commiss decis juli state aid spain implement plan implement restructur babcock wilcox españa sa notifi document number spanish text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur letter march spain notifi commiss capit inject esp million eur million wholli state own hold compani sociedad estat de participacion industrial quot sepi quot plan make subsidiari babcock wilcox españa sa quot bwe quot notif contain inform increas esp million eur million teneo sepi predecessor made bwe capit letter june commiss inform spain decid initi procedur laid articl treati respect measur commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment capit inject letter june spain notifi commiss capit inject esp million eur million bwe letter juli commiss inform spain decid extend articl procedur includ capit increas formal investig commiss decis extend procedur publish offici journal european commun commiss invit interest parti submit comment measur letter april spain notifi commiss arrang decid privatis bwe letter juli commiss inform spain decid extend articl procedur aid element identifi privatis arrang commiss decis extend procedur publish offici journal european commun commiss invit interest parti submit comment aid involv privatis arrang commiss receiv comment interest parti privatis arrang forward spanish author letter octob give opportun react spain comment receiv letter octob ii babcock wilcox españa sa establish bwe engin construct compani capit good sector wholli own subsidiari sepi bwe base basqu countri head offic locat bilbao product plant galindo vizcaya bilbao middl spain transit democraci bwe suspend payment bought spanish state workforc state ownership bwe steadi restructur process drastic scale activ orderli manner bwe abandon product roll stock hot roll steel steel cast larg part result workforc fell turnov halv period fall esp million eur million ordinari loss esp million eur million net posit incom esp million eur million half process restructur bwe slow compani began accumul debt ensu loss competit forc bwe adopt restructur measur estim cost enter account result moder profit record bwe earli gave heavi loss bwe emploi worker gener turnov esp million eur million final loss esp million eur million comput extraordinari cost esp million eur million bwe export product iii aid measur formal investig capit inject capit increas esp million eur million notifi intend financ earli retir scheme affect worker workforc reduct form part broad restructur programm aim restor viabil bwe consolid competit posit marketplac prepar privatis respect spanish govern inform commiss decis privatis bwe plan modernis spanish public sector privatis process start quarter select sepi advis dispatch invit tender potenti purchas payment sepi notifi capit increas breach prohibit articl treati commiss decid initi articl procedur april procedur open respect previou capit inject esp million eur million bwe commiss discov financi statement transmit notif capit inject discuss compani express interest bui bwe sepi sign memorandum understand norwegian group kvaerner april subsequ negoti kvaerner standstil due financi difficulti experienc time group novemb sepi decid close negoti kvaerner reopen privatis process decemb sepi shortlist potenti purchas suppli relev inform letter june spanish author notifi capit inject bwe esp million eur million fund aim increas bwe capit erod loss financ workforc reduct peopl requir potenti purchas juli commiss decid extend articl procedur includ capit inject formal investig sepi made illeg partial payment notifi capit increas breach provis articl june inject esp million eur million bwe esp million eur million septemb payment brought equiti bwe minimum level requir spanish commerci law continu busi privatis arrang februari sepi sign contract babcock borsig ag sale bwe letter april spanish author notifi arrang privatis bwe arrang sepi sell babcock borsig ag quot bb quot price eur million share compani creat newco select asset bwe transfer bwe transfer worker newco subsequ bwe liquid contract made condit inter alia authoris commiss aid previous receiv bwe transact privatis arrang regard constitut state aid june commiss decid extend articl procedur time order includ formal investig aid element identifi privatis arrang cash inject newco amount eur million payment newco eur million cost adapt activ transfer payment newco eur million invest train carri invest plan present bb coverag loss incur pre exist contract transfer newco estim cost esp million eur million coverag cost incur claim newco harm econom damag result event occur prior sale relat environment labour tax social secur issu oblig aris pension plan maximum liabil born sepi limit eur million spanish author compens payabl head coverag deficit liquid bwe estim cost esp million eur million potenti aid element involv decis set purchas price share newco eur million figur book select asset transfer iv comment interest parti commiss receiv observ parti respect extens articl procedur letter septemb provinci council vizcaya provinc basqu countri bwe locat drew commiss attent difficult condit busi activ carri basqu countri result terrorist violenc provinci council vizcaya claim prevail climat threaten industri base call commiss favour view aid aim maintain job except circumst letter septemb duro felguera spanish competitor bwe locat asturia urg commiss prohibit aid bwe ground creat undu advantag restructur largest spanish produc sector duro felguera stress harm effect aid intend restructur compani set commerci network comment spain spain submit observ formal investig letter octob februari april septemb septemb novemb novemb januari capit inject spanish author claim capit inject regard exist aid mean articl treati evid submit spanish author capit inject intend offset oper deficit separ fund administ pension right worker earli retir deficit question relat worker left compani period earli retir scheme negoti trade union sign februari year spain access european commun agreement prior authoris februari spanish public hold compani instituto nacion de industria ini predecessor teneo sepi respons financ cost connect specif measur purpos ini regist financi plan initi contribut esp million eur million time bwe virtual insolv show neg equiti balanc sheet separ fund entrust insur compani creat januari administ pension right ini contribut fund sum esp million eur million initi estim made insur cost earli retir scheme agre estim base averag circumst worker join scheme year insur compani announc final calcul contribut oper fund base individu circumst worker join scheme gave figur esp million eur million account financi prioriti ini decid cover deficit esp million eur million time ini transform public undertak renam teneo teneo clarifi number financi commit enter predecessor decid cover fund deficit ini paid end teneo ask insur compani recalcul deficit recalcul worker cover earli retir scheme agre show deficit esp million eur million increas deficit due technic paramet oper pension fund made relev legisl unlik origin calcul deficit recalcul made mortal tabl reflect longer life expect spain lower technic interest line decreas trend market rate order cover deficit juli teneo paid bwe esp million eur million capit inject formal investig bwe simultan transfer amount pension fund restructur notif capit inject includ extens industri restructur programm bwe programm bwe carri strateg reorient entir manufactur commerci activ lead privatis strateg plan base detail analysi situat prospect power gener market outlook bwe context strateg assess futur bwe conclud compani concentr suppli turnkei basi posit market integr supplier complex system essenti power equip sector concentr market commun basi bwe decid consolid posit turnkei plant supplier promot activ reduc activ tradit area compani busi refocu entir manufactur commerci activ product mix main activ suppli turnkei basi implement immedi number drastic measur adopt seri urgent polici area compani oper order adjust product capac target strateg plan reduc cost improv competit restructur measur involv larg reduct product capac reduct workforc workforc cutback achiev mean earli retir scheme affect person laid simultan measur reduc personnel cost increas product implement includ freez wage rigor control financi compens mainten number annual work dai applic level principl flexibl intern mobil multiskil retrain introduct work base function group addit bwe adopt polici optimis procur process develop qualiti plan aim introduc total qualiti manag tqm medium term set specif depart financi manag contract view reduc financi burden bwe conduct organ function reorganis manag compani structur streamlin rationalis cost workforc reduct esp million eur million partli cover million eur million capit inject essenti element strateg plan restructur bwe privatis compani spanish govern commit notifi capit inject accord commit spanish author proceed privatis bwe quarter privatis schedul substanti delai withdraw initi candid purchas kvaerner group purchas contract sign april sepi sign memorandum understand kvaerner negoti group agre sign purchas contract juli juli kvaerner ask postpon septemb refus sign kvaerner financi difficulti clear april group announc wide rang reorganis involv withdraw market face setback spanish author reopen delai privatis process novemb spanish author capit increas esp million eur million notifi constitut interim measur sepi implement make privatis restructur bwe measur intend restor bwe equiti erod loss minimum level requir nation commerci law continu oper financ workforc reduct worker requir potenti purchas shortlist reopen privatis process delai privatis process weaken bwe financi posit state order book deterior end bwe balanc sheet show neg equiti esp million eur million provis esp million eur million extra cost connect past labour forc reduct enter account part cost workforc reduct worker estim esp million eur million negoti shortlist bidder februari spanish author decid sell bwe babcock borsig ag bb februari sepi sign contract bb part purchas bid bb present spanish author industri plan supplement restructur measur undertaken bwe plan busi transfer newco deepen restructur concentr narrow servic product portfolio geograph focu reduc capac newco integr global strategi babcock borsig power gmbh bbp subsidiari babcock borsig group activ power gener environment equip busi newco oper babcock borsig power españa bbpe bbpe act region centr compet rcc market iberian peninsula latin america north africa industri plan base market survei demand abovement busi region detail assess competit posit bwe newco prior acquisit newco bbpe access bbp entir rang product technolog match local market demand newco bbpe longer depend licenc compani hitherto work reli group technolog product portfolio focu construct manag turnkei project main product rcc spain product handl turnkei basi joint ventur cooper agreement bbp work year invest plan relaunch busi transfer newco total budget amount eur million broken main head busi relaunch inform technolog real estat machineri ventur capit invest estim market share attain product line region cover rcc spain newco expect gener annual turnov eur million typic year broken export rate turnov newco bbpe emploi worker year forecast order intak profit loss newco bbpe tabl gt tabl gt tabl show ebitda newco bbpe expect gener payment adapt cost train invest eur million eur million commit sepi privatis arrang tabl show oper cash flow newco bbpe expect gener abovement state measur tabl gt tabl gt vi assess aid summari measur fund involv measur cover formal investig articl treati amount total eur million tabl summaris measur indic natur extent implement tabl gt tabl gt aid mean articl treati owner bwe teneo subsequ present sharehold sepi hold compani wholli own spanish state financi resourc state resourc commiss market economi privat investor principl benchmark determin public fund grant public undertak involv element state aid mean articl treati quantifi provis public fund compani form capit inject involv element state aid fund provid circumst accept privat investor oper normal market condit case thing financi posit compani structur volum debt normal return dividend capit gain expect reason time capit invest commiss set posit commun novemb applic articl treati articl commiss direct eec public undertak manufactur sector remind member state principl determin aid involv state measur court justic european commun upheld principl repeatedli order determin capit inject state aid court held examin compani question obtain financ capit market evid suggest beneficiari surviv public fund rais capit requir open market privat investor conclud payment constitut state aid inform commiss possess show publicli own hold compani teneo sepi decid make relev public fund bwe regard prospect adequ return bwe unabl rais fund capit market capit inject made financ supplementari cost stem workforc reduct agre bwe bear delic financi posit privat investor made fund bwe absenc drastic restructur measur capabl restor viabil time measur determin decis restructur bwe adopt ultim sharehold spanish state late present commiss restructur programm involv kei element privatis compani subsequ capit inject made fund commit privatis arrang decid assist restructur bwe facilit privatis measur deviat market investor principl spanish state expect normal return invest bwe privat investor oper normal market condit contribut monei busi intend sale view extrem financi difficulti verg bankruptci price neg market circumst privat investor bwe bankruptci spite account special circumst surround bwe view facilit sale restructur bankruptci proceed teneo sepi ultim sharehold spanish state decid provid fund assist restructur make privatis absenc fund bwe bear restructur cost view insolv bankrupt order determin aid element involv privatis arrang commiss note return expect cash payment commit spanish state offer present purchas newco share capit cash payment spanish state price paid buyer interrel babcock borsig undertaken pai eur million share newco spanish state commit provid cash payment newco eur million price eur million share newco deduct higher cash payment spanish state make newco creation order determin net aid involv privatis arrang final note commiss find aid element set nomin price eur million share newco net price minu eur million ongo busi bwe set tender process parti offer spanish state condit net term bid busi bwe costlier spanish state aid spain implement plan implement bwe amount total eur million competit strong power gener environment equip sector notabl turnkei project segment compani compet worldwid larg order bwe largest produc spain sector export product competit commun produc part newco integr babcock borsig group continu lead produc spain compet foreign market plan export turnov net state assist assess amount eur million constitut aid mean articl treati legal statu capit inject inform suppli spanish author demonstr capit inject constitut supplementari payment honour commit enter ini year entri forc treati spain partial paid capit inject constitut exist aid mean articl treati restructur bwe singl prolong process commiss assess case seri state measur implement year determin commiss face sequenc independ separ restructur measur singl prolong restructur process word commiss split assess assess state measur global case origin notif spanish author increas bwe capit accompani extens industri restructur programm programm bwe carri strateg reorient entir manufactur commerci activ concentr suppli turnkei system reduc activ compani tradit area busi seri drastic measur adjust product capac target strateg plan improv competit propos addit essenti element strateg plan commiss inform spanish govern formal decis privatis bwe accord plan modernis spanish public sector accord notif spanish author proceed privatis bwe mean intern tender time bwe implement reorient activ reduc capac privatis substanti delai unexpect withdraw bidder initi select spanish author face setback spanish author reopen privatis process delai capit increas constitut interim measur partli paid extent restor bwe equiti minimum legal requir allow bwe continu oper period find purchas complet privatis part aid element identifi privatis arrang constitut addit assist requir privatis bwe complet restructur origin plan notifi note restructur plan present bwe line constitut continu preliminari industri measur implement sepi purchas babcock borsig newco concentr narrow product servic portfolio geograph focu reduc capac commiss find capit increas privatis arrang line concept industri restructur notifi form part singl restructur process last longer origin expect reason spanish author control compat abovement state measur assist restructur process assess global note extens procedur cover capit inject expressli refer assess recit decis commiss state quot aid appear stage incompat common market capit inject financ measur design adapt bwe labour forc level commensur reason prospect futur reduc market presenc measur capabl restor long term viabil viabil ensur complementari measur commerci industri technolog field measur present case depend restructur programm purchas bwe put place sale compani state ultim compat capit inject aid cover initi open procedur assess light characterist restructur programm purchas bwe implement quot extens procedur cover privatis arrang commiss reiter view measur assess global recit decis commiss state quot spain remind essenti element assess ultim compat aid previou aid cover procedur restructur programm bwe activ purchas implement spain request submit commiss final term restructur programm negoti quot relev assess framework aid assess intend assist restructur compani difficulti compat assess light principl set commun guidelin state aid rescu restructur firm difficulti octob commiss publish rescu restructur aid guidelin replac version state measur assess adopt guidelin publish establish point version appli respect measur origin decis initi articl procedur respect capit inject decis extend procedur cover capit inject adopt guidelin decis extend procedur time cover privatis arrang adopt guidelin version forc privatis arrang notifi section point guidelin state quot commiss examin compat common market rescu restructur aid grant authoris breach articl ec treati basi guidelin aid grant public offici journal european commun basi guidelin forc time aid grant case quot case bwe esp million capit inject illeg paid septemb year entri forc guidelin octob found previou section state measur case constitut aid singl prolong restructur process partial payment capit inject public guidelin mean seri state measur assess guidelin compat capit increas aid element identifi privatis arrang assess guidelin state aid rescu restructur firm difficulti basic compat criteria restructur aid guidelin version incorpor addit principl repres tighten commiss polici field principl quot time time quot condit ban restructur aid newli creat compani capit increas combin previou restructur aid grant privatis arrang provid creation newco grant restructur aid compani point examin extent principl appli case quot time time quot condit section point guidelin state quot year elaps restructur period end implement plan halt commiss restructur aid except unforese circumst compani respons quot previous establish section measur decid spanish author form part singl prolong restructur process restructur condit refer end quot time time quot condit appli case bwe ban aid compani privatis arrang involv creation newco transfer bwe asset connect ongo busi grant newco substanti restructur aid examin extent abovement prohibit appli case ban aid newli creat compani introduc guidelin point quot purpos guidelin newli creat firm elig rescu restructur aid initi financi posit insecur case instanc firm emerg liquid previou firm take firm asset quot commiss consid prohibit appli present case state measur assess propos restructur constitut element singl oper assess capit increas privatis arrang line concept industri restructur notifi form part singl restructur process hand aid element identifi privatis arrang constitut addit assist requir privatis bwe complet restructur origin plan notifi ban aid newli creat compani guidelin forc commiss adopt origin decis initi articl procedur extend procedur time commiss view preparatori instrument prior decis extens articl procedur commiss state compat aid grant restructur bwe assess global light characterist restructur programm purchas present extens articl procedur commiss decid bwe newco form singl entiti purpos assess state aid commiss posit account specif factual procedur circumst case extens spite fact guidelin includ ban aid compani forc commiss reiter posit compat aid propos privatis arrang includ restructur aid newco assess aid previous grant take account characterist restructur programm purchas ongo busi bwe present addit commiss consid compens potenti undu effect aid receiv past bwe propos privatis arrang respons ongo busi bwe recit decis commiss state quot commiss note point assess artifici transfer newco ongo activ bwe remain shell compani outstand debt liquid purpos spanish author circumv escap full applic state aid rule newco consid liabl recoveri order commiss decid respect aid cover origin articl procedur extens identifi bwe moment beneficiari assess compat aid detach aid measur design assist ongo busi transfer newco quot complianc gener condit authoris restructur aid commiss consid restructur aid contribut develop econom activ advers affect trade extent contrari commun interest mean articl treati fulfil compat condit set guidelin state aid rescu restructur firm difficulti commiss authoris restructur aid strict criteria met restor viabil ii aid limit minimum iii avoid undu distort competit iv signific contribut beneficiari restor viabil guidelin aid link implement beneficiari restructur plan base realist assumpt capabl restor viabil reason timescal purchas select spanish author busi bwe lead engin capit good supplier firm world babcock borsig ag bb annual sale eur million emploi peopl sharehold provid group sound financi base preussag ag largest industri servic group germani own bb capit sharehold hand westdeutsch landesbank own preussag power gener environment equip busi develop babcock borsig group subsidiari babcock borsig power gmbh bbp acquisit competitor steinmüller germani austrian energi austria nem group netherland bbp largest supplier gener environment equip world abb gener electr siemen westinghous mhi annual sale amount eur million emploi peopl purchas bb newco renam babcock borsig power españa bbpe back financi technolog strength parent group progress regain custom confid industri busi plan prepar bb newco order book grow eur million year level typic year eur million year privatis sale gradual develop restructur period eur million year reach target volum eur million year privatis newco bbpe break year oper restor financi ratio reason timescal newco restructur plan base assess posit sector oper forecast base realist assumpt attain base drastic scale exist busi bwe substanti reduc product capac fix cost essenti target short term commerci viabl newco bbpe stabilis moder diminish posit bwe spanish market continu develop presenc south america north africa integr newco bb expansionari project redistribut product babcock borsig power group serv spain newco free product capac serv european market industri concept design bb newco bbpe aim provid newco technolog offer parent group order address heat recoveri steam gener segment achiev attract posit market emerg spain technolog support parent group provid newco bbpe financi mean requir face difficulti inher restructur viabl bb undertaken privatis arrang make cash contribut newco maintain time year period level equiti requir develop restructur programm arrang provid minimum equiti level maintain newco bbpe eur million commiss take view restructur plan bwe newco satisfi viabil criterion ii aid limit minimum amount intens aid limit strict minimum need enabl restructur undertaken open transpar uncondit tender procedur spanish author sell bwe ensur aid propos privatis arrang minimum cost incur spanish state restructur bwe inform submit spanish author tender process demonstr compani interest bui bwe opportun bid bwe sold highest bidder commiss verifi capit inject prior privatis arrang cover cover cost relat seri drastic cutback bwe workforc viabil restor lastli note respect larg proport aid examin case intend cover social cost restructur eur million spanish state spend assist restructur eur million basic financ earli retir scheme set guidelin commiss posit approach aid cover social cost restructur bring econom benefit interest firm concern respect worker affect restructur measur aid disregard purpos determin extent measur adopt avoid undu distort competit iii avoid undu distort competit assess potenti compat restructur aid commiss carefulli examin liabl produc advers effect competitor examin potenti inadmiss effect aid measur individu term commiss impos measur mitig potenti undu effect aid competitor effect individu aid measur sale newco highest bidder open transpar uncondit tender procedur ensur aid grant framework limit minimum requir make privatis restructur procedur ensur aid assist measur undu effect examin individu capit inject bwe total eur million aid assess basic cover cover social cost restructur spanish author intend spend eur million cover liquid deficit bwe conting relat past contract aid intend offset past financi burden bwe paid bwe liquid shell compani oper newco provis proof loss origin past contract circumst individu aid measur liabl produc undu collater effect competitor addit grant eur million paid newco partli financ work capit requir start oper eur million offset neg oper cash flow year oper eur million order prevent aid measur undu effect effect payment exce level neg oper cash flow record newco commiss consid make payment aid condit provis newco proof anticip neg cash flow record lastli privatis arrang provid spanish author pai eur million grant assist invest made newco tabl show year invest plan amount eur million bb undertaken carri privatis contract final agre parti broken invest object tabl gt tabl gt detail assess invest plan assist expenditur quot busi relaunch quot quot inform technolog quot quot real estat machineri quot head basic intend restructur newco industri base eur million expenditur quot invest quot head includ financi invest newco intend make equiti creat joint ventur intend conclud project contract form futur turnov capit good sector turnkei project busi dynam subsector newco intend gener expect turnov administ project contractor creat joint ventur carri multipl function phase project negoti potenti custom bid place order financ construct guarante period case depend order type mainten oper project object contract joint ventur corpor form temporari consortia commerci interest group establish control project main contractor count particip supplier subcontractor unlik aid item invest plan expenditur newco equiti joint ventur disburs close market joint ventur question form part commerci polici compani design acquir busi administ project won aid grant spanish state financ invest give newco undu commerci advantag competitor aid easili newco undercut bid made competitor exclud competit commiss authoris aid propos privatis contract invest ventur capit view high risk creat distort competit privatis contract grant amount eur million award respect eur million invest schedul invest plan commit made global amount aid item invest plan commiss proce calcul aid invest ventur capit basi assumpt case aid specif invest item plan calcul proport budget approach implicitli assum total aid distribut evenli item penalis item includ invest plan train expenditur commiss compar higher aid intens invest commiss regul ec januari applic articl ec treati train aid exempt intens aid gener train scheme larg firm establish area elig region aid pursuant articl basqu countri quot busi relaunch quot head invest plan includ gener train measur total eur million field technolog implement project manag certif languag train constitut decis element success restructur view special improv updat skill bwe workforc commiss consid reason case accept financ cost abovement gener train measur worker newco emploi gross term purpos calcul incompat aid invest plan expenditur eur million measur aim regain custom confid includ inform session workshop worker manag supplier subcontractor babcock borsig group product technolog present includ advertis campaign specialis press present compani project commiss consid measur constitut prerequisit success restructur accept elig aid gross term produc undu effect competit remain measur invest plan total eur million constitut normal invest enter newco balanc sheet commiss consid remain propos aid eur million distribut evenli order calcul aid eur million invest joint ventur assumpt incompat aid ventur capit amount eur million spanish author refrain pai newco effect assist restructur tabl summaris evolut bwe newco capac restructur process assist spanish state tabl gt tabl gt workforc reduct accompani industri measur implement bwe produc substanti reduct capac compar situat end measur reduc workforc product capac part industri concept bb implement newco involv reduct bwe workforc capac term complet industri plan newco smaller bwe term employ smaller term product capac figur reflect elimin idl capac abandon loss make activ field desalin water treatment equip steel sector pipe gear crane valv compon high pressur vessel heat exchang pyro tubular boiler medium low pressur liquid ga contain metal structur light boiler airport equip result workshop area abandon relev machineri equip scrap sold newco market presenc lower bwe restructur tabl show evolut bwe workforc sale forecast turnov newco year industri plan tabl gt tabl gt commiss find propos restructur bwe newco involv substanti reduct capac limit market presenc mitig advers effect aid competitor commiss consid impos specif measur respect iv signific contribut beneficiari lastli accord rescu restructur aid guidelin aid beneficiari purchas expect make signific contribut restructur plan resourc tabl show cost restructur measur restor bwe busi viabil show respect contribut spanish state sepi babcock borsig newco make financ measur tabl gt tabl gt row tabl repres cost workforc reduct financ capit inject total esp million eur million newco requir initi fund eur million privatis arrang bb pai eur million share newco spanish state supplement amount eur million make newco initi fund newco record total neg cash flow eur million year oper cover spanish state mean eur million grant commit sepi privatis arrang industri plan newco minimum eur million invest eur million financ grant spanish state eur million babcock borsig present decis prohibit grant eur million aid invest ventur capit amount deduct state contribut ad cost bb necessarili financ note invest field vital import newco channel intend gener futur turnov target market segment turnkei project spanish state wholli financ deficit liquid bwe transfer newco select asset worker estim deficit exclud dismiss remain worker comput eur million spanish state financ final loss contract transfer newco initi estim cost eur million head technolog tabl reflect estim term licenc royalti transfer technolog privatis arrang babcock borsig make newco freeli year oper replac contract group hitherto provid technolog knowhow bwe product addit year period central headquart bb germani provid free servic newco estim cost eur million lastli creation region compet centr spain requir invest newco eur million addit origin commit invest plan commit term restructur bwe activ requir requir fund total eur million invest bwe newco eur million born spanish state eur million babcock borsig newco short babcock borsig bear cost restructur bwe newco top babcock borsig undertaken privatis arrang make contribut cash newco maintain time level equiti requir develop industri plan understood minimum level newco equiti eur million equal share capit commiss take view newco purchas bb assum risk restructur make signific contribut resourc vii conclus view forego consider commiss find spain refrain pai newco grant eur million aid invest ventur capit aid distort competit trade extent contrari common interest adopt decis articl esp million eur million increas capit babcock wilcox españa sa carri teneo constitut exist aid mean articl treati articl increas capit babcock wilcox españa sa esp million eur million esp million eur million decid sepi constitut aid mean articl treati increas unlawfulli grant breach articl treati sum esp million eur million increas disburs aid meet condit exempt articl treati set commun guidelin state aid rescu restructur firm difficulti compat common market articl measur spain propos implement arrang privatis babcock wilcox españa sa consist cash inject newco amount eur million payment newco eur million cost adapt activ transfer payment newco eur million invest train carri invest plan present babcock borsig coverag ultim loss contract transfer newco estim cost esp million eur million coverag maximum eur million cost incur claim newco harm econom damag result event occur prior sale relat environment labour tax social secur issu oblig aris pension plan coverag deficit liquid babcock wilcox españa sa estim cost esp million eur million constitut aid mean articl treati aid measur point aid measur point limit effect neg cash flow record newco year oper aid measur point maximum amount eur million meet condit exempt articl treati set commun guidelin state aid rescu restructur firm difficulti compat common market articl aid amount eur million refer articl cost adapt activ transfer newco paid submiss beneficiari proof neg oper cash flow record end year oper articl aid propos privatis arrang invest newco ventur capit amount eur million meet condit exempt articl treati incompat common market aid implement spain refrain pai amount articl industri plan present commiss fulli implement spain submit commiss annual report give inform commiss order monitor implement industri plan accord point commun guidelin state aid rescu restructur firm difficulti report submit month date decis articl spain inform commiss month notif decis measur compli articl decis address kingdom spain brussel juli commiss mario monti member commiss oj oj oj capac reduct detail recit busi secret invest plan detail recit oj oj oj oj guidelin extend notic publish oj oj recit recit recit recit point guidelin tabl recit point guidelin point guidelin point guidelin tabl recit oj point guidelin recit tabl includ cost link conting environment labour tax social field limit eur million disburs expect made head estim correspond usual market price expect turnov year oper