Commission Decision (EU) 2021/69 of 24 February 2020 on State aid SA.43549 (2017/... (32021D0069)
INHALT
Commission Decision (EU) 2021/69 of 24 February 2020 on State aid SA.43549 (2017/C) (ex 2017/FC) (ex 2016/NN) (ex 2015/EO) implemented by Romania for CFR Marfă (notified under document C(2020) 1115) (Text with EEA relevance)
- COMMISSION DECISION (EU) 2021/69
- of 24 February 2020
- on State aid SA.43549 (2017/C) (ex 2017/FC) (ex 2016/NN) (ex 2015/EO) implemented by Romania for CFR Marfă
- (notified under document C(2020) 1115)
- (Only the Romanian text is authentic)
- (Text with EEA relevance)
- 1. PROCEDURE
- 2. DETAILED DESCRIPTION OF THE AID
- 2.1. Beneficiary
- 2.2. The financial difficulties of CFR Marfă before the failed privatisation in 2013
- 2.3. History of CFR Marfă’s failed privatisation attempts and the 2013 debt-to-equity swap
- 2.4. CFR Marfă’s financial situation after the failed privatisation
- 2.5. Scope of the formal investigation procedure
- 3. COMMENTS ON THE OPENING DECISION
- 3.1. Observations from interested parties
- 3.2. Comments from Romania
- 3.2.1. Romania’s comments concerning the strategic importance of CFR Marfă and the applicability of Article 107(1) TFEU
- 3.2.2. Romania’s comments on the observations submitted by the complainant on the strategic importance of CFR Marfă
- 3.2.3. Romania’s comments on Measures 1 and 4
- 3.2.4. Romania’s comments on Measures 2 and 5
- 3.2.5. Romania’s comments on Measure 3
- 4. ASSESSMENT OF THE AID
- 4.1. Existence of Aid within the meaning of Article 107(1) of the Treaty
- 4.1.1. Undertaking
- 4.1.2. Economic activity
- 4.1.3. State origin (resources and imputability to the State)
- 4.1.3.1. Measures 1 and 4 – Non-enforcement of social security debts and outstanding taxes (i) since at least 2010 until the 2013 debt-to-equity swap and (ii) after the debt-to-equity swap
- 4.1.3.2. Measures 2 and 5 – the non-enforcement of debts towards CFR Infrastructură and the increase of debts towards CFR Infrastructură as a result of the continued provision of services (i) since at least 2010 until the 2013 debt-to-equity swap and (ii) after the debt-to-equity swap
- 4.1.3.3. Measure 3 – the debt-to-equity swap amounting to RON 1 669 million (ca. EUR 363 million)
- 4.1.4. Selectivity of the measures granted
- 4.1.5. Economic advantage of the measures granted
- 4.1.5.1. Non-applicability of the market economy operator test in the case at hand
- 4.1.5.2. Hypothetical application of the MEO Test in the case at hand
- 4.1.5.3. (i) Measures 1 and 4 – The non-enforcement of social security debts and outstanding taxes before and after the 2013 debt-to-equity swap
- 4.1.5.4. (ii) Measures 2 and 5 – The non-enforcement of debts towards CFR Infrastructură and the increase of debts towards CFR Infrastructură as a result of the continued provision of services (i) since at least 2010 and until the 2013 debt-to-equity swap and (ii) after the debt-to-equity swap
- 4.1.5.5. (iii) Measure 3 – The debt-to-equity swap amounting to RON 1 669 million (ca. EUR 363 million)
- 4.1.5.6. (iv) Overall assessment of economic advantage of Measures 1, 2, 3 and 5
- 4.1.6. Distortion of competition and effect on trade between Member States
- 4.1.7. Conclusion on the existence of aid
- 4.2. Undertaking in difficulty
- 4.2.1. The applicability of the 2004 and 2014 R&R Guidelines
- 4.2.2. Assessment of CFR Marfă’s financial situation under the 2004 and the 2014 R&R Guidelines
- 4.3. Lawfulness of the aid
- 4.4. Compatibility of the aid and the legal basis for assessment
- 4.4.1. Preliminary considerations with regard to the compatibility assessment
- 4.4.2. Compatibility with the 2004 & 2014 Rescue and Restructuring Guidelines
- 5. RECOVERY
- 6. CONCLUSION
- Article 1
- Article 2
- Article 3
- Article 4
- Article 5
- Article 6
- Article 7
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