commiss decis juli recapitalis compani alitalia notifi document number italian text authent text eea relev ec commiss european commun regard treati establish european commun paragraph articl thereof regard agreement establish european econom area articl protocol thereof regard council regul ec march lai detail rule applic articl ec treati parti concern notic accord provis aforement articl submit observ regard observ fact decis ec hereinaft refer quot decis quot commiss authoris italian author grant state aid restructur form capit inject total itl billion italian compani alitalia line aere italian spa hereinaft refer quot alitalia quot aid intend support restructur plan hereinaft refer quot plan quot complet decemb articl decis state quot articl aid grant itali compani call alitalia line aere italian spa hereinaft alitalia form capit inject total itl billion restructur compani conform plan notifi commiss juli adjust june deem compat common market eea agreement pursuant articl treati articl agreement provid itali fulfil undertak adopt behaviour normal sharehold alitalia enabl manag accord commerci principl involv manag reason strictli relat italian state statu sharehold grant alitalia capit payment aid form includ loan guarante decemb aid alitalia sole purpos restructur compani acquir sharehold air carrier give alitalia prioriti commun compani alloc traffic right includ countri european econom area slot alloc ground handl assist access airport facil preferenti treatment contrari commun law itali confirm appli measur contrari commun law guarante immedi start decemb latest complet procedur revis agreement april approv decre april hereinaft agreement order bring agreement line commun regul prioriti govern interfer compat regul liberalis air transport airport privileg de facto revis agreement place regard point exchang letter alitalia basi articl agreement exchang make clear agreement appli compat commun law alitalia renounc prioriti pursuant articl agreement coordin fulli coordin italian airport start winter season appoint coordin link whatsoev alitalia act complet independ decemb capac aircraft oper alitalia carrier agreement alitalia assum commerci risk capac wet leas block space joint ventur agreement exce limit number seat exce alitalia fleet increas number seat kilometr calendar year european econom area exclud itali itali exce understand growth authoris growth market remain lower growth rate market exce suppli increas margin increas alitalia analyt account system make determin short term rout profit ratio defin ratio full revenu full cost full cost equival sum variabl cost fix cost rout decemb alitalia refrain offer fare lower offer competitor equival servic suppli rout oper alitalia dispos sharehold malev latest alitalia continu full implement restructur plan notifi commiss juli adjust june meet product profit financi restructur object set paragraph vi submit commiss end month march march march march annual report progress restructur plan alitalia econom financi situat complianc requir report includ descript give particular contractor commerci oper cooper agreement conclud alitalia previou year commiss inform report check independ consult chosen commiss agreement italian govern articl payment instal itl billion instal itl billion subject complianc commit articl actual implement restructur plan achiev expect result cost product ratio set paragraph vi week releas instal plan itali submit report commiss enabl express comment assist independ consult chosen commiss consult italian author instal releas object restructur plan met undertak met articl undertak requir set articl bind compani alitalia line aere italian spa subsidiari alitalia team quot decis challeng alitalia brought case court instanc judgment decemb court instanc rule case annul decis court instanc gave reason judgment point quot regard failur state reason establish paragraph manifest error assess establish point court grant form order sought applic annul contest decis adjud argument relat plea plea applic quot reason annul decis relat part plea law put forward alitalia plea refer misappl principl privat investor market economi alitalia submit court decis commiss er classifi capit inject itl billion alitalia iri italian state financ compani state aid plea consist part part reject court instanc point judgment applic alitalia claim iri invest satisfi privat investor test privat investor particip capit part alitalia maintain commiss made manifest error appreci calcul minimum rate intern rate infring articl treati principl equal treatment provid adequ statement reason decis respect part court consider alitalia criticis pure mathemat approach commiss privat investor test examin part plea law court instanc examin method commiss emploi decis determin iri invest satisfi privat investor test compar intern rate return minimum rate privat investor requir found method commiss emploi contest decis criticis point judgment court reject claim brought alitalia regard factor consider commiss consult establish minimum rate point judgment rule decis vitiat error reason quot adopt iri invest minimum rate determin iberia decis quot commiss decis ec januari point judgment manifest error assess quot basi reason put forward contest decis insolv cost relat loan grant cofiri exclud calcul intern rate quot point manifest error assess quot adjust made restructur plan june admiss reduc risk inher plan increas profit undertak impact calcul minimum rate intern rate apprais iri invest satisfi privat investor test quot point judgment firstli precis regard error reason identifi point judgment court refer factor commiss consider determin minimum rate iberia decis point quot iberia decis suitabl preced calcul minimum rate present case quot point judgment ground time decis adopt decis commiss appli criterion compar intern rate minimum rate order determin investor airlin met criterion privat investor court point case commiss bound respond decis alitalia claim administr procedur situat complet iberia situat detail iberia decis high minimum rate appli iberia case appli court look detail specif aspect alitalia situat commiss consider decis alitalia highlight illustr differ situat iberia court found quot commiss explain consid appli iri invest minimum rate adopt iberia decis find made contest decis give impress number risk factor led commiss iberia decis fix minimum rate level high higher market rate present present lesser extent alitalia case quot point judgment risk factor court refer extract relat aspect failur complet adapt programm properli delai carri staff reduct social problem detriment compani imag make difficult achiev envisag product gain low level product draw cost reduct plan negoti side industri doubt select futur extern partner uncertainti effect liberalis air transport ground handl activ long term profit regard manifest error assess note point judgment court quot section decis relat insolv cost note firstli quot disput main part capit inject itl billion made repai iri loan amount approxim itl billion oper regard convers loan capit quot point judgment court point convers loan capit wholli consist aim applic restructur plan reduc ratio quot debt equiti quot court instanc reject commiss argument convers capit bring advantag argument loan grant cofiri alitalia constitut state aid regard claim court specifi decis put forward reason justifi inform provid commiss consult court conclud commiss reason insolv cost circular order determin privat investor made invest itl billion applic capit commiss start premiss privat investor make invest question point judgment thirdli regard manifest error assess criticis point judgment court open state quot commiss reassess minimum rate intern rate basi final version applic restructur plan quot point dismiss commiss argument relat event occur decis adopt court note method appli commiss assess iri invest met privat investor test involv compar intern rate minimum rate return invest highlight fact recent amend restructur plan june quot kind intern rate rise increas profit minimum rate fall reduc risk quot point court find quot commiss reassess minimum rate intern rate basi final version restructur plan order make accur assess iri invest satisfi privat investor test quot point judgment note court reject alitalia claim base alleg miscalcul intern rate due fact commiss oblig bear cost earli retir programm employe court record legal assess oper part contest decis trace applic decis bear cost commiss take note part contest decis entitl quot fact quot court point commit irrevoc alitalia relev fund escrow juli commiss quot ascertain invest satisfi privat investor test light situat quot point judgment order posit respond fulli requir aris judgment court commiss call independ consult ernst amp young previous assist alitalia case decis adopt qualiti work challeng court main task suppli commiss inform requir instanc reappli principl privat investor market economi calcul intern rate return capit inject minimum rate take account term judgment court instanc commiss decis appoint ernst amp young complet work natur agenc capabl provid assist short order knowledg alitalia case complex techniqu financi assess consult present report june point consult appoint provid commiss technic assist commiss power discret assess charact aid base de facto element legal assess pursuant articl treati quot institut institut act declar void failur act declar contrari treati requir measur compli judgment court justic quot claus clarifi court justic quot measur adopt institut annul court institut requir order compli judgment implement fulli regard oper part judgment ground led judgment constitut essenti basi order determin exact mean state oper part ground hand identifi precis provis held illeg specif reason underli find illeg contain oper part institut concern account replac annul measur quot court justic respons institut issu measur annul determin measur order compli judgment annul case point order court instanc judgment due consider commiss requir adopt decis revis reason paragraph criticis court error reason correct manifest error assess identifi court procedur adopt order decis articl case requir commiss reopen procedur led decis repeat entir procedur adopt decis respect draw distinct error reason formal error manifest error assess substant error regard error reason appear establish case law act annul formal procedur flaw institut issu act procedur stage flaw occur juli commiss adopt decis capit inject receiv air franc notifi reopen procedur manifest error assess commiss consid reason reopen procedur firstli decis base factual evid exist time decis adopt error identifi court instanc relat assess fact disput correct commiss make paragraph concern set specif identifi court judgment commiss suffici access inform fact financi method point satisfi requir court instanc invit member state interest parti submit comment note member state interest parti opportun express opinion administr procedur lead adopt decis procedur right respect commiss access inform order adopt decis reopen procedur laid articl treati criterion privat investor market economi commiss point part process open intern air transport sector market competit publish notic applic articl ec treati articl eea agreement state aid aviat sector manner commiss appli principl privat investor market economi clarifi detail point guidelin principl criterion test appli specif measur determin beneficiari deriv advantag consid quot favour quot mean articl ec treati test base object definit state aid treati unlik assess commiss make compat aid term articl treati applic commiss mandatori discretionari commiss systemat appli principl investor market economi examin aid restructur grant airlin sabena iberia aer lingu tap air franc olymp airwai case exist state aid challeng member state concern capit inject receiv iberia commiss process appli principl privat investor market economi emploi sophist method financi analysi featur minimum rate return quot hurdl rate quot investor act commerci principl requir invest analysi commiss appli capit inject itl billion receiv alitalia present decis subsequ annul reason annul decis attribut exclus misappl criterion privat investor market economi remedi reappli criterion commit error criticis court instanc note court reject alitalia claim privat investor particip recapitalis prove oper met privat investor criterion point judgment fail substanti particip privat investor oper commiss emploi theoret analysi respect court confirm valid method select commiss involv comparison amount invest iri anticip futur cash flow project updat mean minimum rate hurdl rate requir privat investor point judgment method tantamount compar intern rate return oper minimum rate privat investor requir recalcul commiss oblig perform limit determin intern rate return oper minimum rate requir privat investor reassess requir order correct manifest error assess court instanc penalis annul decis due consider latest amend made alitalia restructur plan june subject pressur italian author call commiss adopt decis end juli acknowledg exist element state aid commiss fact consid worthwhil recalcul intern rate return minimum rate account latest amend restructur plan adopt decis true amend minor compar made plan februari duli consider firstli intern rate return note intern rate return financi oper discount rate amount invest equal amount revenu gener invest case point futur revenu consider forecast end year plan complet compani valid financi project date hand time capit increas question produc effect context restructur hand offset uncertainti inher viabil financi forecast revenu gener alitalia compris main ad acquir compani dividend alitalia paid iri court instanc state judgment decemb calcul anticip revenu includ insolv cost iri bear alitalia liquid loss due short term loan alitalia cofiri iri subsidiari compani prior june specif instanc cost includ commiss shown issu loan form state aid iri concern alitalia failur pai back short term loan compani wound cash flow loss total insolv cost exce itl billion italian author maintain letter commiss date juli septemb estim approxim itl billion consult report june show amount suggest italian author overestim risk loss short term receiv underestim sale alitalia fleet overestim cost liquid account advanc payment made alitalia procur equip repli date march file court preparatori inquiri case alitalia accept figur itl billion total insolv cost ad acquir alitalia compar capit inject cover decis made equal iri particip compani opinion expert consult commiss alitalia alitalia consid uncertainti remain percentag iri particip alitalia capit year clear tax provis appli transfer alitalia share employe oper execut percentag iri particip alitalia capit year amount form taxat appli amount iri particip alitalia capit dividend collect vari percentag valu appli uncertainti alitalia bear cost earli retir payment consider commiss approach court instanc rais object point judgment alitalia decis bear cost irrevoc juli consider calcul point judgment order determin alitalia end iri particip compani time commiss method similar emploi iberia case involv multipli alitalia estim cash flow typic year coeffici updat futur cash flow subtract debt outstand asset calcul equiti date multipli coeffici appli profit typic year function averag rate cash flow growth year updat rate alitalia weight averag cost capit date equal weight averag estim cost debt cost equiti evalu capit asset price model stress junctur weight averag cost capit defin alitalia specif risk situat account compani averag rate cash flow growth set current price calcul basi rate long term growth economi multipli specif rate air transport sector predict develop unit earn rate inflat iri particip alitalia decemb itl billion itl billion depend tax provis appli base data intern rate return iri invest itl billion alitalia capit taxat applic mention regard calcul minimum rate hurdl rate requir investor oper commerci law order undertak kind financi oper capit inject point decis kind take hard fact consider base pure precis mathemat calcul product assess base experi empir natur notwithstand hurdl rate estim fair degre accuraci evidenc fact financi institut investor take empir approach gener arriv similar conclus situat case basi inform possess consult report commiss consid minimum rate view size sum involv risk inher oper rate possibl restructur plan develop plan actual return invest final analysi significantli rate fail higher cost equiti capit account risk compani improv adjust restructur plan februari june notifi commiss june alitalia consid compani high specif risk respect note tradition margin air transport sector gener limit extrem variat profit loss alitalia account shown signific profit end improv econom situat onward fact year restructur plan implement compani record loss itl billion contrast expect itl billion profit true letter commiss date april alitalia suppli estim result quarter show compani recoveri stronger anticip restructur plan born mind firstli result base unrevis provision data month short time period draw signific conclus compani extrem difficult precari financi situat resourc virtual begin high level indebted compani avoid bankruptci capit inject itl billion june size compani anticip amount invest insecur financi situat factor discourag investor oper principl market economi risk factor affect proper implement plan long term profit compani financi forecast basi calcul rate return capit inject wit hypothes futur develop compani product oper expenditur seat occup level unit earn plan base optimist compani anticip recoveri depend great extent open malpensa airport malpensa airport offer slot linat airport complet satur slot alitalia competitor note malpensa airport facil locat kilometr centr milan european airport infrastructur locat similar distanc conurb serv specif potenti airport detail hub put servic fact larg unknown italian domest market alitalia main market liberalis end major uncertainti alitalia previous enjoi monopoli statu capabl handl competit respect note oper deficit record attribut appreci drop compani unit earn alitalia unit cost continu higher main competitor europ situat attribut main staf cost high compar unit earn contrast lower european competitor compani affect social disput restructur plan adopt uncertainti employe attitud addit measur bring cost improv product propos come year gener chang quot busi cultur quot involv transit public institut monopoli compani govern back oper market economi hard manag latest amend made italian author restructur plan june notifi commiss june invalid calcul hurdl rate addit italian author decis alitalia bear employe earli retir cost amend includ take faster action cut compani expenditur transfer alitalia personnel alitalia team quickli anticip reduc total amount capit inject itl itl billion releas alitalia share hungarian compani malev region italian airport undoubtedli reduc inher risk oper increas rate return capit inject amend nonetheless signific impact earlier amend italian author restructur plan februari june amend impact main result plan expect share dividend financi forecast updat account amend show effect sum gt tabl gt respect worth ad alitalia indebted ratio debt equiti gear ratio significantli precis data investor crucial import assess risk incur financ oper made restructur plan june virtual neglig impact assess made investor guid pure commerci criteria inher risk oper continu exist amend restructur plan made italian author june februari suggest commiss conclud paragraph viii decis restructur plan enabl alitalia reason time period viabl econom context oper view fact restructur plan amend base modest growth predict notifi commiss juli respect worth point issu firm long term financi econom profit distinct type profit sought investor rate determin alitalia ident rate establish commiss iberia case court instanc rightli point bound set preced respect commiss consid risk inher capit inject alitalia juli high involv capit inject receiv iberia januari alitalia iberia share ident situat firm displai similar characterist compar scale turnov approxim eur billion oper sector economi context ongo liberalis commun intern market geograph centr europ record systemat loss year prior capit inject time capit inject iberia alitalia dire financi strait characteris high indebted virtual level capit asset amount capit inject question alitalia receiv eur billion iberia eur billion point add inher risk alitalia recapitalis plan investor point view comparison alitalia iberia restructur plan notifi commiss pursu appar iberia product alitalia spanish compani experi uncertainti inher effect liberalis ground handl market spain sector compani promin ground handl oper account iberia turnov proport group account hypothet investor risk factor involv iberia situat outweigh twofold uncertainti alitalia situat regard condit compani develop malpensa airport kei part plan regard effect liberalis itali intern civil aviat market spanish intern civil aviat market liberalis year italian intern market impact iberia whilst effect liberalis italian intern market alitalia hard identifi ad iberia privileg posit market rout europ latin america whilst alitalia advantag featur compani common investor point view social situat investor doubt observ case side industri made commit extent accept improv product reduct product cost importantli social disput experienc airlin year lead capit inject challeng face compani transform busi cultur adapt characterist public bodi enjoi long period monopoli market condit note case doubt remain exist arrang intervent futur partner select final worth point air transport sector histor high rate return year justifi experi firm dealt situat analog alitalia face number import american airlin face problem earli produc sizeabl profit increas consider time spectacular compani continent airlin advantag chapter american law bankruptci air partner air canada invest usd million novemb success firm restructur plan quot forward plan quot compani share price increas fifteen fold decemb reward investor annual return consider period novemb air partner sold share continent airlin purchas usd million price usd million gain dividend payment annual return invest year period excess conclus commiss decid annual minimum rate return hurdl rate investor act commerci principl requir circumst order give alitalia capit inject itl billion higher intern rate return oper defin recit conclus confirm fact privat investor agre part oper point bulk capit input itl billion total itl billion made earli summer implement restructur plan schedul start factor increas specif risk oper privat investor face compar situat initi stage tend input minimum capit keep compani afloat pai remaind due tangibl evid last recoveri forthcom conclus consider compli requir court instanc clear reason reason gave annul decis firstli manifest error assess consist failur includ insolv cost calcul remedi insolv cost consid posit cash flow recit manifest error assess consist failur account latest amend plan june calcul intern rate return assess minimum rate remedi amend duli incorpor calcul intern rate return assess minimum rate commiss carri recit thirdli decis compli requir present clear statement reason point decis defici determin minimum rate factor led commiss set minimum rate iberia case explain detail recit addit commiss reason present clear unambigu manner enabl european judg exercis due judici control enabl interest parti identifi reason commiss assess purpos defend right remain reason decis regard compat aid commiss make refer relev paragraph statement reason decis deem form integr part decis reproduc entireti commiss note annul decis elimin legal basi commiss decis adopt june payment instal restructur aid alitalia logic object instanc payment instal question respect commiss make refer reason letter italian author june deem form integr part decis reproduc entireti adopt decis articl aid grant itali compani alitalia line aere italian spa form capit inject itl billion payabl instal intend cover restructur compani accord plan notifi commiss juli adjust june compat common market eea agreement pursuant articl ec treati articl eea agreement subject complianc oblig condit laid articl decis ec quot recit decis articl commiss object payment instal capit inject compani alitalia line aere italian spa articl decis address italian republ brussel juli commiss loyola de palacio vice presid oj oj busi secret oj judgment court justic april astéri commiss join case ecr point summari point judgment court justic march köneck commiss case ecr point judgment court justic novemb fedesca case ecr judgment court instanc octob de compt european parliament case ecr ii point oj judgment court instanc june british airwai commiss join case ecr ii oj commiss decis juli oj commiss decis juli publish commiss decis decemb oj commiss decis juli oj commiss decis juli oj commiss decis octob oj iberia decis footnot paragraph vii oj