commiss decis decemb state aid implement spain sniac sa notifi document number spanish text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard council regul ec march lai detail rule applic articl ec treati articl thereof call interest parti submit comment pursuant provis cite regard comment procedur letter date march commiss receiv complaint alleg sniac sa hereinaft refer quot sniac quot receiv illeg aid form subordin loan eur pta million grant market term commiss request spain submit inform thereon insuffici particular receiv repli decemb regist case notifi aid letter date april commiss inform spain decid initi procedur laid articl ec treati respect aid spain submit comment letter date june commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment aid context receiv comment sniac august forward spain opportun react thereon chose letter date octob commiss address inform injunct spain repli letter date decemb letter date decemb sniac comment propos meet held order clarifi situat meet place april letter date spain submit addit inform commiss ii detail descript measur sniac compani base torrelavega cantabria sniac highli vertic integr activ area forestri manag product paper synthet fibr deriv chemic product emploi peopl suspens payment procedur emerg agreement main privat creditor sign septemb cantabrian region govern commiss viabil plan privat consult coypsa plan agre interest parti septemb part plan compani renegoti debt remain creditor includ social secur octob commiss adopt initi neg decis term reschedul agreement ground level interest rate negoti septemb light judgment deliv court justic similar case spanish compani tubacex commiss decid revok initi decis adopt posit decis declar aid involv context januari caja cantabria decid grant loan eur pta million sniac loan run year date signatur contract februari januari subordin equiti loan subordin loan reimburs matur event bankruptci compani reimburs common creditor claim sharehold equiti loan interest incur depend profit made compani interest rate made compon fix compon variabl compon depend compani profit variabl compon paid compani gener profit set profit eur million pta million profit eur million pta million profit eur million pta million variabl compon exce outcom appli mibor remain princip interest fix loan convert share bond parti decid caja cantabria credit institut legal statu privat foundat profit institut result activ financ social cultur activ major vote right decis make bodi held polit repres region articl cantabrian region law march decis make bodi save bank represent gener meet decis make bodi municip provinci council depositor social cultur institut employe articl law represent provinc assign directli region addit public author involv appoint repres social cultur institut repres found member bodi represent public bodi increas lastli fragment natur client represent increas influenc publicli appoint member procedur initi situat commiss consid caja cantabria decis financ compani base reason public interest privat investor principl commiss decid assess loan sniac grant normal market condit iii comment interest parti sniac interven parti comment summaris preliminari investig stage last long period compani spanish author cooper commiss depart compani legitim expect loan regard involv aid caja cantabria privat institut public repres appoint decis make bodi act full independ fund privat origin loan constitut state aid event loan grant accord nation law normal market condit sniac difficult time recent past perform gener profit compani asset valu eur million pta million risk loan repaid privat bank state lent sniac similar term differ caja cantabria loan minim constitut state aid threshold de minimi aid commiss approv loan current term commiss decid loan involv aid sniac invit commiss approv derog provid articl iv comment spain letter june spanish author state understood surpris express compani commiss decis initi formal investig procedur lengthi preliminari examin reiter caja cantabria privat credit institut public repres decis make bodi requir law act complet independ person account action member decis make bodi privat financi institut spain conclud loan question constitut contract privat credit institut privat compani involv state aid letter decemb inform injunct issu commiss octob spain reaffirm subordin loan state aid letter spain submit viabil plan implement sniac spain stress viabil plan relev purpos assess subordin loan loan mention grant caja cantabria februari assess legal basi articl ec treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak affect trade member state incompat common market articl possibl aid compat common market circumst commiss made public criteria appli examin compat nation region aid common market provis articl guidelin nation region aid aid grant undertak synthet fibr sector commiss publish specif assess criteria code aid synthet fibr industri aid grant restructur compani difficulti criteria appli set commun guidelin state aid rescu restructur firm difficulti commiss made public criteria appli assess exist aid loan state undertak commun member state applic articl public undertak commun line long stand practic order determin loan involv aid commiss appli principl privat investor oper normal market condit loan grant lender client normal market economi condit involv degre risk risk attach loan arrang reflect distinct paramet interest rate charg secur requir cover loan aid involv loan public lender correspond differ interest rate firm pai cover risk attach loan privat lender requir rate paid commiss member state publish refer rate set reflect averag level interest rate charg member state medium long term loan year back normal secur current refer rate equival year interbank swap rate premium basi point case spain notic commiss state refer rate determin floor rate increas situat involv risk case undertak difficulti secur requir bank provid case premium amount basi point privat bank agre grant relev loan normal market condit aid grant state state resourc caja cantabria credit institut legal statu privat foundat carri normal activ credit institut pursu social econom object region level repres public author region hold major vote right decis make bodi rule govern caja cantabria regard public undertak definit articl commiss direct eec june transpar direct amend direct ec provis public undertak undertak public author exercis directli indirectli domin influenc domin influenc presum public author directli indirectli appoint half member undertak administr manageri supervisori bodi commiss agre argument put forward spain sniac loan arrang privat institut privat compani automat aid involv fact possibl grant subordin equiti loan provid nation law automat aid involv loan examin criteria assess measur type fact public author exercis domin influenc caja cantabria automat impli state exercis control case state posit exercis domin influenc undertak oper actual exercis control case automat presum end commiss examin public author involv adopt measur present case commiss examin evid aris circumst case context subordin loan grant conclud measur regard imput state reason set firstli public author plai activ role relaunch sniac return normal activ suspens payment period econom situat sniac discuss numer occas region assembl cantabria session june region assembl vote unanim motion point call region govern quot mean region govern appli polit administr pressur ensur banesto banco de santand uphold vision sniac futur commit futur quot time cantabrian govern commiss consult coypsa viabil plan form basi sniac return normal activ subsequ accept compani union signatur viabil plan septemb local author plai activ part implement work group set includ repres cantabrian govern torrelavega citi council sniac manag trade union consult coypsa number meet privat bank banesto work group met regularli order discuss implement viabil plan includ aspect link financ region assembl cantabria interest implement viabil plan repres privat bank banesto sniac main creditor appear region assembl cantabria juli januari involv local author implement plan includ activ involv aspect relat financ januari dr robl repres banesto part hear region assembl cantabria hear dr robl declar bank readi provid sniac loan eur million pta million credit line eur million pta million condit sniac need proper collater provid repli specif question banesto posit dr robl point collater main problem ongo negoti sniac commiss take account indic press report summer caja cantabria confirm prepar provid half eur million loan condit banesto provid half unlik banesto caja cantabria time involv limit extent sniac financ negoti loan held auspic sniac work group daili el diario montañ report statement made sniac ceo bla mezquita end work group meet place novemb premis industri ministri region govern cantabria report mr bla mezquita declar main decis work group cantabrian govern interven directli intermediari secur eur million loan sniac end januari banesto refus grant subordin loan sniac caja cantabria agre provid entir eur million subordin loan press report board meet decid grant loan repres bank client repres cantabrian industri associ vote grant loan industri associ ceoe cepym subordin loan afford caja cantabria guarante thirdli circumst subordin loan regard imput state choic financi instrument subordin loan unusu credit institut act pure commerci basi subordin loan reimburs matur event bankruptci compani reimburs common creditor claim sharehold bank exposur prospect debtor case caja cantabria requir collater higher level secur loan decid grant subordin loan import secur sniac financi viabil compani neg net worth eur million end posit tune eur million end subordin loan scrutini capit increas renegoti debt creditor addition loan form larg proport sniac debt amount long term debt credit institut total debt credit institut lastli repres roughli turnov sniac time loan grant major player local economi workforc sizeabl employ region cantabria unemploy stood activ popul sniac import cantabrian economi confirm fact compani return viabil present debat cantabrian govern polici held june remark achiev govern industri polici reason set commiss conclud case scrutini highli public author involv adopt caja cantabria decis grant subordin loan sniac fact surround grant loan public author involv process grant loan subordin loan present case consid imput state section assess term loan line privat lender act normal market condit grant circumst aid favour undertak loan grant caja cantabria year loan secur carri variabl annual interest rate rang compani make profit mibor gener high profit level order determin aid involv compar condit loan accept credit institut act normal market condit end situat sniac consid year sniac experienc sever difficulti culmin compani suspens payment procedur procedur lift viabil plan agreement sniac conclud privat creditor accept reschedul reduct claim allow compani reduc debt compani negoti separ public creditor secur reschedul social secur debt plan establish busi strategi compani invest power gener plant financ privat compani abengoa enabl sniac reduc product cost invest carri order modernis product plant full optimum instal sniac major compani paper industri variabl product cost high viabil plan centr aspect identifi compani advantag handicap establish cost reduct measur viabil plan provid compani return viabil profit compani fact achiev larg profit expect continu compani creditor agre contribut implement sign creditor agreement renegoti term reimburs compani share capit increas issu share order reduc debt burden industri point view compani began return normal product activ readi carri major invest consid build power gener plant circumst commiss consid credit institut act normal market condit decid provid loan caja cantabria grant sniac question term caja cantabria commiss accept sniac suggest aid deem exist calcul refer term includ letter privat bank ident loan consid grant sniac letter offer credit made januari statement bank past constitut evid bank prepar precis point time specif circumst subordin loan grant offer condit similar provid caja cantabria commiss point inform negoti banesto provid spanish author clear bank negoti term subordin loan sniac withdraw deal reason amount aid involv subordin loan calcul criteria develop made public commiss commun sniac provid secur loan fact sniac asset valu approxim eur million consid satisfactori substitut secur caja cantabria specif claim asset contrari event bankruptci bank claim met common creditor claim satisfi loan convert equiti bond allow redempt matur provid real altern secur requir grant loan privat lender act normal market condit requir qualiti asset secur loan increas interest rate charg order cover increas risk view characterist loan take account histori sniac fact compani begin gradual emerg difficulti threaten surviv commiss consid normal interest rate cover risk involv correspond interbank rate commiss calcul market refer rate normal basi point add loan spain basi point absenc secur line indic contain commiss notic method set refer rate mention refer rate increas basi point situat involv risk normal market rate yield annual interest eur typic year year loan period total interest paid amount eur price calcul interest rate paid sniac life loan account fact actual interest paid depend factor sniac profit mibor rate period parti loan grant worst case scenario sniac make profit year interest paid amount eur typic year loan period total interest paid amount eur price calcul case scenario basi inform parti time loan grant commiss consid approxim made calcul interest paid sniac achiev profit target set viabil plan scenario commiss calcul total interest paid amount eur price commiss conclud advantag confer sniac eur worst case scenario eur approxim case scenario advantag confer sniac event eur de minimi threshold aid affect trade member state extens trade member state paper synthet fibr deriv chemic product sector advantag confer sniac liabl distort competit commun give sniac advantag competitor receiv aid measur constitut state aid mean articl treati vi assess compat aid element commiss agre comment made spain sniac compani legitim expect posit decis ground length preliminari examin period contrari court justic occas rule compani reli legitim expect aid grant full complianc rule present case measur notifi preliminari examin prejudg final decis case commiss assess aid consid compat common market derog laid treati repli decis initi procedur sniac state account natur quasi capit loan financ normal current compani specif alloc made commiss consid aid regard invest aid class oper aid compani locat area elig region aid derog articl ad hoc aid regard region aid proper aid satisfi requir qualifi aid initi invest requir deem aid job creation guidelin nation region aid satisfi condit set approv oper aid articl region aid consid compat legal framework sniac produc synthet fibr aid grant cover code aid synthet fibr industri code impos special condit invest aid product equip code type aid assess horizont rule aid direct support industri process extrus texturis polymeris direct support ancillari process link contemporan instal extrus texturis capac code aid question deem fall scope code recit leav possibl assess aid rescu restructur guidelin oper aid circumst consid compat firstli demonstr sniac firm difficulti unabl recov resourc assess aid carri basi restructur plan aim restor firm long term viabil difficulti experienc sniac high product cost fall market share declin market led compani seek suspens payment suspens payment order march lift octob privat creditor agre convert compani debt equiti public sector creditor decid subscrib agreement clear time viabil plan drawn sniac compani difficulti tabl summaris compani financi situat year tabl gt tabl gt june cantabrian govern commiss viabil plan sniac privat consult coypsa plan analys situat sniac suspens payment set action subsequ year industri financi level ensur compani long term viabil sniac endors viabil plan septemb start implement report point compani annual report point annual report mention explicitli subordin loan point report part implement viabil plan reason spain claim viabil plan relev purpos assess subordin loan accept main element viabil plan consist set measur aim reduc product cost energi cost import respect plan build cogener plant partnership spanish compani abengoa sa cogener plant reduc significantli impact energi purchas product cost make compani product competit energi intens product paper synthet fibr measur provid plan aim reduc cost aris product liquid wast wast treatment water manag instal oper cost reduct overhead rationalis administr sale depart closur essenti premis barcelona madrid plan envisag perman capac reduct exist product line provid invest increas instal capac except increas energi product capac construct cogener plant financi requir implement plan estim credit line eur million restart product line stop suspens payment credit line eur million financ work capit eur million financ invest envisag plan plan set condit maintain pre exist debt servic level convert long term debt establish basi viabil plan sniac fulfil criteria elig restructur aid end demonstr viabil plan satisfi condit set point rescu restructur guidelin plan restor long term viabil compani basi realist assumpt aid avoid undu distort competit aid proport restructur cost benefit compani implement plan full respect condit restor sniac long term viabil achiev reason timescal basi realist assumpt futur oper condit improv viabil result intern measur compani oper successfulli restructur complet case scrutini viabil plan cover period basi inform contain plan conclud plan laid foundat ensur sniac long term viabil thrust viabil plan reduc product cost area energi purchas environment cost past made sniac product uncompetit market import element plan optimis capac utilis order respond demand condit avoid costli energi purchas medium term plan compani achiev limit profit satisfactori profit onward tabl tabl gt tabl gt fact assumpt viabil plan base realist confirm evolut sniac actual perform set tabl sniac turnov recoveri return profit longer expect plan turnov oper incom level larg line anticip plan tabl gt tabl gt base commiss conclud viabil criterion satisfi impact aid sniac competitor guidelin restructur aid requir measur avoid undu distort competit mean structur excess capac sector restructur plan contribut proport aid receiv repercuss relev market restructur industri irrevers reduc close capac guidelin fact compani locat assist area justifi permiss approach grant restructur aid oblig avoid undu distort competit appli flexibl assist area area regard disadvantag articl case torrelavega cantabria true competit exist european union sector sniac oper import note viabil plan envisag increas instal capac sector construct cogener plant intend remov exist product bottleneck lead intens instal capac plant impact energi cost total product cost reduc replac power previous purchas grid energi produc hous improv utilis exist capac complet restructur process implement rationalis measur order sniac return profit aid question return viabil compani locat assist area sniac increas implement plan capac expens competitor increas power gener capac indispens order reduc compani oper cost achiev profit medium term proportion aid restructur cost sniac return viabil regard depend sole aid receiv true take worst case scenario sniac make profit year scenario materialis set aid element eur case aid intens amount eur million total cost includ viabil plan percentag reduc sniac paid caja cantabria higher level interest case commiss conclud aid obtain sniac limit minimum creat excess liquid liabl activ creat distort competit unrel restructur process aid question link measur implement viabil plan excess reduc compani financ cost reason state commiss conclud restructur aid scrutini compat common market vii conclus commiss find loan grant caja cantabria sniac involv state aid mean articl spain unlawfulli implement aid question breach articl establish assess aid fulfil condit derog laid articl compat treati adopt decis articl state aid spain implement sniac sa amount maximum eur compat common market pursuant articl treati articl decis address kingdom spain brussel decemb commiss mario monti member commiss oj oj footnot case rec oj case caja cantabria composit gener meet decemb municip provinci council depositor social cultur institut employe date member board director includ chair vice chair secretari appoint public author oj oj oj guidelin revis oj version guidelin appli alleg aid measur grant prior public section version oj commiss notic method set refer discount rate oj oj oj law juli industri convers reindustrialis judgment court justic case ecr diario de sesion de la asamblea region de cantabria june confirm inter alia statement made mr alvarez redondo repres cantabrian govern region assembl cantabria juli quot forget viabil plan initi region govern quot diario de sesion de la asamblea region de cantabria juli quot podemo olvidar la realización del plano de viabilidad ha sido una iniciativa del consejo de gobierno quot diario de sesion de la asamblea region de cantabria januari diario de sesion de la asamblea region de cantabria januari el diario montañ august pp august august septemb octob issu novemb alerta januari alerta januari sourc eurostat newcrono databas region statist diario de sesion de la asamblea region de cantabria june interest charg slightli lower eur loan grant februari interest accru calendar year interest charg fix parti eur make assumpt firstli profit remain constant year level forecast plan year result interest paid lower mibor ceil oj point footnot point