commiss decis septemb aid grant franc stardust marin notifi document number french text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof interest parti notic submit comment accord abovement articl procedur provid articl treati pleasureboat charter firm stardust marin hereinaft stardust subsidiari crédit lyonnai transfer consortium de realis cdr hive vehicl perform asset crédit lyonnai june commiss learnt complaint competitor stardust recapitalis cdr sold fg marin circumst challeng complain submit higher bid exchang correspond author meet commiss treasuri octob commiss inform author letter decemb initi procedur articl treati author repli letter februari attach file compris inform request commiss letter initi procedur public commiss notic offici journal european commun commiss receiv letter date jmt associé compani own head stardust complain submit file commiss decemb commiss forward inform french author repli letter octob februari meet commiss treasuri cdr french author letter commiss date june letter initi procedur commiss consid transact aid inject capit stardust crédit lyonnai hold compani own stardust altu financ total frf million capit inject stardust cdr total frf million term stardust privatis entail aid buyer fg marin commiss note initi procedur transact loan advanc current account grant firm crédit lyonnai includ element state aid examin present procedur ii assist grant stardust privatis stardust specialis boat charter pleasur boat marina brokerag commerci agenc activ hand sail vessel main busi bareboat crewless charter multi owner yacht manag set order oper manag larg charter yacht benefit opportun offer quot pon quot law authoris tax exempt invest french oversea territori depart larg part fleet locat involv crédit lyonnai initi form loan guarante grant bank sbt batif crédit lyonnai subsidiari stardust control crédit lyonnai subsidiari altu financ part crédit lyonnai asset transfer cdr hive plan view poor qualiti expect loss worth note cdr subsidiari stardust privatis part crédit lyonnai group cdr remain wholli own crédit lyonnai end consolid crédit lyonnai held liabl loss charg state crédit lyonnai manag ceas plai direct part manag stardust transfer cdr deliber total separ manag cdr crédit lyonnai accord commiss decis ec juli give condit approv aid grant franc bank crédit lyonnai stardust emploi person total net balanc sheet asset approxim frf million achiev turnov frf million financi year end june incur consider loss frf million frf million due except factor loss exceed turnov signific loss preced year frf million produc critic situat result neg equiti frf million june net posit larg balanc sheet commit respect owner boat oper deduct firm posit wound reliabl prospect return viabil recapitalis provid produc accept return sharehold inform submit french author procedur initi cdr increas stardust capit stage commiss approv plan grant aid crédit lyonnai decis ec increas frf million decid extraordinari gener meet june paid instal june third march remain capit increas frf million extraordinari gener meet june cdr sole subscrib capit increas total frf million note transact notifi commiss inform extraordinari gener meet held result french author transact supplement capit increas prior transfer stardust cdr adopt decis ec subscrib altu financ debt convers octob april amount frf million transact notifi commiss time inform submit commiss french author financi support measur stardust includ aid compon loan compani crédit lyonnai group interest free sharehold advanc current account june recapitalis june cdr sold hold stardust equiti marin frf million sale place open call tender french author procedur consist contact potenti buyer sought access file express interest bui individu asset eventu made real document bid capit stardust french author stardust sold highest bidder marin bid frf million higher offer sought advisori bank commiss consid initi procedur sale stardust compli principl ensur open transpar discriminatori procedur defin twenti competit report presenc aid rule author reject unsolicit acquisit bid frf million submit complain spite fact bid higher success bid fg marin scope procedur includ examin condit stardust privatis iii repli author repli februari french author consid stardust transact carri altu financ stock transfer cdr consist normal investor principl cover decis ec crédit lyonnai aid author consid recapitalis cdr stardust hive compli decis ec point recapitalis stardust cdr consist convers debt capit result contribut fund cdr carri transact precis spirit privat investor cdr french author endeavour minimis cost transact public purs state procedur initi author justifi recapitalis cdr ground cost wind stardust higher support argument present breakdown insolv cost cdr born loss frf million cdr claim stardust loss frf million cdr claim charterboat investor frf million claim owner boat manag stardust loss guarante total frf million contract charter investor bond transfer cdr author consid wind firm practic legal depriv cdr prospect recoveri legal proceed underwai directli indirectli head sharehold stardust mr tissier support statement point preserv collect memori firm order improv chanc favour outcom ongo legal disput author consid recapitalis stardust justifi sign recoveri state commiss conclud capit inject constitut aid aid satisfi condit compat common market contain commun guidelin state aid rescu restructur firm difficulti opinion measur ti restructur plan aim restor long term viabil firm transact led distort competit contrari common interest aid proport cost benefit restructur condit stardust sold fg marin view sale place normal tender procedur major oper sector particip recal direct approach cdr potenti purchas previous notifi includ commiss notic initi procedur result contact made bank advis cdr ten foreign firm french subsidiari foreign own group author claim criteria sale conform normal market practic sell price sole criterion view balanc sheet item guarante court case risk author consid link constitut collus object allianc interest stardust competitor complain commiss head firm mr tissier consid interest stardust aim contrari remov market author provid detail date relat sale deadlin submit bid set bank advis cdr februari protocol sale subject ministeri authoris conclud buyer march authoris request ministri econom financi affair cdr march complain preliminari letter view submit bid april april complain legal advis ministri question letter state brief fo investig action view stardust commerci behaviour french author evid complain hostil aim ministri gave authoris april complain bid figur cdr april link condit contest complain recapitalis firm french author argu term letter juli commiss director gener competit constitut oblig consid refer letter notic initi procedur relev examin privatis transact consid assumpt commiss transact constitut normal busi practic unlaw contrari articl treati french author argu transact refer procedur rise state aid contrari conclus drawn commiss notic initi procedur subject notif requir provid articl treati iv comment interest parti commiss receiv comment part procedur jmt associé firm set head stardust mr tissier remov manag stardust cdr parti legal disput cdr stardust challeng manner stardust privatis discriminatori document commiss support assert section iii decemb commiss receiv comment complain forward french author repli letter februari comment inform circumst firm privatis assess aid financ stardust crédit lyonnai group prior hive cdr firstli aid includ financ grant prior stardust crédit lyonnai group hold compani altu authoris commiss decis ec juli ec aid grant franc crédit lyonnai beneficiari stardust bank fact aid subsequ entail loss crédit lyonnai cover state bank rescu restructur plan cancel definit aid stardust crédit lyonnai bodi benefit aid stardust aid grant commiss regard approv aid unawar crédit lyonnai proceed result decis juli concern aid bank consequ distort competit creat bank sector measur question analys context grant post crédit lyonnai experienc difficulti prompt commiss decis assist grant previous firm stardust constitut aid distort caus aid examin concern stardust affect pleasur boat sector distinguish aid stardust prior aid approv crédit lyonnai commiss includ notic initi present procedur examin capit inject prior altu financ crédit lyonnai hold compani point court justic case law consist held aid examin effect commiss accept argument french author measur prior cover decis ec crédit lyonnai order determin financ receiv stardust compris aid element commiss examin current posit clear result financ neg context financ grant crédit lyonnai start partnership crédit lyonnai subsidiari sbt cdr créanc transfer hive stardust bank sole banker partnership number form includ direct indirect loan financ grant sbt investor wish acquir share boat manag altu form guarante invest practic entail consider amount risk sbt bore bank exposur larg part firm balanc sheet exposur expos sbt regard stardust owner boat manag risk led conflict interest event termin manag contract result insolv event disput sharehold creditor boat owner sbt firm creditor boat owner guarantor lost result adopt headlong polici perman support order avoid consequ stardust bankruptci confirm fact french author french law posit sole banker inherit cdr requir crédit lyonnai successor cdr make good defici asset event liquid firm behaviour consist normal prudenti practic banker requir crédit lyonnai limit exposur firm warn sign appear make provis exposur seek reduc close posit analysi action reveal opposit occur stardust difficulti led crédit lyonnai increas exposur stardust essenti conflict interest situat continu unfail natur support gave case isol error manag part bank consist deliber polici boost stardust growth favour financi term obtain privat bank market end constant assist reflect confid displai bank stardust manag conclud continu assist provid crédit lyonnai stardust recapitalis consist financ grant privat bank oper market economi order determin financ public resourc aid commiss appli market economi investor principl conclud state aid involv principl satisfi privat investor oper ident condit grant financ firm support provid normal prudenc requir banker constitut aid public resourc end crédit lyonnai constitut state resourc mean articl treati tabl trend stardust activ result gt tabl gt french author provid commiss extract quot major risk quot regist altu financ group relat stardust case extract altu financ exposur total frf million decemb higher amount tabl ow extens balanc sheet exposur relat stardust addit claim liabil set tabl balanc sheet total decemb account financi year close june date balanc sheet total frf million frf million decemb crédit lyonnai exposur respect stardust case doubl balanc sheet total inform commun french author cdr claim june amount frf million frf million decemb refer tabl pre date stardust hive capit inject crédit lyonnai altu place octob consist incorpor firm capit claim total frf million held crédit lyonnai sbt capit increas loss make financi year view serious situat account close decemb year prolong month loss frf million includ frf million except loss incur author state capit increas grant stardust part plan manag swedish american line sal basi busi plan prepar firm consult asa jet sea atm acquir plan commun commiss stardust profit prospect good french author situat quot declin year mr tissier continu riski diversif oper quot state french author quot manag manag put place cdr develop commerci strategi structur rationalis ensur profit oper fleet quot french author point altu acquir control stardust end ongo audit point provis frf million subsequ charg account close june ad firm loss conclud letter commiss date februari stardust manag caus loss necessit recapitalis opinion author compani poorli manag optimist forecast made time commiss note stardust critic state tabl reveal audit carri end addit assist bank capit inject prospect firm critic posit provid return accept privat investor amount provid repaid ground addit exposur firm form loan increas frf million tabl capit inject correspond normal behaviour privat investor meet held brussel letter date june french author reject notion transact constitut aid view fulli justifi time appli market economi investor criterion bai stardust ambiti busi plan good market prospect pleasur boat commiss accept argument meet stress awar privat banker risk capit compani act manner risk respect singl compani doubl balanc sheet total firm profit run commiss ask french author give exampl compar risk take prudent investor support argument unabl letter french author june state disastr outcom financi level commit enter crédit lyonnai group due fraud connect acquisit jet sea number boat prove result action florida court appeal agreement swedish american compani sal prove longer subsidiari carlson radisson hotel stipul partnership agreement stardust prove imposs perform agreement basi result fals balanc sheet author conclud bank misl stardust actual recipi assist grant whilst challeng possibl fraud commiss decid materi injuri suffer stardust nation court fraud prove alter commiss opinion transact question aid fraud increas loss incur crédit lyonnai cdr stardust alter imprud natur financ made crédit lyonnai stardust crédit lyonnai risk form loan guarante amount balanc sheet total stardust lai open normal financi difficulti firm due instanc market revers except event type fraud fact state resourc help cover loss caus fraud reason conclud resourc constitut aid normal busi life firm cope financi consequ event resourc court turn order compens fraud repay state resourc grant avoid consequ constitut aid reduc charg except charg outlin affect profit loss firm resourc grant crédit lyonnai public undertak subsidiari sbt altu state resourc mean articl treati commiss reason crédit lyonnai grant financ automat constitut aid bank action difficulti experienc regard aid principl respons commerci market logic aim achiev margin contribut profit invest subsequ prove result loss commiss describ measur state aid establish case basi specif fact measur context fail compli market economi investor principl addit aid grant form debt equiti swap conclud forego aid contain financ form guarante grant stardust custom loan increas crédit lyonnai financi exposur regard stardust consider balanc sheet total capit inject octob frf million account fraction aid includ financ grant stardust crédit lyonnai balanc subsequ transfer cdr state liabl cdr loss arrang equiti loan grant eprf public financ develop establish stardust hive cdr view stardust financi posit end financi risk crédit lyonnai estim loss report audit end justifi fresh provis frf million predict end defer cost aid total hundr million franc ii aid stardust grant crédit lyonnai subsequ charg cdr identifi stardust hive commiss stress decis ec aid grant crédit lyonnai quot cdr resourc state resourc mean articl treati quot cdr wholli own subsidiari public undertak financ particip loan guarante state loss born state commiss note transact qualifi derog exempt oblig aris articl treati french author cdr exempt oblig decis ec decis note cdr oper regard subsidiari deem includ aid compon conform market economi investor principl inject fund abandon claim compli principl commun member state principl appli determin public intervent regard aid commiss consid inject capit public undertak element state aid similar circumst privat investor view expect return contribut fund made capit inject question letter date octob address minist econom financi industri affair mr van miert point cdr oper involv recapitalis asset sale loss cancel debt includ aid notifi commiss similarli sale cdr asset open transpar tender procedur notifi commiss oper de minimi aid threshold ecu exempt oblig cdr measur recapitalis stardust reason set examin deem approv bank rescu restructur plan relat sole aid grant crédit lyonnai notic initi procedur commiss state basi inform possess capit inject frf million begin subscrib altu repli commiss april french author state altu cdr subscrib capit increas capit inject april transfer stardust cdr administr board remov head firm recapitalis frf million subscrib full cdr entir fund alloc repay outstand exposur sbt batif crédit lyonnai group respect stardust author recapitalis carri part plan cut overhead refocu stardust basic busi market manag boat assist effici manag tool author plan result return profit year provid commiss plan date februari year recapitalis question addit juli cdr block interest free current account frf million ow stardust cdr transform debt current account allow reduct firm oper cost reliev financi charg result debt context grant light stardust critic financi posit measur addit aid equival financi product waiv cdr view lack restructur plan characterist oper aid convert capit year aid identifi commiss connect temporari advanc constitut reduct financi charg advanc durat recapitalis stardust decid gener meet june view closur stardust financi year june closur account reveal consider loss frf million record loss frf million quarter turnov frf million tabl cdr subscrib frf million third frf million releas immedi incorpor current account line frf million open juli frf million obtain convert stardust debt sbt batif transfer cdr hive author recapitalis base busi plan manag drew februari commun commiss section vii ii fourth recapitalis stardust place transfer approv june date extraordinari sharehold meet approv sale stardust fg marin recapitalis involv frf million form convers debt ow cdr call fresh invest cdr french author inform commiss amount inject dictat neg stardust confirm neg price offer purchas prior recapitalis difficult present case assess econom ration cdr behaviour light market economi investor principl appli commiss capit inject public undertak independ expert state report commiss firm privatis quot firm made loss year method design produc return profit relat capit invest applic present case quot expert state quot capit invest produc oper equilibrium financi year earliest loss earn includ estim year theoret loss frf million quot expert present report march month recapitalis conclud firm neg net posit call recapitalis firm neg decemb frf million commiss note argument put forward french author part procedur cdr exposur respect transact consider greater exposur sharehold decemb includ exposur capac stardust banker respect debt frf million transfer crédit lyonnai cdr time hold stardust exposur respect claim investor boat share total frf million loan total frf million respect owner boat manag stardust exposur respect guarante contract stardust investor boat share total frf million cdr direct indirect commit stardust list french author ad amount larg total frf million decemb compris frf million direct commit frf million secur loan frf million guarante frf million indirect commit respect commerci transact enter stardust exposur compar frf million june highlight risk crédit lyonnai respect stardust transfer cdr risk prudenti consider risk limit appli banker reason french author maintain stardust oper loss wind special situat cdr sharehold sole banker guarantor counter guarante investor boat stardust wound cdr requir make good defici asset honour guarante bank investor author point direct indirect commit cdr loss area exist stardust hive crédit lyonnai insist recapitalis stardust result fresh capit avail conclud cdr manag case help limit loss compar total cost liquid estim frf million exclud redund cost expert appoint privatis stardust commiss acknowledg merit reason take bank balanc sheet risk account calcul econom ration decis cdr note expert refer point report quot hard altern petit liquid view perform oblig aris contract investor quot respect commit enter stardust guarante cdr addit cdr direct claim boat investor contract crédit lyonnai manag stardust estim frf million expert report commiss acknowledg view isol act measur state cdr stardust hive extent regard constitut sound manag aim minimis loss safeguard interest state order argument put forward cdr french author substanti show state endeavour maximis proce sale firm sale open transpar discriminatori section iii amount recapitalis depend sale price take account neg firm recapitalis result bid fulli justifi includ aid purchas hypothesi prove case proper manag busi cdr prudent investor rule state aid content stardust measur assess measur commiss take account continu natur state assist stardust year summaris tabl hive stardust cdr interrupt happen transact regard includ aid state grant case crédit lyonnai unnotifi unlaw aid form high risk loan guarante includ loan guarante parti owner investor boat unprofit compani transfer hive structur cdr state grant firm debt write form capit convers evid convers repay unremuner intend make good deficit member state easili grant aid avoid consequ articl treati commiss control provid treati constant support crédit lyonnai cdr note cdr wholli control unconsolid subsidiari crédit lyonnai end stardust liquid disappear market asset market share competitor expert report refer french author commun commiss note respect quot support princip sharehold allow compani stai busi difficult financi situat quot support unfail continu stardust hive cdr whilst convers stardust debt cdr capit fulli justifi moment transact effect final materialis aid end long term process support grant year hive cdr initi procedur commiss emphasis quot inform submit commiss author financi support measur stardust includ aid compon loan compani crédit lyonnai group quot includ matter cover procedur state section financi assist grant crédit lyonnai stardust transfer cdr fail compli criteria appli market economi investor constitut aid aid crédit lyonnai form part number high risk transact engag crédit lyonnai caus crisi forc state undertak oper rescu restructur crédit lyonnai commiss approv decis ec juli decis septemb decis ec commiss note decis ec quot ground believ cl enjoi total perman implicit explicit back state embark riski polici place quot fact bank crédit lyonnai grant financi support subsidiari sbt batif altu sign loan guarante constitut normal market economi bank practic contrari commiss good reason basi forego loan guarante prudent reason crédit lyonnai group bank posit badli run inher riski busi privat bank steer clear affair conclud debt capit convers cdr grant stardust constitut aid point author result alloc fund increas nomin exposur cdr respect stardust term asset repres fact defer payment aid includ earlier support provid crédit lyonnai stardust expans author quot anomal quot section stardust busi activ stem diversif acquir cdr reliev stardust privatis profit highest risk asset includ boat quot class america quot quot fridai star quot legal disput result relationship jet sea disput chairman compani french author estim total cost deal case frf million frf million deduct incur privatis firm cost includ loss bond capit inject risk inher asset acquir cdr stardust estim frf million commiss conclud repay capit inject cdr hive defer cost aid grant year stardust state form assist crédit lyonnai iii possibl aid privatis stardust author stress adequaci guarante monitor transact question privatis committe treasuri advisori monitor committe cdr conclus drawn opinion inspector gener financ report quot le mond novemb author refus commun commiss extract quot le mond author deni report state quot investig sale procedur reveal anomali avoid cdr throw doubt equal treatment competitor quot qualiti regulatori framework monitor privatis franc cdr control structur matter cover decis transact question examin judg basi documentari evid order verifi privatis procedur open transpar discriminatori give rise addit aid firm purchas order examin condit stardust privatis commiss factual approach strictli limit case question state notic initi procedur order determin privatis includ aid commiss appli gener principl develop year basi individu case set twenti report competit polici specif remind french author principl letter director gener competit juli letter sale public undertak compris element state aid notifi advanc articl treati principl set letter presenc aid rule notif requir condit fulfil sale take place competit uncondit tender accord discriminatori transpar procedur condit firm sold highest bidder bidder time prepar bid receiv inform carri proper valuat asset hand sale notifi advanc accord articl treati element state aid sale carri restrict procedur individu sale preced write debt state public undertak bodi sale preced convers debt equiti capit increas sale condit accept privat investor oper market economi present case commiss note transfer open transpar uncondit invit tender examin tender inter alia involv publish notic sale firm ident timet interest parti firm sold highest bidder complain offer frf million frf million success fg marin bid cdr sought bid direct invit select individu public invit tender sale preced convers debt capit element ant constitut proof presumpt aid notifi state letter term letter director gener competit juli object french author impos oblig author simpli requir provid gener rule state aid doubt exist aid transact notifi commiss author awar commiss posit receipt letter question awar doubt presenc aid transact notifi commiss accumul doubt commiss note principl refer appli discrimin public undertak manner contrari articl treati french author contrari aim prevent discrimin benefit public undertak sold purchas undertak privatis privat firm order determin assumpt purchas benefit aid state notic initi procedur confirm fact commiss take account element reason cdr refus bid submit complain fact miss deadlin accept deadlin februari commun cdr advisori bank potenti bidder bind view fact bid receiv firm includ select advanc clear restrict unpublish invit tender individu manifestli inadequ pre select potenti buyer cover full rang potenti bidder invit tender dissemin wide publish date closur bid interest parti individu approach enjoi ident opportun inform meet deadlin note author state french yacht world awar impend sale doubt true commun countri yacht world commiss point notic initi procedur case privatis public seller repres decid priori size potenti buyer market rule potenti buyer fact bid accept cdr fact financi group set ad hoc compani fg marin acquir stardust show prospect potenti buyer extend yacht circl limit prospect financi investor yacht circl cdr advisori bank directli rule potenti buyer buyer sharehold part stardust manag person respons stardust dossier hold compani altu chairman firm sharehold cdr manag firm conclud agreement investor christian paillot group acquisit stardust end suitabl compani set fg marin brought major sharehold christian paillot group minor interest stardust manag firm acquir bid submit major financi group buyer stardust manag capac minor sharehold fg marin commiss note cdr regard situat constitut conflict interest liabl affect choic buyer contrari intern note commiss head firm part procedur cdr awar decemb manag stake capit propos buyer regard perfectli normal question aris advantag deriv buyer detail knowledg stardust held manag join order submit bid assum dealt foot bidder meet french author cdr consid common practic manag firm sold acquir stake purchas firm support claim author forward commiss june letter prospect buyer bid firm question state plan give manag firm acquir stake equiti commiss note inform submit author fg marin bidder stardust manag stake bid tender bid stage simpli propos give manag stake buyer equiti cdr step avoid conflict interest transact natur conceiv normal manag acquir hold compani sold proven method ensur presenc motiv cohes execut team departur constitut major factor loss case small medium size firm hand acquisit manag stake purchas equiti rule period preced privatis ow inequ liabl introduc bidder rule subsequ acquisit hold firm lodg complaint case express irrit cdr precipit natur procedur limit amount inform made result condit disput independ expert appoint privatis produc report bid fg marin state quot analys bid quot examin element bid decis import cdr author balanc sheet risk guarante link transact price consider examin offer select buyer claim author justif reject higher bid term price submit complain cdr commiss understand independ examin transact limit sole bid fg marin commiss note expert report march complain bid submit cdr explain bid receiv cdr expert investig examin expert fourth intern cdr memo date april commun complain commiss forward author fact stardust develop reli tax exempt grant pon law justifi procedur gave prioriti french competitor memo conclud subject quot circumst french solut prefer foreign solut quot reason cdr memo explain competitor moor sunsail deliber contact memo establish basic provis treati infring transact letter date june french author deni moor exclud invit tender reason provid commiss letter date decemb director moor state acquisit stardust consid reject moor commiss note letter emphasis author challeng authent cdr memo question view presumpt aid refer commiss conclud procedur fail compli requir open transpar discrimin bid fg marin benefit discriminatori condit commiss note complain argument sale declar null fg marin creat order acquir stardust fact set sale protocol conclud march financ ministri gave approv april legal regist commerci compani regist stardust hold extraordinari gener meet june sale fg marin preced recapitalis frf million final approv extract regist show fg marin start busi april result legal valid sale protocol conclud march firm process set legal regist disput complain letter june french author point french law action compani process set valid moment fund constitut initi capit deposit bank draft articl associ case date sale protocol sign march provid commiss documentari evid claim commiss stage draw conclus basi complain argument duti monitor state aid pursuant treati includ decid law sale job french court commiss unabl confirm procedur discriminatori natur lack transpar eventu result aid fact complain bid frf million frf million buyer establish doubt aid grant form differ amount bid commiss deni stress french author factor price guarante balanc sheet risk account privat sharehold firm sold fact success bid face highest irrefut evid aid concept highest bid interpret broadli account differ balanc sheet risk bid note report independ expert privatis stardust conclud capit increas frf million neg frf million final sale price posit frf million final view data suppli french author effect sale balanc sheet risk born purchas difficult quantifi potenti greater differ frf million bid chiefli cdr continu act guarantor boat investor sale french author legal risk relat legal proceed institut cdr stardust head firm mr tissier involv complain acquir stardust cdr reason believ complain acquir firm reassess legal risk financi consequ seller cdr sale commiss note articl sale protocol sign march stipul benefit proceed firm head natur person offshor compani connect belong seller cdr justifi take account balanc sheet element connect risk benefit litig select offer commiss examin guarante seller buyer connect sale guarante firm account consid consist normal condit sale appli privat oper aim limit uncertainti face buyer commiss determin relev cdr reject complain bid stardust reason cdr complain reject bid relat possibl justifi risk involv fact deadlin pass unfound argument deadlin publish advanc commiss accept french author argument complain allegedli hostil intent aim remov stardust fact buyer acquir firm asset prejudic futur legal form asset manag sold requir firm run exist form introduc condit discriminatori discriminatori natur privatis procedur show state endeavour obtain highest price firm view procedur error refer commiss unabl conclud price stardust sold market price allow full potenti firm realis includ aid purchas commiss note bidder compani enhanc factor subject consider uncertainti balanc sheet risk intang goodwil includ upgrad factor specif commerci synergi activ factor ant calcul account view uncertainti market price result open transpar discriminatori procedur view lack procedur commiss unabl conclud procedur error identifi buyer benefit aid form sale price iv conclus type amount aid measur question constant assist grant stardust state crédit lyonnai group cdr aid form financi condit consist normal action privat investor oper market economi condit aid grant crédit lyonnai cdr expans stardust crisi experienc failur financ compli market economi investor principl prior hive li extraordinarili high level exposur incur crédit lyonnai cdr respect stardust form claim balanc sheet commit exceed frf billion take account financ grant stardust custom time total asset firm end final aid grant stardust contain capit inject crédit lyonnai cdr aid adjust term date payment amount frf million recapitalis stardust altu financ octob reduct financi charg juli june relat advanc current account frf million grant cdr stardust advanc subsequ convert capit date recapitalis question grant regard advanc current account posit stardust clear juli cdr recov advanc frf million constitut recapitalis stardust cdr hive privatis total adjust date payment aid estim frf million adjust octob recapitalis examin decis place result aid grant previous crédit lyonnai frf million recapitalis transact carri state end long term assist grant stardust constitut sunk cost privatis stardust earn frf million constitut aid content assist vi distort trade member state commiss note notic initi procedur market pleasureboat charter chief activ engag stardust market compani european commun competit increasingli internationalis rise intern tourism firm present number countri chiefli mediterranean french antil boat charter geograph origin letter french author date june stardust custom franc rest europ remain come rest world evid size commun trade relat turnov firm stardust note aid crédit lyonnai cdr stardust wound number commun competitor benefit market share releas asset consolid posit french european boat charter market clear forego measur question hamper liabl hamper trade commun view aid contain measur conclud transact examin caught articl ec treati state aid distort threaten distort competit extent liabl affect intra commun trade measur notifi commiss articl treati view failur unlaw vii compat aid treati commiss point notic initi procedur measur question constitut aid social charact grant individu consum aid promot execut import project common european interest remedi disturb economi member state constitut aid intend grant facilit develop french region aid promot econom develop area standard live abnorm low underemploy exempt provid part sentenc articl applic basi inform provid french author exempt provid part sentenc articl possibl appli aid grant crédit lyonnai aid grant cdr stardust hive privatis compat aid contain recapitalis stardust prior transfer cdr aid grant crédit lyonnai stardust examin context rapid expans earli turnov input crédit lyonnai doubl doubl total frf million month account year figur frf million june fourfold increas year achiev financ poor result loss sole result financi assist group financi crédit lyonnai expand commit exposur extraordinarili favour term financ provid crédit lyonnai includ grant guarante loan stardust custom manag entrust stardust boost expans crédit lyonnai financ allow stardust acquir compet firm increas market share stardust small firm begin margin role establish manag poor perform leader industri european level worldwid expans hand hand extern develop oper stardust busi manag section atm compani manag sell fleet bareboat bankrupt atm acquir bankrupt compani jet sea result transact stardust respons manag boat marina expans accompani prestig campaign involv firm market french boat america cup stardust undertook bui back boat year frf million stardust prove unabl cope rapid expans prestig market loss french author due chiefli loss connect stardust initi activ relat sale manag quot scorpio quot class boat due partli take ill judg risk poor commerci strategi inappropri manag except event loss due america cup estim french author frf million tabl trend stardust activ result gt tabl gt extrem situat creat loss complet absorb firm fund virtual state bankruptci found meant insolv regard sole banker crédit lyonnai draw conclus close posit stardust loss crédit lyonnai commit grant loan month financi period compris half convert amount ow cl subsidiari sbt batif share crédit lyonnai hold compani altu financ transact enabl stardust avoid bankruptci ti tightli crédit lyonnai restructur plan practic simpli postpon due date extent loss gener poor manag firm lack profit aid content financ grant crédit lyonnai consider greater recapitalis end whilst cost write loss form aid stardust practic postpon transfer state stardust hive cdr earli assess compat measur treati note aid preced recapitalis effect constitut defer payment aid element contain essenti take form imprud financ stardust crédit lyonnai period acceler growth state exempt applic measur question provis articl treati rescu restructur aid case restructur stardust aid essenti effect speed growth acquisit increasingli larg share market busi plan drawn consult firm aca octob forward french author commiss part procedur aim make stardust leader european market small cruis boat plan growth quot quot period stabl growth entail increas fleet boat accompani increas unit capac distribut hundr boat marina major tourist area world antil polynesia mediterranean indian ocean european north american clientel target turnov excess frf million frf million octob plan characterist restructur plan period auster intern recoveri firm reduc distort competit caus aid contrari ambiti growth plan aim establish sme lead pleasureboat busi world clear forego aid grant crédit lyonnai growth period question form high risk financ subsequ crédit lyonnai cdr form recapitalis reason regard aid restructur rescu stardust contrari aid maximum distort effect aim speed growth firm acquisit competitor market share enabl quadrupl turnov aid question unlaw notifi compat common market ii compat aid contain recapitalis stardust asset carri cdr hive stardust french author point commiss stardust start show sign return profit balanc oper predict financi year stress restructur undertaken manag put place cdr begin effect set restructur measur implement manag intend firm return profit basi buyer decis argument present french author call comment commiss firstli uncertainti circumst surround recapitalis insepar amount success bid made procedur condit commiss acknowledg cdr appear manag busi accord criteria design counteract consequ imprud commit enter crédit lyonnai limit loss state consider cost oper state appear due chiefli imprud manag busi crédit lyonnai year stardust hive commiss state assess aid content measur question consid aid examin action takn cdr imprud support provid crédit lyonnai stardust hive aid commit state compel write loss transact cdr case aid form guarante event give rise aid act payment state guarante implement guarante origin act case guarante grant guarante fact commiss assess aid grant stardust basi cost recapitalis repurchas asset chiefli born cdr financi assist grant previous stardust crédit lyonnai constitut aid state assist grant crédit lyonnai reach unreason proport consider exceed total balanc sheet firm stardust transfer cdr cdr face compromis situat privatis procedur open transpar discriminatori balanc hive stardust neg aid content imprud assist partial born crédit lyonnai recapitalis frf million total aid final settlement delai charg directli state bank perform asset hive cdr consider discrep period aid start grant final identif loss enabl transact termin exact amount aid includ financi measur grant crédit lyonnai determin step cdr recapitalis stardust repurchas risk asset case assess basi restructur plan drawn stardust manag februari recapitalis context aid fact initi grant stardust state recapitalis meet condit allow consid compat common interest true defer aid born cdr note french author provid commiss restructur plan begin assess compat treati april recapitalis frf million simpli provid repli februari posteriori justif measur time stardust manag restructur plan commun commiss procedur date februari result restructur measur late context case aid grant earli crédit lyonnai enabl small firm leader pleasureboat industri posit hold restructur measur question author attach letter june undat document present restructur plan implement summer clear basi data provid document postdat plan refer measur restor firm viabil alter conclus aid grant stardust incompat treati strategi greater presenc europ consider expans busi provid measur offset distort caus aid stardust altern compat aid grant cdr assess regard posit prior aid grant usual method assess aid payment instal commiss consid aid regard compat common market februari busi plan submit commiss french author claim serv basi subsequ recapitalis stardust concentr basic activ bareboat charter consider expans activ predict mean quot top quot recoveri strategi involv increas bareboat fleet unit end end activ correspondingli reduc plan provid sharp cut firm asset turnov fall frf million frf million reduct activ affect boat sale frf million frf million hand profit activ bareboat charter expand appreci frf million frf million firm turnov cutback remain half time greater level aid grant crédit lyonnai stardust fact grant begin period section aid question made period grant stardust expand consider restructur measur reduct activ eventu introduc growth shown memo french author june allow stardust turnov increas rapidli main competitor moor remain stabl period sunsail doubl turnov period consider smaller increas stardust stardust perform period unprofit poorli manag compani explain exception high level aid receiv aid wound dai real posit reveal audit end disappear market plan restor firm viabil limit aid strict minimum view consider amount aid question amount time annual turnov financi year compat rule restructur aid call measur counteract distort competit caus aid restructur measur eventu adopt simpli strictli restor viabil limit fix asset risk boat sale sector appear strict minimum includ element aim compens competitor distort caus aid strateg core firm busi bareboat charter ambiti plan refocu firm bareboat charter busi appli fairli consist recent data french author number annual week bareboat charter invoic stardust rose financi year financi year target week increas compar period examin crédit lyonnai start grant aid stardust speed develop firm turnov rose frf million frf million french european competitor stardust strong presenc bareboat charter busi unabl benefit plan prejud aid grant stardust assist refocu branch busi expand rapidli state stardust custom vari geograph origin european franc french locat rest world chiefli unit state element confirm sensit measur assist stardust potenti effect competit franc rest commun offer measur counteract distort caus aid restructur measur adopt manag stardust support sharehold practic result consider growth stardust activ strateg busi concentr conclud examin assist grant cdr stardust period examin post basi februari plan satisfi criteria framework restructur aid firm difficulti aid grant stardust regard compat common interest viii conclus assist form financ bank guarante grant state stardust crédit lyonnai group cdr element aid measur unlaw notifi aid form repay financ form recapitalis crédit lyonnai advanc current account recapitalis form debt write off cdr sharehold succeed crédit lyonnai stardust hive aid question amount adjust nomin total frf million discount octob frf million exempt aid articl applic restructur aid aid context grant design permit support rapid growth unprofit firm distort effect compat common interest stardust privatis circumst meet requir transpar open lack discrimin rule possibl aid enabl market price establish commiss note element determin price includ balanc sheet risk complaint lodg competitor submit bid cdr face higher success bid stardust suffici evid transact involv aid buyer view balanc sheet risk uncertainti relat market firm emerg open transpar discriminatori procedur commiss conclud addit aid grant firm buyer connect privatis aid question incompat recov state direct cdr loss born state equiti loan guarante scheme offer epfr public financ develop establish recoveri arrang applic frf million aid inject stardust crédit lyonnai octob crédit lyonnai compens loss incur transact stardust transfer hive vehicl state end bear relev cost recov aid grant stardust recoveri crédit lyonnai part frf million run counter oblig limit aid restructur plan plan approv commiss made provis addit resourc firm stardust bank grant aid crédit lyonnai benefit recoveri identif recoveri aid stardust affect amount aid crédit lyonnai authoris decis ec ec authoris level aid chang reduct increas amount aid receiv crédit lyonnai ow aid recov stardust cdr affect amount authoris commiss decis ec aid grant franc crédit lyonnai take account explain decis uncertainti aid crédit lyonnai aid grant stardust exceed undiscount total frf billion affect provis uncertainti prudenc frf billion account commiss decis ec similarli pursuant decis take account constraint bank liabil limit aid minimum oblig member state relat counter concess requir form sale asset closur activ bank remain adopt decis articl capit increas frf million inject stardust marin octob altu financ frf million inject cdr april advanc current account frf million grant cdr juli june recapitalis frf million june frf million june cdr constitut state aid mean articl treati aid amount discount octob frf million declar compat common market articl treati articl eea agreement articl franc requir stardust repai state cdr sum frf million state aid content measur question discount octob amount repaid bear interest date refer rate establish commiss calcul net grant equival aid franc articl franc inform commiss month notif decis measur compli articl decis address french republ brussel septemb commiss mario monti member commiss oj oj figur june end financi year twenti competit report point principl refer commiss report notifi french author letter director genral competit juli oj footnot case low state aid resourc public undertak crédit lyonnai state resourc mean articl treati commiss commun member state oj busi secret articl ec treati articl ec treati amend amsterdam treati articl articl oj oj foonot amount includ advanc current account juli subsequ transform capit element includ calcul total aid view length time crédit lyonnai grant aid stardust hive notion refer date commiss calcul discount aid octob recapitalis examin octob refer rate time author year crédit lyonnai commit stardust increas judgment court instanc ducro case ecr ii paragraph oj pp