commiss decis april applic steel firm ferdofin srl italian law receivership arrang larg firm crisi italian text authent text eea relev ecsc commiss european commun regard treati establish european coal steel commun regard commiss decis ecsc decemb establish commun rule state aid steel industri articl thereof interest parti notic submit comment regard comment letter date march commiss inform italian author decis initi proceed articl commiss decis ecsc replac effect januari decis ecsc respect applic italian law receivership arrang larg firm crisi prodi law hereinaft law ferdofin siderurgica srl hereinaft ferdofin commiss inform base essenti commun italian author appar ferdofin difficult financi situat firm balanc sheet june profit loss account show cumul loss total lit billion ii relat capit lit billion deficit fund lit billion iii medium long term debt debt credit institut total lit billion compar asset lit billion mortgag view forego ferdofin ministeri decre decemb procedur provid law thing enabl firm debt frozen includ contract public credit institut ferdofin financi situat obtain fund privat bank public guarante basi fact commiss doubt aid question grant law compat common market decid initi proceed articl decis ecsc respect applic law ferdofin ii part proceed commiss invit italian govern submit comment inform member state interest parti publish decis initi proceed letter date june unit kingdom govern wirtschaftsvereinigung stahl siderinsa bispa british iron steel produc associ comment commiss forward italian author august comment parti express support commiss decis initi proceed argu law constitut definit state aid enabl italian state discretionari power confer minist industri interven save firm undergo extrem financi crisi measur concern contraven articl ecsc treati parti concern call commiss rule incompat common market coal steel respons initi procedur comment interest parti italian govern put forward argument point purpos receivership arrang larg firm enabl compani asset put liquid creditor claim satisfi avoid condit met dispers busi activ result loss job end firm allow continu trade respons administr draw restructur plan manag busi year period order complet procedur transfer firm activ parti hand administr find condit met return profit closur activ decid firm wound case insolv procedur provis royal decre bankruptci law appli receivership arrang larg firm result debtor dispossess asset longer manag dispos clear distinct drawn compani own asset busi activ sold basi valu determin sworn expert proce distribut compani creditor compani activ physic asset share sold procedur continu compani own respons take step involv wind legal action liabil action director provis made receivership arrang larg firm firm stai busi differ bankruptci procedur trade provision basi stress principl itali bankruptci law member state busi activ firm insolv necessarili broken purpos bankruptci procedur remov firm control entrepreneur insolv pai creditor proce sale asset asset split sold separ busi activ shut busi asset sold en bloc oper matter provid creditor paid reason bankruptci procedur possibl trade provision basi light forego difficult place firm receivership arrang larg firm ordinari bankruptci procedur constitut state aid concept state aid commun law entail exist benefici effect firm balanc sheet enabl compet rival preferenti condit occur firm receivership arrang larg firm firm deriv financi advantag procedur provis govern continu firm activ impos financi burden state commun guidelin state aid rescu restructur firm difficulti describ detail type measur involv aid notifi advanc commiss guidelin refer financi measur capit inject loan tax concess loan guarante make mention legal arrang govern manag wind firm declar insolv statement minist industri discret decid place firm receivership arrang larg firm stem misunderstand relev legal provis initi receivership procedur depend discretionari decis administr result court decis case insolv firm meet requir laid law employe debt bank social secur system excess limit laid year deal derogatori measur gener applic procedur laid law manag wind larg firm avoid dispers asset save job lastli state ferdofin receiv guarante provid articl law pend commun author procedur italian author formal notifi decis withdraw request author iii establish public measur question constitut state aid fall scope commun law regard commun provis applic case recal ferdofin produc steel product list annex ecsc treati bound rule treati articl ecsc treati commun provis applic case state subsidi aid grant state form whatsoev recogn incompat common market coal steel abolish prohibit commun except gener prohibit set full decis ecsc concern aid research develop articl aid environment protect articl aid closur articl note italian author extrem detail comment submit invok abovement except view justifi public measur question scrutini text fact show public measur concern qualifi except intend enabl ferdofin remain activ market restor liquid pursu activ view sold note italian author decis initi proceed grant state guarante commiss determin law constitut state aid light commun provis specif ecsc treati stress connect repli comment submit itali unlik normal bankruptci proceed italian law arrang question open firm reserv larg firm emploi peopl insolv arrang concern larg insolv firm public interest continu oper recoveri save job involv law decre place firm receivership arrang larg firm issu minist industri agreement minist treasuri firm allow continu trade period year extend maximum year respons administr appoint govern period administr draw restructur plan subject approv supervisori author list plant equip restart ad plant unit transfer busi arrang receivership procedur end composit approv total asset distribut credit exhaust insuffici asset firm meet liabil regular basi ground conclud provis question regard gener measur fall scope commun rule state aid reason set point respect receivership procedur larg firm depend exercis discretionari power vest public author regard author firm continu trade articl law articl draft amend legisl discretionari natur author consist confirm italian administr court contrari argument put forward italian author firm continu trade receivership arrang larg firm equival trade provision basi articl bankruptci law scrutini relev provis show trade provision basi except allow interest creditor view increas asset distribut part procedur design ensur creditor equal foot continu trade receivership arrang larg firm normal effect procedur design protect firm concern consequ insolv econom activ continu differ reflect system jurid supervis normal bankruptci procedur includ check legal substanc court includ supervis econom advis transact carri activ involv procedur administr deleg judg receivership arrang larg firm subject review administr court empow deal legal administr act monitor econom desir transact point law articl thereof firm appli subject receivership arrang larg firm except bankruptci rule state receivership except normal bankruptci procedur court justic european commun consist held inter alia judgment juli case itali commiss applic commun rule state aid determin measur state correspond definit state aid laid commun law depend object measur effect extent effect nation rule favour firm product firm employe case point alloc state resourc distort competit affect intra commun trade fall scope articl ecsc treati possibl articl ec treati question transfer state resourc receivership arrang larg firm entail number financi benefit involv transfer resourc state impact state budget debt tax author public social secur bodi qualifi exempt individu enforc proceed suspens interest payment articl bankruptci law social secur contribut firm qualifi exempt payment fine penalti payment contribut bankruptci law separ enforc proceed collect tax incom delai payment incur fine addit interest payment penalti procedur applic firm receivership arrang larg firm mean subject fine delai articl law registr charg transfer ownership firm part firm receivership arrang set token sum lit million ecu measur constitut state aid state waiv claim firm cover receivership arrang light forego measur provid law regard state aid remain determin aid compat common market coal steel born mind context ec treati compat aid scheme possibl assess basi commun guidelin state aid rescu restructur firm difficulti context ecsc treati determin light gener ban laid articl treati except set exhaust decis ecsc state italian author invok abovement except view justifi state measur question scrutini text show state measur concern concern environment protect research develop closur iv conclud applic receivership arrang larg firm enabl ferdofin avoid liabil tax author public social secur bodi tantamount transfer state resourc lost revenu tax contribut ow firm concern firm tax account decemb show benefit suspens payment respect debt lit million ow inp lit million ow inail lit million ow tax author lit billion ow bank control directli indirectli state light forego part iii conclud comment submit italian author substanti alter commiss initi assess set decis initi proceed measur provid law constitut state aid incompat common market coal steel aid ferdofin receiv deem incompat common market qualifi derog laid decis ecsc prohibit enshrin articl ecsc treati adopt decis articl state aid ferdofin receiv context applic law suspens payment debt lit million ow inp lit million ow inail lit million ow tax author lit billion ow bank control directli indirectli state illeg grant breach articl decis ecsc incompat common market coal steel pursuanc articl ecsc treati articl itali recov aid refer articl accord provis italian law relat recoveri amount ow public author order counteract effect aid interest charg amount aid date grant date reimburs interest rate applic commiss calcul net grant equival region aid scheme period question articl itali forthwith ceas appli provis law respect failur ferdofin siderurgica srl pai debt contract public bodi enterpris articl itali inform commiss month notif decis measur compli herewith articl decis address italian republ brussel april commiss karel van miert member commiss oj oj footnot oj administr court lazio section iii council state section vil