur amount pta million pta billion initi envisag effort drop receipt passeng kilometr inadequaci cost cut exercis compani oper result financ cost except loss remain heavili neg accumul oper deficit reach pta billion year turnov effort made past year improv gener sector busi activ oper result nonetheless show surplu pta billion iberia net result period neg oper result figur pta billion billion billion due scale financ cost order pta billion annual except loss result hold latin america accumul loss result essenti problem encount process privat aerolínea argentina amount pta billion cumul loss led mark worsen compani balanc sheet structur pta billion capit inject receiv ratio debt equiti end end fresh inject capit iberia equiti neg worsen structur liabil side iberia balanc sheet character excess indebted reflect sharp increas financ cost financi result interest accru minu interest paid neg tune pta billion turnov sum iberia delic posit end compani urgent need fresh capit meet repay debt deadlin restor accept balanc sheet structur pointless accompani substanti restructur activ respect loss invest latin america size oper loss worri posit result bore wit undeni recoveri backcloth spanish author submit commiss recoveri plan iberia accompani fresh increas capit ii letter decemb spanish author notifi commiss pursuant articl ec treati programm measur design adapt iberia competit environ programma de medida de adaptación de iberia al nuevo entorno competitivo hereinaft refer adapt programm programm accompani pta billion capit inject direct spanish state state hold compani teneo major sharehold iberia notif record commiss secretariat gener decemb januari spanish author supplement notif send commiss iberia account note spanish minist transport liber air transport spain declar effect nation claus previous contain articl iberia articl associ delet spanish author shortli send commiss slightli amend version programm notifi decemb januari spanish govern duli transmit commiss final version programm regist januari version minor previou increas capit pta billion programm notifi iberia commiss drawn reput intern firm consult involv sole iberia lae group aim adapt compani competit context lower receipt passeng kilometr guarante viabil short term run year accompani financi project includ manag financi plan manag compon programm base analysi market iberia remain oper consolid posit domest spanish market rout spain europ rout europ latin america programm notifi end begin iberia take view outlook good market europ latin america plan entir latin american strategi meant amount extra invest increas hold aerolínea argentina reduct particip argentin state continu oper flight north america east number loss make rout europ close iberia turnov calcul annual basi take account growth prospect market base data iata intern air transport associ aea associ european airlin iberia market share forecast declin period seat occup factor forecast rise slightli receipt passeng kilometr forecast fall iberia total suppli measur seat kilometr drop record fall billion billion rise billion similar estim made receipt freight forecast rise ground handl servic forecast fall real term mainten forecast fall programm base prudent expansionist strategi strateg plan plan anticip satisfactori growth traffic latin america receipt exceed increas cost programm notifi begin built princip guarante viabil compani drop cost slightli greater busi activ receipt expect rise slightli programm major seri cost reduc measur aim restor posit oper result compani trim personnel cost reduct staff employe earli retir voluntari redund reduct repres compani total staff end give rise except cost pta billion reduc oper cost pta billion annual addit wage measur envisag reduct wage januari amount total wage bill vari staff categori expect save pta billion payment staff januari sum pta billion compens wage freez wage freez review produc pta billion annual save wage staff benefit iberia reduc negoti cost pta billion year total oper cost compani pta billion programm specif aim reduc cost call prega programa de reducción de gasto set save pta billion negoti cost control cost result negoti parti suppli good servic includ fuel purchas servic accommod flight personnel aircraft clean mainten prega programm signific impact pta million save anticip top effort reduc cost step improv manag iberia fleet make greater leas increas flexibl cost structur reduc number compani aircraft cancel postpon order iberia total fleet fall increas alongsid cost reduct programm set maxim iberia receipt mean introduct computer system network timet manag enabl expect receipt optim level group subsidiari system constant account fare seat aircraft timet configur network adapt improv effect sale forc iberia commerci agenc improv inform motiv increas respons qualif staff agenc take account programm notifi commiss set improv iberia oper result substanti aim make posit pta billion rise pta billion persist except loss compani net result slightli posit pta billion reach pta billion programm financi compon main measur envisag pta billion capit inject hold compani teneo time cost cut measur fact implement spanish author capit inject compani reestablish sound financi structur sole improv oper result iberia sold asset connect air transport part plan compani sell asset damag core busi spanish author argu extern financ solut pta billion capit inject enabl manag relat measur outlin implement financi health compani restor privat capit invest compani end programm iberia posit distribut dividend iberia employe part sharehold sum pta billion calcul meet object fund staff reduct programm pta billion remain pta billion concern improv compani financi structur inject enabl debt equiti ratio reduc time reduct debt bring financ cost reason proport ratio financ cost turnov fall spanish govern put forward argument favour iberia adjust programm point compani implement measur contain strateg plan spanish govern stress condit attach commiss accept aid met spanish author point iberia result affect except circumst unforese control compani manag econom recess accentu effect gulf war air transport sector lead reduct fare prove sever spain crisi european monetari system led sharp depreci spanish peseta summer anticip liber air transport spanish domest market difficulti encount privat iberia south american subsidiari aerolínea argentina final spanish author claim programm present commiss receiv approv manag trade union alik involv element aid mean articl treati base sole manag criteria rapidli guarante compani econom financi liabil accompani capit inject constitut contribut public monei carri teneo entiti independ state budget argument explain memorandum commiss spanish author februari spanish author stress structur crisi air transport polit legal aspect case add oper case compat common market restor compani viabil reduct capac provid programm necess capit inject question inform accompani notif aid commiss decid march open procedur provid articl treati respect fresh capit inject pta billion iberia procedur commenc account natur capit inject hold compani teneo regard state resourc mean articl treati doubt part commiss exist aid unlikelihood repai financi outlai made teneo satisfactori degre possibl allow aid enjoi exempt articl treati regard commiss reserv unforese except circumst control compani jeopard condit set decis juli aid complet strateg plan commiss note event suffici inform conclud condit subject gener accept restructur aid met decis open procedur commiss explicitli obtain view consult order collect inform enabl make final assess point rais doubt gener framework case letter march commiss brought decis open procedur knowledg spanish govern ask submit comment letter publish offici journal european commun member state interest parti ask submit comment accord provis articl treati iii letter april spanish author present comment repli commiss letter march inform decis open procedur comment deal present fact set letter question exist aid factor possibl receiv tranch aid final compat common market intend capit inject submiss made commiss letter march spanish author point iberia receipt averag receipt european competitor claim iberia oper loss emerg year iberia oper result shown posit balanc pta billion spanish govern critic present plan show iberia fact reduc suppli come year lai suffici emphasi control cost reduct product effort regard reduct personnel cost point spanish author point monei wage iberia lower categori staff final spanish author felt iberia product compar main european rival question aid factor spanish govern develop argument put forward notif rebut exist state aid mean articl treati claim hand fund teneo regard aid teneo wholli privat limit compani manag compani group pure econom basi spanish govern teneo receiv fund state carri oper question decis invest state oper question form part global strategi teneo oper hold compani competit situat manag group take account synergi increas capit accompani coher realist viabl restructur plan thirdli possibl receiv tranch aid spanish author argu commiss validli point absenc unforese except circumst control compani refus tranch aid fact commiss decis juli inject capit pta billion base criteria establish memorandum basi spanish govern undertook grant aid iberia durat programm spanish author claim commiss suddenli introduc criteria absenc except unforese circumst ignor fundament principl legal certainti equal retroact legitim expect spanish author conclud commiss continu base criteria memorandum appli retroact guidelin drawn inapplic case stress commiss exercis power full programm dwell prior examin exist unforese except circumst control compani spanish govern claim circumst put forward meet tripl condit question case view criterion except unforese extern circumst confus condit compat provid point articl treati damag caus natur disast except occurr amount lesser degre requir spanish govern set feel econom crisi devalu peseta year problem encount privat arsa liber spanish market opinion except unforese extern iberia final spanish govern argu circumst except extern unforese natur cumul effect make turn lastli compat aid common market spanish author view programm submit commiss need illustr condit laid commiss exempt point articl treati met iv open procedur british danish dutch norwegian swedish govern iberia rival airlin air uk american airlin british airwai euralair interest parti teneo snecma sepla union staff viva air associ airlin european commun ac submit comment matter total parti includ airlin submit comment parti teneo snecma approv commiss decis open procedur provid articl treati rais issu bear doubt express decis hold compani teneo inject capit amount aid put forward group strategi financi manag independ spanish state contest criterion except unforese extern circumst specif sector civil aviat contrari principl retroact legal certainti snecma supplier big manufactur aircraft european airlin state econom cycl except unforese ow princip slow recoveri countri submit comment rule treati state aid appli strictli civil aviat sector entri forc provis liber packag council regul eec eec eec januari netherland stress aid penal compani restructur initi receiv state aid gener speak countri approv open procedur case share doubt express commiss draw attent exist state aid mean articl treati hand teneo public compani control state test ration investor market economi satisfi case absenc except unforese circumst extern iberia reason present difficulti respect unit kingdom state recess part normal cycl effect devalu peseta account iberia demonstr hedg techniqu exist liber air transport continu forese process final iberia invest latin america outset part high risk strategi fact circumst posit decis commiss provis aid pta billion milit grant aid unit kingdom denmark add aid grant social reason distort competit unit kingdom concern oper alter condit trade commun manner contrari common interest import charter market spain final netherland view aid accept accompani strict condit govern sale asset reduct carri capac ban invest airlin issu merg comment provid airlin sepla section viva air staff ac british airwai produc studi carri avmark consult agenc show absenc except unforese circumst extern iberia reason difficulti interest parti make extra point commiss oppos capit inject iberia pan air sepla section viva air staff ac fear iberia moni receiv aid spark fare war british midland british airwai euralair american airlin sa sepla section viva air staff claim adapt programm credibl suffici guarante iberia viabil long term stress high product cost danger latin american strategi econom nonsens iberia take regular servic successfulli oper viva air sepla section viva air staff iberia manag market economi line british air euralair claim aid indispens achiev object programm iberia sell asset reduc oper cost ac air uk britannia underlin iberia enjoi benefit privileg treatment spanish airport ground handl monopoli price high compar qualiti servic provid add arriv viva air charter market provid programm consequ capit inject distort competit competit market unit kingdom spain final euralair ask commiss reopen dossier aid pta billion accept failur compli plan accompani comment express member state interest parti forward commiss spanish govern june letter june spanish author repli turn comment contest point point argument advanc member state interest parti teneo snecma put forward british airwai euralair refer point set aforesaid letter april produc report drawn consult natwest market show programm question significantli improv competit iberia elimin larg cost competit variat iberia main european competitor produc report airbu industri hand stress signific iberia order presenc latin america prosper european aeronaut industri underlin except unforese natur econom difficulti aros spanish govern ad thing criterion except unforese extern circumst confus forc majeur total impact except unforese natur recess spain iberia receipt amount pta billion iberia competit viva air viva air place charter market commiss legal demand iberia sale asset altern inject capit iberia longer essenti asset announc letter open procedur address spanish author march commiss engag internation renown independ consult deloitt amp touch april collect inform matter express doubt consult task appli oper question test ration investor market economi consult conclud point propos capit inject pta billion alien ration investor identifi reason failur strateg plan provid criteria assess except unforese extern natur factor recess devalu advanc intern liber hold latin america put forward spanish author explain difficulti iberia assess viabil adjust programm determin sum pta billion suffici meet aim programm altern solut remedi situat iberia consult appoint commiss job cooper repres spanish state teneo iberia receiv inform meet held madrid juli consult commiss repres director iberia group focus situat subsidiari iberia main element group strategi august consult submit draft final report forward spanish author comment consult account comment submit final report commiss septemb emerg foremost report ration investor act accord rule market economi made similar singl capit inject pta billion iberia reason compar situat ration investor minim initi input make instal object recoveri plan met oper financi risk uncertainti surround futur group latin america turn failur strateg plan consult attribut excess cost latin american invest undu ambit plan term expect growth acquisit market share circumst iberia cost structur insuffici product made unabl cope unforeseen drop receipt passeng kilometr consult take view corrobor factor put forward spanish govern natur econom recess recess regard except unforese circumst extern iberia part recess describ term caus compani loss pta billion consult devalu peseta prove event favour iberia advanc liber domest spanish market slight impact case predict problem encount hold latin america unforese except control iberia outset major commerci risk loss suffer deriv princip commit made iberia strateg plan measur provid adapt programm notifi period product lower cost consult feel measur point direct actual implement prerequisit surviv iberia viabil guarante viabil long term stage real chanc iberia surviv long term effort continu cost reduct face increas competit consult ad rapid inject capit compani pta billion final consult propos solut final report combin sale iberia latin america asset assumpt staff reduct cost spanish state make futur inject capit subject attain perform indic addit compani mainten ground handl servic sold vi part open procedur parallel work carri consult appoint commiss meet place june juli august septemb commiss spanish govern teneo iberia result meet comment submit member state interest parti conclus consult report set spanish govern inform commiss summer willing adapt financi part programm notifi decemb januari longer consist capit inject pta billion compris separ oper transfer iberia latin american asset compani provision call newco bui back option inject capit teneo iberia teneo hold capit newco major newco share held privat investor arsa part asset sold newco septemb commiss ask consult provid inform need reach conclus base principl investor market economi aspect chang recapit iberia consult ask check point transact newco reduc risk inher iberia commit vi vi arsa transact newco oper commerci basi condit iberia exercis option bui back asset sold newco increas capit test investor market economi satisfi condit oper newco obtain requisit inform teneo spanish author consult answer question draft final report submit half novemb consult transact newco fact elimin practic risk iberia expos commit arsa oper follow normal commerci rule consult propos iberia bui back option subject condit guarante compani financi situat jeopard increas capit consult feel iberia group potenti viabl recapitaliz nonetheless take view risk inher group high offload latin american hold opinion capit inject pta billion guarante surviv compani short medium term minimum cash requir addit increas capit made futur result emerg show satisfactori continu recoveri group order improv structur liabil consult state inject capit offer prospect profit minimum annual rate return hurdl rate market economi investor demand circumst respect consult defin rang amount capit inject satisfi principl market economi investor vari function respect hypothesi main paramet determin amount averag growth rate iberia cash flow amount iberia final obtain sale austral consult final report confirm conclus parallel work carri consult numer meet place iberia teneo spanish govern hand commiss consult septemb octob novemb madrid novemb provid commiss detail plan oper withdraw invest recapit contact continu meet held madrid novemb consult drawn conclus set commiss obtain clear pictur relev paramet measur commerci natur oper envisag decemb spanish govern offici transmit commiss document set financi part adapt programm actualización del plan financiero del programa de adaptación de iberia al nuevo torno competitivo document point made spanish author letter address commiss decemb januari refer amend programm initi notifi cost staff reduct programm iberia revis upward underestim initi forecast length servic acquir peopl benefit earli retir voluntari redund pta billion initi project pta billion sum transfer teneo iberia form capit inject commiss adopt posit decis matter iberia transfer pta billion financ earli retir insur group reach agreement manag entir earli retir programm billion set financ earli retir measur half paid immedi remaind spread iberia transfer and hold bv newco hold south american compani capit chilean compani ladeco capit argentinian compani interinvest sa capit arsa and hold limit compani dutch law set purpos purchas hold iberia eventu resel capit million held teneo top rank american merchant bank and hold bv decis simpl major fundament decis affect statu purpos wind capit structur decis sell asset requir consent sharehold bank addit capit and hold bv resourc includ primarili postpon payment purchas price austral loan float sharehold loan excess capit and hold bv subscrib amount privat sharehold and hold bv teneo period year bear interest rate higher dollar month libor calcul monthli annual base dai debt relat loan senior debt doubli privileg loan secur asset acquir and hold bv repay take prioriti loan junior debt loan amount subordin loan subscrib privat sharehold and hold bv teneo year rate dollar month libor calcul monthli annual basi dai differ rate loan explain subordin natur greater risk prior sell hold interinvest and hold bv iberia plan increas capit oper transfer interinvest loan iberia arsa inject addit fund transfer interinvest arsa share directli held iberia amount capit arsa addit fund inject fund loan iberia and hold bv financ market inject capit interinvest bui back ident amount debt arsa held parti includ guarante iberia interinvest make irrevoc contribut arsa wipe debt prior oper demand sharehold and hold bv bui iberia compani reorgan capit sale price hold sold and hold bv determin basi report drawn american bank differ book asset sold actual transfer price mean iberia except loss million proce sale break part repai loan amount previous contract iberia part paid payment iberia period due dilig accompani avoid claus maximum month final part amount austral paid iberia dispos austral paid iberia dispos austral and hold bv period due dilig and hold bv check correct inform provid ensur recapit oper prior sale carri deferr payment part austral explain spanish author problem encount and hold bv obtain requisit financ and hold bv possess austral order facilit sale arsa potenti buyer transfer capit arsa and hold bv increas capit interinvest irrevoc contribut made interinvest arsa transfer interinvest and hold bv capit arsa break interinvest and hold bv iberia parti iberia residu hold arsa iberia give and hold bv mandat sell hold parti time sell hold transfer and hold bv iberia abovement latin american asset resal and hold bv consist success phase begin establish and hold bv float loan purchas asset iberia maximum year time iberia bui back option asset transfer and hold bv bui back option exercis asset repurchas price determin transfer asset calcul permit repay loan contract and hold bv attend interest reimburs and hold bv sharehold capit and hold bv return capit set dollar libor phase maximum year iberia exercis bui back option phase phase iberia longer bui back option and hold bv latin american asset sold market price floor price and hold bv give irrevoc assign negoti complet final transact make rapid transfer and hold bv asset phase and hold bv phase iberia bui back option contact parti phase iberia continu charg oper manag arsa and hold bv wound latin american asset acquir iberia sold iberia parti year set reimburs loan order prioriti and hold bv capit divid sharehold hold spanish author claim transact relat and hold bv accord wish member state interest parti comment ask iberia sell asset reduc risk connect latin american hold remov main obstacl put forward commiss consult possibl capit inject line principl market economi investor final spanish author provid commiss contract agreement relat transfer oper latin american asset iberia thirdli inject capit teneo make favour iberia reduc pta billion pta billion initi notifi pta billion envisag stage spanish author amount base progress result iberia includ octob ten month iberia manag posit oper result pta billion pta billion predict made adapt programm improv bear wit serious forecast programm base deriv princip greatli restrict expenditur organ suppli fact staff reduct measur anticip complet object adapt programm notifi decemb reestablish short term econom financi profit compani adapt financi structur activ enabl sharehold obtain satisfactori return invest attract privat capit open prospect partial privat spanish author stress content notifi adapt programm measur reduc oper cost financ expens remain unchang financi project updat function extend year financ staff reduct cost amount pta billion undertak minimum recapit compani reduc debt pta billion write debt pta billion short term mortgag debt pta billion anticip inject capit minimum amount need guarante success adapt programm prevent burden financ expens jeopard futur compani reestablish balanc sheet structur debt equiti ratio compar compani sector iberia equiti neg end increas capit impact sell iberia hold arsa austral ladeco spanish author add sale latin american asset compani major hold privat capit inject capit lower initi notifi sum consist principl investor market economi justifi ration natur inject capit put forward iberia good result disappear risk connect south american hold hand financi analys show return invest higher minimum requir investor point teneo hold compani independ state draw attent iberia posit result begin programm year ago cost reduct effort refocus compani activ main market domest spanish european latin american draw work carri consult natwest market spanish author contest conclus consult appoint commiss iberia short term fresh fund pta billion spanish author point inject capit question pta billion step plan recapit iberia total amount pta billion teneo make fresh inject capit pta billion quarter order improv liabil structur inject pta billion made privat investor stage futur cover extra requir increas capit pta billion quarter spanish author oper consist principl market economi investor inject made iberia met criteria object adequ demonstr spanish author econom financi profit compani oper result pta pta billion cash flow gener oper pta pta billion net result tax pta pta billion oper result employe ratio pta pta million employe equival ratio oper result tonn kilometr provid pta pta tkp reduct oper cost pta billion line prega programm reduct staff employe decemb tonn kilometr provid employe ration exclud handl staff million tkp employe equival enabl commiss check criteria met spanish govern add send commiss iberia account audit accord spanish law final letter decemb spanish govern stress oper question transfer latin american asset and hold bv inject capit pta billion accompani condit iberia exercis option bui back latin american hold sold and hold bv year sale period due dilig compani undertak market sharehold equiti entir group group enterpris group enterpris capac asset group gener profit privat investor plai signific part directli indirectli oper dual condit appli year sale iberia present attract bid appli iberia exercis bui back option order resel asset question immedi parti teneo share and hold bv right oblig sharehold financi and hold bv accord busi principl decis and hold bv major sharehold accord agreement conclud parti accord dutch british law applic futur commerci reason affect and hold bv teneo forc hold asset and hold bv spanish govern undertak oblig teneo sell asset subsequ parti case result right oblig set agreement relat and hold bv teneo acquir asset and hold bv spanish public entiti enterpris iberia teneo involv transact and hold bv acquir asset and hold bv inject capit author cover staff reduct cost reduc debt report drawn commiss implement debt reduct plan report give detail account inclus loan reimburs fund made reduct financi expens fund inject capit circumst hamper iberia cost reduct programm make signific chang global strategi tariff fleet capac fund need pai staff reduct cost pta billion transfer iberia immedi decis remaind capit inject paid iberia hand payment proce sale and hold bv interinvest ladeco iberia teneo agre cost reduct fundament object adapt programm continu effort reduc cost essenti object adapt programm achiev iberia addit capit teneo iberia meet greater cost reduct disinvest inject capit primarili privat investor fact set commiss make final assess case legal assess vii articl treati articl agreement european econom area hereinaft refer agreement provid aid grant member state state resourc whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market treati agreement set principl neutral regard system properti ownership member state principl equal public privat undertak articl treati articl agreement accord principl commiss action prejudic favour public undertak examin oper light articl treati articl agreement establish individu case transact member state public undertak normal commerci transact total part aspect aid determin state aid involv commiss base judgment principl investor market economi principl state aid fresh inject capit made condit accept privat investor oper normal market economi condit court state judgment march case itali commiss conduct privat investor intervent public investor pursu econom polici aim compar conduct ordinari investor lai capit view realiz profit short term conduct privat hold compani privat group undertak pursu structur polici gener sector guid prospect profit longer term case question oper relat capit iberia examin light principl transact relat and hold bv hand inject capit pta billion teneo final examin ti perfectli procedur open commiss march made spanish author financi part notifi programm account comment submit member state interest parti open procedur involv sale asset cutback risk aris iberia commit latin america reduct amount propos capit inject point rais member state interest parti comment summar part iv establish and hold bv transact relat compani inform commiss report consult appoint commiss teneo spanish govern adopt attitud instanc compar conduct privat investor act pure commerci basi financi structur and hold bv base low equiti compar resourc debt similar gener kind structur type oper set sole bui sell specif financi hold and hold bv compani lifespan limit year maximum high invest capit justifi privat investor effect control compani plai major role part financi structur and hold bv equiti junior debt senior debt note respect commiss take view oper involv public fund amount aid privat investor sizeabl hold oper compar condit thirdli interest rate sourc financ and hold bv libor equiti junior debt senior debt exce limit found similar oper particip american merchant bank oper guarante rate reflect market price fourthli price paid and hold bv purchas financi hold arsa interinvest austral ladeco financi hold arsa interinvest base merchant bank evalu arsa bank essenti compar method austral estim internation audit firm transfer price iberia hold ladeco reflect price latest transact compani fact iberia bui back option demonstr ration conduct part teneo facilit conclus agreement commiss note spanish govern willing subject iberia bui back option hold sold and hold bv period due dilig dual condit repurchas kind market share capit group group enterpris privat investor sizeabl share directli indirectli oper question iberia exercis bui back option immedi resel asset question parti dual condit appli year transfer iberia present attract bid show transact and hold bv design offload latin american hold question underhand method facilit inject capit make real composit group appli commit undertaken spanish author teneo part and hold bv right oblig sharehold financi and hold bv basi commerci principl decis and hold bv major sharehold accord agreement conclud parti dutch british law applic futur commerci reason affect and hold bv teneo hold asset and hold bv spanish govern undertak teneo subsequ sell asset parti case result right oblig set agreement relat and hold bv teneo acquir asset and hold bv spanish public entiti undertak iberia teneo involv transact and hold bv acquir asset and hold bv final transact and hold bv immedi reflect net inject fresh capit pta billion nonetheless make substanti reduct risk born iberia involv arsa elimin princip risk factor inher iberia posit market economi investor risk stem iberia sizeabl hold arsa loan loan guarante grant arsa result transact iberia henceforth minor direct hold capit arsa guarante provid iberia loan arsa disappear except guarante loan million secur boe market match amount note defer payment sale austral risk iberia actual payment made resal parti period due dilig maximum month sale latin american asset call question point rememb spanish author pta billion notifi capit inject pta billion paid teneo iberia immedi adopt decis remaind pta billion transfer payment proce sale and hold bv interinvest ladeco expiri period due dilig inject capit pta billion method measur ration natur invest compar amount invest return gener fact inject capit part financ social object staff reduct cost pta billion consequ commiss assess compar initi invest pta billion return expect invest appli rule ration investor market economi mean instanc determin iberia group medium term assess minimum rate return investor expect invest return gener inject capit larg ad compani gain year pai dividend ad differ group medium term present financi analyst consult assess ration natur invest instanc mean compar amount invest probabl compani medium term minimum rate return investor expect usual calcul compani type oper multipli cash flow typic year coeffici updat futur cash flow asset determin reduc amount debt arriv equiti multipli coeffici appli profit typic year function averag rate cash flow growth futur year updat rate weight averag cost capit compani question take account cost debt cost equiti cost debt fairli easi assess refer made interest rate loan grant compani cost equiti estim capit asset price model capm model cost equiti risk free market rate risk premium market multipli beta coeffici beta coeffici equiti beta return requir market sector directli measur compar result compani sector market valu correct financ structur gear compani question weight averag cost capit defin account risk inher compani commiss approach present case time scale estim probabl iberia group medium term compani financ project till long inject capit question full effect part process recoveri reduc uncertainti reliabl project base cautiou growth hypothes project iberia oper incom due increas year current price reach pta billion hypothes assum iberia lose market share period inform annual growth rate world air transport express passeng kilometr risen past ten year analyst predict averag growth year year iberia oper result pta billion net result tax pta billion result assum satisfactori continu process recoveri result reduc oper cost result project adapt correct area show profit date cash flow typic year stock market quotat iberia share determin compani beta coeffici directli coeffici equiti beta deriv analysi includ airlin europ world take account financi structur iberia consequ structur sale asset and hold bv point commiss take view iberia receiv proce sale austral sold and hold bv contrast inject capit pta billion teneo plan make account spanish market rate risk risk premium market set take basi cost equiti weight averag cost capit iberia addit averag cash flow growth rate iberia assum commiss vari current price reason hypothesi averag inflat rate estim mean real growth slightli year factor calcul equiti iberia group pta pta billion depend growth rate appli commiss take view annual minimum rate return hurdl rate investor act market principl requir inject capit question amount involv risk rate appar high higher market rate reflect distinct possibl programm plan real return end dai lower fact rate higher cost equiti account risk connect compani virtual disappear risk inher involv arsa substanti improv oper result month iberia compani high specif risk uncertainti milit continu recoveri compani long term profit financi project basi calcul compani adapt programm complet staff reduct envisag begun compani recent amount industri unrest reflect frequent strike pilot direct cost iberia damag imag compani make difficult achiev product gain envisag programm present programm finish end time iberia achiev level product effici main commun competitor cost reduct plan drawn negoti side industri outcom negoti predict present time doubt exist mode intervent futur extern partner chosen effect long term profit iberia liber air transport handl activ europ fulli evalu consult appoint commiss feel annual minimum rate return defin investor expect case propos bracket commiss opinion rate expect investor work short medium term pure financi framework line abovement rule court justic commiss account fact hold compani teneo make profit capit short medium term pursu strategi object long term econom polici vi vi compani strong point potenti plan maxim constantli expand sector allianc partner main strong point technic commerci tradenam world network centr europ latin america firm foot spain countri gener tourist traffic europ constant improv iberia oper result year bear effect serious adapt programm pursu base primarili reduc oper cost signific instanc spanish govern claim cost reduct fundament object adapt programm iberia teneo concern continu effort reduc cost essenti inform held commiss show product cost reduct effort made iberia enabl make present leewai averag compani british airwai klm lufthansa air franc undertak spanish author object adapt programm met teneo iberia meet addit capit greater reduct cost disinvest involv privat investor factor risk reduct final analysi invest pta billion lower bracket iberia equiti base method set updat period year annual rate return test investor market economi regard satisfi inject capit question addit complet analysi commiss look iberia equiti found inform possess iberia deal come month cost staff reduct programm loan repay constant improv cash flow gener oper compani financi situat meet oblig iberia inject fresh fund short term pta billion compani debt equiti ratio higher european countri state end point iberia sale asset hold and hold bv made net intak fresh capit brought signific chang compani liabil structur sale contrari brought net book loss iberia insolv lack equiti demand healthier financi structur increas equiti reason reassur compani current futur debtor bank financ vital surviv compani tempt pull demand prohibit interest rate due lack equiti commiss point stage regard guarante payment explicitli implicitli made iberia creditor teneo public entiti illeg state aid notifi iberia liabil improv order attract privat partner short medium term condit satisfactori compani sharehold teneo final inject capit short term financi clear indic staff made uneasi year difficulti teneo confid futur iberia circumst spanish govern explicitli state capit inject sole cover cost staff reduct reduc debt commerci basi amount pta billion cover iberia short term ti teneo long term strategi subsidiari ad increas capit pta billion financi expens turnov ratio iberia higher averag british airwai klm lufthansa similarli iberia gear defin ratio sum bank debt leas hand total equiti remain consider higher period averag competitor point transact compani and hold bv inject capit pta billion hold compani teneo iberia amount state aid mean articl treati articl agreement object rais oper procedur close decis take account spanish govern undertak condit iberia exercis opinion bui back latin american hold sold and hold bv year sale includ period due dilig compani undertak market sharehold equiti entir group group enterpris group enterpris capac asset group gener profit privat investor plai signific part directli indirectli oper dual condit appli year sale iberia present attract bid appli iberia exercis bui back option order resel asset question immedi parti teneo share and hold bv right oblig sharehold financi and hold bv accord busi principl decis and hold bv major sharehold accord agreement conclud parti accord dutch british law applic futur commerci reason affect and hold bv teneo forc hold asset and hold bv spanish govern undertak oblig teneo sell asset subsequ parti case result right oblig set agreement relat and hold bv teneo acquir asset and hold bv spanish public entiti enterpris iberia teneo involv transact and hold bv acquir asset and hold bv inject capit author cover staff reduct cost reduc debt report drawn commiss implement debt reduct plan report give detail account inclus loan reimburs fund made reduct financi expens fund inject capit circumst hamper iberia cost reduct programm make signific chang global strategi tariff fleet capac fund need pai staff reduct cost pta billion transfer iberia immedi commiss decis remaind capit inject paid iberia hand payment proce sale and hold bv interinvest ladeco iberia teneo agre cost reduct fundament object adapt programm continu effort reduc cost essenti object adapt programm achiev iberia addit capit teneo iberia meet greater cost reduct disinvest inject capit primarili privat investor final commiss note willing spanish author make extra capit inject pta billion quarter make criteria object set point vi met meet object criteria check basi iberia account audit accord spanish law extra inject capit notifi commiss commiss turn examin term rule market economi investor check aforesaid object criteria met commiss account factor financi project period situat iberia group vi vi main competitor essenti risk factor gener remark gener rule commiss point articl treati inform advanc oper involv state aid commiss stress receiv notif futur aid project account relev fact fact compani benefit state aid event commiss author grant addit aid except unforese circumst control compani adopt decis articl transact relat compani and hold bv inject capit pta billion made compani teneo behalf compani iberia amount state aid mean articl treati establish european commun articl agreement establish european econom area view spanish govern undertak set end ant penultim paragraph point vii articl decis address kingdom spain brussel januari commiss neil kinnock member commiss oj oj pp publish version decis busi inform hereinaft omit commiss commun applic articl treati public author hold bull ec judgment court justic march join case kingdom netherland leeuward papierwarenfabriek bv commiss ecr paragraph ecr paragraph commiss commun applic articl public authorit hold bull ec letter commiss member state april ref sg applic articl ec treati articl eea agreement state aid aviat sector chapter oj