commiss decis novemb aid grant italian govern nuova cartiera di arbatax italian text authent eec commiss european commun regard treati establish european econom commun subparagraph articl thereof accord abovement articl notic parti concern submit comment nuova cartiera di arbatax nca constitut initi capit lit million subscrib società finanziaria industrial rinascita sardegna spa sfir cartiera burgo spa juli capit increas lit billion consist lit billion ordinari share lit billion privileg share addit sharehold compani siva spa saf spa belong ent nazional la cellulosa la carta encc credito industrial sardo ci cartiera di toscolano spa capit nca subdivid lit billion sharehold ordinari share privileg share burgo toscolano ci sfir encc siva saf ci provid loan lit billion nca sfir provid loan lit billion possibl left open encc provid addit lit billion form ordinari share stage provis capit provis loan public entiti notifi commiss advanc pursuant articl treati juli nca largest manufactur newsprint itali cartiera di arbatax declar insolv march put amministrazion straordinaria decre minist industri date april nca conduct busi manag burgo ii commiss learn plan italian govern sardinian author restructur cartiera di arbatax commiss request inform aid provid plan favour compani letter date novemb april italian govern repli letter date februari telex date aid provid cartiera di arbatax put amministrazion straordinaria letter date commiss made clear italian govern envisag public sharehold legal entiti order continu cartiera di arbatax activ element state aid mean articl recal necess prior notif aid pursuant articl treati commiss decis eec dealt aid grant italian govern newsprint industri encc decis state encc misus aid scheme press order aid italian newsprint industri bui increas amount domest produc newsprint artif high purchas price comparison market price commiss estim decis italian newsprint industri receiv aid lit million lit billion lit billion cartiera di arbatax main beneficiari oper aid decis declar aid incompat common market demand abolit decis notifi italian govern cover letter date june italian govern repli letter date june draw commiss attent grave consequ decis eec cartiera di arbatax compani legal entiti drawn restructur invest plan view difficult region industri problem involv italian govern request except made decis eec arbatax restructur period year bilater meet held juli letter date juli commiss repli agre continu oper aid cartiera di arbatax invest arbatax elig region aid term aid regim mezzogiorno provid usual condit elig aid met letter date august italian govern inform commiss compli decis eec instruct encc view commiss unfavour opinion continu aid arbatax italian govern decid favour constitut larger compani public privat sharehold burgo siva carri restructur arbatax letter precis inform commiss request letter date octob inform sum made public privat investor condit attach intervent anticip restructur measur financ public support directli indirectli remind april letter date june italian govern provid inform letter date decemb addit remind date juli august novemb commiss receiv inform need assess intervent basi articl treati basi inform commiss conclud financi mean continu restructur cartiera di arbatax found capit market lit billion sharehold provid encc sfir constitut state aid commiss conclud loan lit billion provid sfir constitut state aid possibl intervent ci commiss consid aid distort competit affect trade member state mean articl treati except set articl appli commiss decid initi procedur laid articl italian govern inform decis letter date march letter date urg provid comment month member state interest parti notic submit comment iii framework procedur meet place repres italian govern june juli juli meet held june juli italian repres announc written observ advanc copi inform provid submit offici repres commiss meet urg italian deleg swiftli commiss intend final decis septemb remind date septemb italian govern announc letter date octob send inform commiss need evalu week time remind date octob meet repres italian govern place octob novemb meet italian govern submit parliamentari document date octob studi made gepi nca date octob italian govern submit written comment procedur present element instanc restructur plan lead situat profit led commiss chang assess case situat commiss oblig termin procedur adopt decis basi inform judgment court justic case boussac ground part procedur govern denmark british newsprint manufactur associ sfir nca submit observ observ submit italian govern comment letter date juli comment receiv iv articl treati relev jurisprud court justic commiss gener approach acquisit sharehold public author member state inform provis public fund compani form subscript capit involv element state aid order verifi provis public fund aid ignor social element region sector polici similar circumst market economi investor ahead inject capit condit basi expect profit content note cartiera di arbatax made loss lit billion billion billion repres turnov year compani declar insolv put amministrazion straordinaria cartiera di arbatax financi result year commun commiss italian author factor explain loss firstli cartiera di arbatax situat sardinia pai high transport cost raw materi wood cellulos come mainland newsprint produc ship back northern itali cellulos account arbatax raw materi averag newsprint manufactur commun reduc consumpt cellulos start wast paper de ink instal capac produc wood pulp thermomechan pulp allow cartiera di arbatax process wast paper wood compani forc continu reli expens cellulos thirdli natur ga compani energi high fourthli cartiera di arbatax overstaf fifthli real product tonn year low compar capac tonn year commiss opinion situat cartiera di arbatax found fund need continu oper invest capit market fact compani nca constitut cartiera di arbatax alter apprais gener approach acquisit sharehold public author commiss state point iv aid public author hold involv take continu part viabl oper ail compani format legal entiti sfir comment procedur decis acquir sharehold nca basi restructur plan elabor burgo basi sfir report foresaw situat profit year plan report submit sfir commiss commiss note plan base continu aid grant encc sale newsprint period year commiss decis eec found misus aid press incompat common market region aid scheme favour transport cost base law expir septemb restructur plan question found unsound assumpt aid lit paid nca kilogram newsprint sold period year product target tonn year restructur plan involv aid lit billion year commiss conclud aid nca expect make loss lit billion profit lit billion restructur plan foresaw commiss note restructur plan nca prove overli optimist social environment aspect nca forc stop oper decemb februari environment reason lost addit dai due strike year financi loss amount lit billion parliamentari document date octob loss expect amount lit billion view preced consider commiss find provis capit public entiti nca assimil act market economi investor constitut state aid context fact burgo privat compani invest nca chang apprais burgo larg paper manufactur group pursu group strateg purpos nca plai role consider appli sfir encc differ reflect fact nca manag hand burgo commiss note burgo invest nca initi capit lit million stake rel disentangl burgo favour public group stake larger share capit lit billion reduc situat commiss opinion condit set point gener approach acquisit sharehold public author refer fulfil aid inject capit compani capit divid privat public sharehold make public hold reach significantli higher level origin rel disengag privat sharehold larg due compani poor profit outlook commiss note burgo real risk invest nca market economi investor commiss adopt decis eec burgo assur nca product bought encc inflat price year decis eec burgo assur addit financi cushion nca lit billion ultim lit billion form limit vote power inevit loss nca absorb articl statut major sfir share held public enterpris author present capit held autonom region sardinia sfir statutori task promot help econom industri initi sardinia take sharehold sardinian compani notabl small medium size enterpris commiss note financi report sfir provid framework procedur show made loss particip year report provid commiss conclud sfir main concern develop sardinia profit differ market economi investor encc corpor public law consist produc paper cellulos undertak cellulos itali encc statutori task promot develop cellulos product itali facilit product domest raw materi product cellulos organ product sale paper collect provid inform product cellulos paper commiss note encc author italian minist industri stake nca juli month commiss notifi decis eec itali commiss conclud italian govern letter date june august refer point ii italian govern decis author encc provid capit nca altern previou continu grant oper aid nca year court justic state rule case intermil distinct drawn aid grant form loan grant aid grant form hold acquir capit undertak aid take form fall prohibit laid articl condit set provis fulfil provis lit billion capit sfir lit billion fund lit billion special fund base region law decis sardinian author requir constitut state aid mean articl treati lit billion provid encc subsidiari siva saf equal constitut state aid mean articl italian govern intent provid addit lit billion encc stage fact lit billion lit billion acquir privileg share nca chang apprais addit dividend privilig share depend nca profit dividend normal share contrari privileg share limit vote right encc sharehold serv financi cushion absorb expect loss nca lit billion capit provid nca ci commiss letter date march commiss inform italian govern decis initi procedur govern invit suppli evid ci act independ influenc action public author case amount lit billion inject ci constitut state aid observ procedur italian govern state ci corpor public law creat law april task financ industri enterpris order favour econom develop sardinia ci sharehold control stake ci obtain financi mean capit market independ region nation author control bank itali public privat credit institut commiss note inform submit sfir ci claim lit billion cartiera di arbatax amministrazion straordinaria sharehold nca convers lit billion claim capit part takeov cartiera di arbatax nca remaind ci claim lit billion repaid immedi nca lit billion repaid year basi observ commiss accept case ci act differ privat investor similar situat provis lit billion capit ci constitut state aid capit sfir provid year loan lit billion interest rate nca order financ invest programm letter date januari articl procedur open italian govern acknowledg loan constitut state aid framework procedur sfir hand claim loan sharehold constitut aid commiss opinion nca beneficiari interest subsidi lit billion loan subsidi differ interest charg refer rate itali interest subsidi public fund constitut aid nca carri invest bear cost thereof sfir expect reduc interest rate monei lent nca profit invest final commiss investig price cartiera di arbatax sold nca commiss note call tender publish offer take arbatax compani amministrazion straordinaria submit framework procedur sfir submit copi sale contract offer commiss note price nca paid cartiera di arbatax amount lit million bidder offer similar amount albeit defer payment offer concern compani condit absenc inform commiss conclud sale price involv addit aid commiss identifi aid nca aid lit billion form capit aid lit billion form subsid loan sfir aid lit billion form capit provid encc encc plan inject addit lit billion capit nca equal constitut state aid italian govern fail notifi aid advanc pursuant articl treati commiss letter date italian govern knew commiss regard public sharehold legal entiti order continu cartiera di arbatax activ aid commiss note context approv letter date novemb intervent encc favour forestri papermak research press lit billion capit provid encc nca conform italian legal disposit govern encc oper type intervent approv commiss oper sfir commiss request italian govern letter date march aid scheme appli framework procedur italian govern fail identifi specif aid scheme approv commiss basi sfir oper italian govern notifi aid grant pursuant articl eec treati commiss unabl make view measur implement aid illeg commun law date grant situat result breach legal requir aid paid recipi aid measur effect deem incompat common market case aid incompat common market commiss court justic confirm judgment juli case kohlegesetz march case tubemeus septemb case bug alutechnik requir member state recipi repai aid grant illeg vi competit manufactur newsprint commun trade newsprint member state commun import half newsprint countri data collect annual european confeder pulp paper board industri cepac itali produc tonn newsprint tonn tonn repres commun product commun consumpt capac tonn year newsprint nca import posit domest market itali import tonn newsprint tonn member state tonn tonn member state itali import tonn newsprint tonn member state itali export tonn newsprint tonn tonn countri observ framework procedur italian govern stress nuova cartiera di arbatax engag export effect measur question intra commun trade limit shut potenti import member state italian govern state product nuova cartiera di arbatax replac import member state final effect net increas import countri consumpt newsprint commun higher product capac context commiss note court justic rule case seb state aid undertak affect trade member state distort competit undertak compet product come member state export product situat exist overcapac sector issu member state grant aid undertak domest product reason maintain increas result circumst found exist commiss undertak establish member state chanc export product market member state aid affect trade member state distort competit aid italian govern grant nuova cartiera di arbatax affect trade member state distort competit newsprint manufactur mean articl treati vii articl eec treati lai principl aid characterist specifi incompat common market except principl concern provid articl eec treati appli case point natur object aid purpos articl eec treati maintain proper function common market account object set articl eec treati except principl incompat aid constru restrict assess aid scheme individu aid measur except appli commiss establish aid market forc suffici persuad recipi act achiev desir object appli except case contribut object aid purpos amount confer advantag industri firm member state financi posit artifici strengthen affect trade member state distort competit justif base common interest refer articl eec treati view aid decis relat qualifi except set articl eec treati except set articl eec treati concern aid intend promot project common european interest remedi disturb italian economi italian govern attempt justifi aid ground except provid articl aid promot develop area notabl except articl favour aid promot econom develop area standard live abnorm low underemploy commiss awar fact nuova cartiera di arbatax locat ogliastra nuoro island sardinia meet definit commiss gener oper aid compat common market decid march decis eec appli except articl law special intervent mezzogiorno inter alia temporari aid allevi transport cost sardinian compani letter date march inform italian govern decis initi articl procedur commiss invit italian govern inform aid nca applic region aid scheme favour compani invest transport cost framework procedur italian govern repli transport aid stop septemb intervent favour nca place basi law year point commiss note cartiera di arbatax subsequ nca benefit aid transport cost year nca receiv lit billion purpos commiss note nca restructur plan forese invest aid law grant lit billion invest foreseen phase plan includ invest place period amministrazion straordinaria commiss conclud disadvantag nuova cartiera di arbatax face due locat sardinia offset specif aid scheme region justif addit aid form capit subsid loan commiss opinion aid compani perspect viabil promot econom develop region set perspect lack nca lastli except set articl treati aid facilit develop econom activ aid advers affect trade condit extent contrari common interest commiss examin restructur plan cartiera di arbatax develop nca commiss note plan contain indispens element invest order reduc cellulos raw materi commiss contest restructur plan suffici make nca profit compani base aid sale price newsprint produc nca incompat common market point iv optimist invest foreseen plan carri time limit set social arrang led strike local standard protect environ met consequ nca reach product target produc tonn newsprint sold encc made loss lit billion year state loss expect amount lit billion framework procedur nca sfir recogn limit plan claim restructur plan nca drawn june juli nca explicitli request commiss judg compat intervent basi plan request italian govern meet nca letter date juli restructur plan submit commiss framework procedur commiss oblig assess plan basi aid grant lead nca situat profit reason set preced paragraph commiss conclud perspect viabil lack nca commiss note critic restructur plan share gepi analysi date octob commiss conclud aid grant nca permit continu cartiera di arbatax loss make activ effect bring profit exploit aid facilit develop newsprint industri serv artifici preserv nca oper aid aid continu product nca compens oper loss framework procedur italian govern claim newsprint product strateg sector commiss recogn import press commun access cheap newsprint concern justifi artifici mainten compani mean oper aid italian govern concern futur suppli newsprint press measur compat common market build stock newsprint acquir world market order bridg period short suppli viii conclus aid grant italian govern nca compat common market grant violat articl treati meet condit provid articl aid abolish aid grant repaid judgment court justic case boussac ground aid consist lit billion capit provid sfir encc juli interest subsidi differ interest charg refer rate itali lit billion loan grant sfir date decemb interest subsidi grant nca amount lit million case repay sum month set present decis interest subsidi lit billion loan increas supplementari amount lit million month delai repay made accord procedur provis italian law relat interest arrear state liabil interest start run date unlaw aid grant measur order restor statu quo remov financi benefit firm receiv unlaw aid improperli enjoi date aid paid judgment march case tubemeus ground adopt decis articl aid form lit billion capit grant aid lit million result interest subsidi loan lit billion grant compani nuova cartiera di arbatax illeg violat provis laid articl treati incompat common market mean articl aid form lit billion capit favour compani incompat common market articl articl italian govern abolish interest subsidi ensur aid lit billion lit million refer articl recov month notif decis lit million ad aid lit million month delai recoveri date present decis aid recov accord procedur provis nation law relat interest arrear payabl state liabil interest start run date unlaw aid grant italian govern refrain grant aid lit billion form capit refer articl articl italian govern inform commiss month notif decis measur compli articl decis address italian republ brussel novemb commiss leon brittan vice presid gazzetta ufficial della repubblica italiana oj oj rule case intermil date tubemeus date eni lanerossi alfa romeo date ecr ground ecr rule court justic join case leeuward papierwarenfabriek method applic articl region aid oj oj