commiss decis juli increas capit credit guarante tax exempt favour tap transport aéreo portugues portugues text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof notic accord articl interest parti submit comment regard comment letter januari regist commiss secretariat gener januari portugues author notifi commiss articl treati intent increas capit nation airlin transport aéreo portugues sa hereinaft refer tap aid regist notifi aid februari commiss portugues author enclos notif copi restructur programm call strateg econom financi restructur plan hereinaft refer plan portugues author tap previous announc intent grant aid tap meet held relev offici commiss director gener vii transport januari brussel meet portugues govern invit commiss request tap inform assess aid applic tap provid addit inform portugues english version report banco portuguê de investimento bpi barclai de zoet wedd bzw hereinaft consult restructur strateg option tap letter commiss propos portugues govern articl treati adopt measur abolish tap exempt taxat commiss state propos portugues govern fail adopt measur open articl procedur regard tax exempt portugues govern inform commiss intend address question framework forthcom restructur programm fact abovement plan portugues govern suggest abolit tax exempt end restructur end commiss decid open articl procedur regard abovement aid measur inform portugues govern decis letter march letter publish offici journal european commun parti invit comment dai public portugues author repli commiss letter letter april regist commiss april unit kingdom sweden finland denmark norwai number european airlin establish unit kingdom tap trade union submit comment procedur comment duli transmit portugues govern june portugues author held meet brussel compet offici commiss director gener vii meet provid letter repli parti comment inform transmit letter june regist commiss june ii plan approv portugues govern sole sharehold airlin gener sharehold meet januari plan aim restor econom financi structur compani period year end plan compani recapit increas capit esc billion ecu million carri tranch govern increas airlin capit take respons outstand loan amount esc billion ecu esc billion ecu esc billion ecu esc billion ecu grant aid portugues govern tap subject condit approv commiss capit increas realiz measur foreseen plan relat achiev forecast oper result rigor control cost termin end period applic plan rang tax exempt tap enjoi portugues govern guarante plan airlin credit oper total amount esc billion ecu esc billion ecu esc billion ecu esc billion ecu portugues author grant credit guarante tap ail financi posit increas capit spread year period end period tap achiev financi situat credibl bank institut tap total amount forecast tax exempt exempt incom tax stamp duti period esc billion ecu iii nation tap own portugues govern tap import portugues air carrier aeroplan includ schedul fleet employe end turnov esc ecu smallest nation airlin commun tap activ consist air transport handl mainten compani import busi air transport air transport turnov repres total oper revenu tap start focu abovement main busi activ sell close loss make compani airlin air atlanti ceas activ present liquid airlin euroair declar insolv end tour oper rn tour sold end januari present tap relev particip stake cater compani cateringpor capit previous own tap sold novemb commun tap home market peripher small portug leisur destin character low yield traffic tap face competit charter airlin schedul airlin deposit limit size tap oper heterogen network import market europ oper concentr domest market compris rout atlant autonom region azor madeira portugues govern impos public servic oblig addit tap oper number north atlant rout gener loss make rout central south america import sector airlin network african consist rout portugues coloni rout east present oper tap serv vari network tap mix fleet aircraft oper end type aeroplan fleet aircraft ab ab averag ag fleet leas entireti year fact small fleet consist type aircraft ineffici creat problem crew flexibl train invest spare special equip tap airlin main problem network reli heavili tradit market portug oversea domest market state character low yield traffic rout portugues coloni polit instabl gener riski market case lost lucr rout structur properli adapt develop market mention airlin ineffici mix aircraft airlin suffer low product portugues author expressli recogn whichev angl analys present tap product ratio figur consist main european competitor situat put compani clear disadvantag take account averag journei length factor direct bear airlin product ratio tap product competitor tap poor product gener high cost low revenu structur compani overstaf badli organ oper type aircraft past tap pursu sound commerci polici regard price product success airlin sought high load factor profit orient tariff appear import fill plane consolid margin price optim oper result tap handl sector emploi employe benefit monopoli parti busi madeira major portugues airport portugus airlin allow handl ramp passeng tap mainten oper employe activ devot airlin sector suffer recent year gener depress aviat industri appear room effici improv refocus busi line compani busi plan tap experienc financi crisi end airlin total asset esc million total liabil esc million equiti neg minu esc financi year situat deterior equiti end financi year minu esc ratio equiti long term liabil fix asset balanc financi situat higher demonstr tap capit structur fundament weak invest fix asset easili convert cash financ short term borrow neg equiti tap gear ratio wors european competitor weak financi structur due heavi accumul loss erod airlin capit stress nation tap consist loss make neg oper result tap make loss major network tap made profit rout rout show loss exceed revenu tap financi difficulti began compani lost transport monopoli rout portugues coloni africa character intens traffic high load factor yield profit tap wors situat major european competitor overcom situat adopt restructur plan redress econom viabil compani bring financi ratio prudent limit portugues author perfectli awar present situat indefinit maintain lead irrevers collaps activ strong effort recapit long effort accompani strong measur restructur redimens iv board director tap appoint end undertaken measur order initi recoveri process airlin restructur organ ground handl mainten engin depart recent transform manag autonom profit centr activ minor servic depart incorpor secretariat gener economi scale acquisit good servic administr servic oversea offic transfer head offic personnel portugues govern issu march instrument set administr labour regul measur provid portugues law set work condit relat tap staff april estim implement regul bring annual reduct labour cost close esc billion wage frozen job elimin measur effect reduc cost esc billion fleet tap renegoti successfulli term aircraft leas contract liquid afili air atlanti aircraft return leas tap leas air atlanti tap warranti leas tap subsequ subleas subsidiari increas fleet offset dispos termin leas contract associ compani point tap reanalys polici ownership dispos unprofit restructur plan forward commiss examin repres develop measur undertaken portugues govern inform commiss document establish basi consult report commiss chapter report analys strateg scenario develop board director govern futur tap option rang scenario continu lead collaps oper scenario reduct drastic decreas employe shrinkag aircraft period option forese tap serv set geograph market consult report includ financi analysi scenario estim scale recapit requir scenario portugues govern base plan scenario present consult option scenario aim redress airlin econom financi situat period year product target plan consist reach ratio tonn kilometr atk empoye tap employe atk employe exclud employe mainten handl divis work parti flight personnel plan aim reach cockpit crew upper target ratio revenu hour annum technic staff cabin crew target passeng kilometr apk cabin crew govern plan target achiev reorgan compani implement decentr structur reduc bureaucraci improv campani capac reaction object attain focus tap core busi air transport run activ initi mainten handl sector autonom profit centr implement integr manag compani own tap reduc personnel scheme earli retir pre retir sever labour contract mutual consent plan forese reduct personnel employe employe loss peopl creat spirit auster reduc unnecessari expens respect work regul modifi achiev flexibl invest made main area oper direct outcom result plan tap close branch north america sole except york bring elimin job cost cut esc million year tap intend invest portugues coloni africa mozambiqu sao tome guinea bissau import frozen fund invest portugues coloni macao tap plan bui stake local airlin air macao start oper begin adapt commerci activ market condit order offer competit product respect tap ration network abandon number rout focus activ european sector tap elimin network chronic unprofit rout oper season schedul carrier north atlant sector tradition loss make tap airlin discontinu rout york tap contempl enter associ agreement american carrier continu serv rout abandon tap central southern atlant african sector tap gener maintain present network east tap wish start fly portugues coloni macao chosen scenario tap reduc fleet aircraft make full tap sale capac number newli acquir comput system improv airlin intern organ improv revenu reduc cost tap develop cash manag system central manag bank depart complet implement system inter alia minim financi expens optim manag account balanc wish implement full yield manag system acquir end order maxim revenu intend full possibl improv capac comput reserv system regard sale manag market analysi introduc coher system analyt account reorgan account system traffic revenu improv qualiti daili revenu control recapit consult stress kei element recoveri plan provid tap financi strength suffici servic current futur debt margin safeti enabl borrow stand basi govern support consult assum wage pace project portugues inflat rate capit inject esc billion plan place june esc billion fund tap unfund pension liabil requir conclus consult state success implement measur assum scenario suffici achiev effici level need surviv consult point tap critic mass surviv competit environ establish creation common aviat market tap longer term compel seek strateg allianc allianc foreign industri partner allianc sought tap repair financi situat consequ success implement plan restructur measur respect stress restructur plan exclud possibl tap enter futur joint ventur kind associ agreement intern carrier state contact made identifi suitabl european american partner state plan budget difficulti esc billion increas capit place tranch govern guarante airlin borrow amount consequ recapit plan forecast tap achiev financi autonomi ratio equitii total asset equiti oper result posit airlin make profit commiss decid open articl procedur doubt need clarif point plan adequ enabl tap elimin problem restructur period effici air carrier product effici target plan tap competitor achiev appear insuffici restor viabil recapit set plan suffici bring airlin financi ratio prudent limit gradual reduct personnel payment capit inject tranch capit increas made scenario submit consult jeopard object plan compens deficit incur fulfil public servic oblig requir rout atlant island azor madeira lead substanti loss impair success plan aid affect trade condit extent contrari common interest vi interest parti comment case express doubt adequaci restructur measur plan concern aid tap anticompetit purpos aid tap dump fare capac european rout detriment competitor portugues author encourag competit open handl activ parti portugues airport comment submit portugues author provid inform develop plan repli point rais open procedur summar product target atk employe atk employe achiev year plan repres growth year plan exclud total number personnel employe total workforc work exclus parti mainten handl area figur reach regard adequaci recapit modal assumpt plan consult studi plan base recent accur data consult recommend capit inject esc billion scenario base averag wage increas year plan base wage freez averag yearli increas period save expect measur esc billion price save expect measur esc billion price save expect tap pre retir scheme consult cost result negoti reduct tap workforc employe year amount esc billion pre retir scheme actual cost expect tap esc billion esc billion lower forecast consult discount factor net present esc billion inject tranch forecast plan esc billion june price ad amount differ esc billion esc billion result wage freez pre retir scheme obtain total esc billion similar forecast consult show inject payment aid tranch equival solut regard time capit inject import reconcil compani financi capac owner mean recapit carri basi instal assumpt debt portugues govern consid capit level attain suffici support structur enabl compani attain gradual sustain balanc situat convict reli forecast evolut oper result indic reflect compani real perform oper result present neg improv gradual restructur period posit esc billion increas fold year consider show differ implement plan compar scenario assum consult affect achiev final target laid consult studi regard advers effect aid trade competit tap aid pursu expansionist strategi increas capac dump tariff tap increas market share area present oper fleet reduc aircraft acquisit ab aircraft impact compani suppli european market aircraft oper long haul rout european market suppli measur seat reduc seat seat reduct repres decreas suppli european market time market expect grow year tap intend discontinu rout includ rout oper air atlanti restructur period tap intend open european rout object ration network respons unit kingdom competitor portug maintain tap market share portug unit kingdom small tap carri total number passeng carri portug unit kingdom schedul traffic tap price leader rout portug unit kingdom match tariff appli unit kingdom airlin gener tap share total european passeng carri airlin member aea associ european airlin small market share tap plan discontinu oper european rout forecast increas capac averag forecast intern air transport associ iata restructur period intend open rout european market virtual imposs maintain tap recoveri affect competit situat european competitor portugues author submit clarif handl slot alloc tap handl monopoli portugues airport airlin allow handl portugues author receiv complaint slot alloc portug airport coordin dgac director gener civil aviat tap charg supervis coordin timet airport capac regard public servic oblig rout atlant island azor madeira oblig jeopard futur recoveri state commit compens tap portugues govern prepar follow public tender procedur pursuant criteria laid articl council regul eec market access select airlin januari provid transport servic mainland azor madeira worth note azor exclud scope abovement regul portugues govern intend submit public servic oblig scheme public tender mention end portugues govern inform commiss half content public servic oblig public offici journal european commun portug author type schedul flight rout countri azor fact island exclud abovement regul connect portug confirm liber schedul air transport commun airport azor refer servic cover definit schedul air servic pursuant regul eec includ seat charter charter schedul flight portugues mainland madeira azor author provid conflict exclus concess schedul flight valid virtu articl abovement regul portug commit author total partial acquisit sharehold eea airlin restructur period commit prejudic airlin continu endeavour find airlin partner associ cooper agreement complement network regard ineffici tap mix fleet medium term ineffici attenu fleet consist boe oper medium rang rout airbu long rang situat european airlin portug initi procedur lead partial privat tap capit accord model defin vii articl treati articl eea agreement hereinaft refer agreement provid aid grant state state resourc form whatsoev distort threaten distort competit member state favour undertak product good incompat common market agreement affect trade member state contract parti treati agreement establish principl neutral regard system properti ownership exist member state principl equal public privat undertak articl treati agreement consequ principl commiss action prejudic promot public entiti inject capit undertak commiss investig financi intervent public fund compani prevent member state state aid harm fair competit common market present case portugues govern intend increas tap capit esc billion wish guarante tap credit oper defin amount year restructur period portugues govern issu credit guarante enabl tap renegoti credit facil tap benefit exempt tax applic portug opportun examin separ capit increas guarante tax exempt relev provis treati increas capit determin state aid involv capit inject public fund commiss base assess market economi investor principl principl state aid involv fresh capit contribut circumst accept privat investor oper normal market economi condit court justic behaviour privat investor intervent public investor compar privat hold privat group structur global sector polici guid profit perspect longer term portugues author duli notifi commiss pursuant articl treati project capit increas aid favour tap notif maintain privat investor condit market economi long rang outlook make invest ident state propos make consist perspect profit period implement restructur programm commiss share portugues govern opinion present case commiss consid ration privat investor take due account ail financi structur portugues airlin agre invest monei tap recal plan oper result posit compani attain posit net result profit outlook huge amount debt accumul loss burden airlin financi account chapter iii dissuad privat investor invest monei tap imposs expect normal return invest reason period time commiss consid notifi capit increas aid guarante letter april member state commiss inform attitud state guarante commiss consid borrow guarante state directli state deleg financi contribut fall scope articl treati commiss accept guarante contractu link specif condit compulsori declar insolv recipi undertak similar procedur commiss inform member state instanc grant state guarante notifi articl treati grant made pursuant exist gener guarante scheme specif measur guarante scheme commiss made clear intend examin scheme establish guarante case guarante grant scheme letter octob portugues govern notifi commiss intent guarante tap borrow maximum amount restructur period guarante grant scheme specif aid enabl tap borrow monei continu oper surviv state guarante commiss opinion aid element involv differ rate borrow pai normal commerci condit obtain guarante net premium paid guarante light airlin financi difficulti commiss consid financi bank institut lend monei tap state guarante portugues author justifi guarante confirm end period compani show credibl financi situat bank institut tap borrow monei bank reli govern commit tap amount aid involv state guarante equal amount monei borrow guarante portugues govern issu comfort letter cover bank loan comfort letter enabl tap obtain credit facil portugues foreign credit institut comfort letter assur lender govern airlin improv tap borrow posit consid guarante charact undisput portugues govern tax exempt tap enjoi tax exempt fiscal privileg establish access portug commun tax exempt individu aid reduc burden undertak bear tax exempt undertak benefit competit advantag competitor benefit similar privileg portugues govern inform commiss abolish tax exempt end restructur period compani estim total amount exempt period esc billion tax exempt consid aid measur framework restructur plan tap airlin oper european rout consequ liber common air transport market competit intens project capit increas credit guarante tap receiv direct competit advantag competitor enjoi facil aid distort competit common market aid affect trade eea grant compani oper air tranpsort sector involv natur tran border oper commiss believ notifi capit increas credit guarante includ notifi guarante form comfort letter tax exempt aid scope articl treati articl agreement guarante notifi commiss pursuant articl treati aid tap consid compat common market pursuant articl treati articl agreement aid correspond hypothes provis articl treati articl agreement provid except respect aid promot facilit develop region portugues author maintain notif aid consid compat common market region aid aid air transport fundament context region develop portug peripher favour countri context commun left consequ disappear flag carrier highli depend carrier base abroad compromis strengthen econom social cohes disappear tap add increas number unemploi peopl portug time protect employ prioriti polici commun commiss accept portugues govern argument aid favour tap open region scheme access undertak oper portug capit increas guarante ad hoc measur aim financ restructur measur true tax exempt region charact derog pursuant articl treati articl agreement appar aid intend promot execut import project common european interest promot cultur heritag conserv portugues govern invok provis notif viii regard except pursuant articl treati articl agreement aid facilit develop econom activ commiss restructur aid compat common market meet number condit eigth report competit polici point condit context principl enunci abovement articl aid requir develop activ standpoint commun aid advers affect trade condit extent contrari common interest criteria interpret sector aviat context memorandum march develop commun polici air transport final stipul commiss case decid accord articl aid grant individu airlin financi difficulti provid condit met aid form part programm approv commiss restor airlin commerci viabil reason short period expect oper viabli aid aid question transfer difficulti member state rest commun aid structur transpar verifi take account increas competit progress liber air transport adopt liber packag council regul eec eec eec commiss follow strict polici control state aid order avoid effect contrari common interest articl portugues govern maintain aid qualifi derog plan programm aim restor viabil compani compani end restructur financi autonom partli privat plan transfer tap difficulti competitor imposs pursu polici expans addit compani decreas suppli reduc fleet abandon number rout europ tap problem caus explain portugues govern ineffici manag past oblig airlin compli oner public requir conflict commerci interest structur restructur programm restor airlin viabil medium term adapt competit environ creat achiev commun liber process commiss verifi condit laid articl treati articl agreement fulfil ass aid compat common market commiss verifi present situat civil aviat industri half civil aviat industri appear virtual recov econom crisi trigger gulf war half passeng traffic increas sourc aea strong growth trend confirm result record month januari march passeng traffic grew period year posit result european airlin loss make main loss li worldwid econom recess amplifi effect gulf crisi tremend effect air transport sector sensit gener level econom activ passeng travel busi class tradition high yield sector activ seek lower tariff contribut poor financi result airlin factor neg affect result compani repres invest aircraft end basi optimist commerci programm deliveri aeroplan caus overcapac import increas suppli match increas demand airlin load factor suffici achiev commerci viabl oper order fill aircraft oblig offer promot fare winter season prospect european aviat industri medium term posit forecast annual increas traffic iata annual report overcapac light date temporari phenomenon overcom commun commiss forward civil aviat europ final confirm steadi increas load factor month light commiss consid european air transport market affect structur capac crisi state aviat industri requir gener capac cut back commiss assess plan pursuant articl treati articl agreement basi evid provid portugues author chapter vi commiss consid restructur tap contribut develop air transport activ peripher area eea respect commiss fulli understand tap role largest portugues air carrier entrust oper rout portug rest eea portugues coloni basi inform clarif provid portugues author articl procedur commiss reach conclus plan suffici structur correctli implement bring genuin restructur substanti fact effici product target commiss opinion product target atk employe exclud employe respons parti mainten ground handl activ object realist repres accept figur respect recal tap handl mainten depart larg tap mainten handl servic parti larg degre basi inform parti work european airlin mainten handl sector compar effici tap aviat busi exclud mainten handl core busi european airlin averag fact tap aim increas effici measur atk employe exclud handl mainten appear accept target compar averag level effici major european airlin achiev atk employe exclud mainten handl assum airlin consider increas product year tap effici target compar favour develop expect commun carrier commiss acknowledg plan present govern scenario examin consult base part necessarili incompat assumpt plan base assumpt yearli wage increas averag yearli increas period consult assum averag wage increas year import factor repres save tap pre retir scheme account consult pre retir scheme entail cost esc billion esc billion lower cost forecast consult esc billion paper drawn consult regard preliminari studi account portugues author draft plan compani greatli improv oper result reflect real oper perform restructur period oper result neg show steadi improv period restructur posit fact net result reach posit explain financi charg tap bear year plan success implement plan tap wipe short term liabil achiev interest cover ratio oper result financi charg figur appear accept term restructur final end year aid examin grant restor financi balanc enabl airlin achiev financi situat credibl financi institut doubt recapit compani neg net worth borrow stand basi essenti element restructur plan portugues govern consid aid proport restructur suffici financ return commerci viabil tax exempt abolish end restructur commiss take note statement point aid durat plan guarante commiss note tap rais part fund restructur requir term condit letter april adher commiss note commit portugues author initi procedur lead partial privat tap portugues govern provid figur show tap successfulli implement plan month plan oper result quarter minu esc millon actual oper result minu esc million implement social measur plan commiss note steadi progress job reduct discuss union basi commiss consid posit assess plan question commiss assur plan correctli implement accord abovement object end portugues govern agre report commiss progress tap restructur programm report submit commiss week payment fourth instal order give commiss opportun comment regard method calcul compens deficit rout atlant island portugues author shown method involv compens equal slightli lower deficit incur chosen method lead substanti loss jeopard success restructur light forego commiss consid tap restructur contribut develop air transport sector european point view commiss verifi aid affect trade condit extent contrari common interest light state european air transport industri characterist plan commiss conclud possibl aid advers affect competit posit tap competitor specul real explain clarif assur provid portugues govern chapter vi enabl commiss rule possibl aid advers effect competit regard commerci strategi commiss note tap market share expans object intend open european rout object ration network abandon number european rout airlin reduc total market share capac measur term seat european market consider reduc seat seat reduct reflect decreas suppli european market time market expect grow substanti fact tap suppli million apk forecast european market increas capac million apk million apk million apk million apk growth forecast increas traffic industri statist aea rb counti forecast model june traffic increas year repres restructur period readjust annual basi case real growth relev eea market lower tap growth commiss take note tap forecast suppli consid abovement ceil adher avoid risk aid detriment posit tap competitor commiss obtain assur portugues govern aid restructur purpos bui addit sharehold eea airlin commiss take duli note assur commit portugues govern implement rule access common aviat market interpret provis commiss opinion remov constraint protect tap competit repres compensatori justif grant aid serv common interest pursuant articl treati articl agreement portugues govern confirm liber schedul transport commun airport archipelago azor refer servic express regul eec includ seat charter charter mean type air servic author notwithstand azor temporarili exclud applic regul eec reaffirm determin willing follow public tender procedur connect portugues mainland island madeira azor accord articl regul eec intent portug inform commiss half content oblig public servic order publish offici journal european commun respect commiss recal articl regul mean content public servic oblig separ publish offici journal european commun public european carrier declar readi fulfil public servic oblig oper servic offer public tender singli group rout european air carrier entitl oper air servic regard tap monopoli ground handl commiss lack liber measur commun level satisfi fact airlin handl portugues airport ix light aid grant portugues govern tap form increas capit borrow guarante exempt taxat restructur period benefit exempt pursuant articl treati articl agreement provid condit fulfil adopt decis articl aid favour tap grant period form capit increas esc billion paid tranch borrow guarante maximum esc billion tax exempt aim restructur accord plan commit portugues govern includ partial privat compat common market eea agreement pursuant articl treati articl agreement provid payment fourth tranch subject tap achiev forecast oper result tax exempt favour tap abolish end restructur period decemb borrow guarante compli condit laid commiss letter member state april tap increas suppli figur provid commiss chapter viii point adjust annual basi real growth relev eea market lower tap growth portugues govern submit annual report restructur tap week date payment commiss decid consult portugues govern appoint independ expert examin progress restructur plan complianc condit attach approv aid portugues govern postpon date payment week order commiss make comment portugues govern fulfil commit appli articl council regul eec atlant island madeira azor januari latest publish public servic oblig individu rout question chapter viii point portugues govern honour commit liber schedul transport commun airport azor refer servic express regul eec includ seat charter aid restructur purpos acquir addit sharehold carrier eea portugues govern refrain accord commun law grant aid tap articl decis address portugues republ brussel juli commiss marcelino oreja member commiss oj oj rate repres tap margin cost borrow portugues author inform commiss financi transact enter tap portugues bank institut portugues airlin succeed obtain interest rate oj commiss commun septemb public author hold op cit court justic join case netherland leeuward papierwarenfabriek commiss ecr paragraph case itali commiss ecr paragraph judgment court justic case philip morri bv commiss ecr oj oj oj commiss decis ec decemb aer lingu oj