INHALT

Commission Decision (EU) 2022/795 of 10 September 2021 on State aid in favour of Alitalia SA.48171 (2018/C) (ex 2018/NN, ex 2017/FC) implemented by Italy (notified under document C(2021) 6659) (Only the Italian version is authentic) (Text with EEA relevance)

COMMISSION DECISION (EU) 2022/795
of 10 September 2021
on State aid in favour of Alitalia SA.48171 (2018/C) (ex 2018/NN, ex 2017/FC) implemented by Italy
(Only the Italian version is authentic)
(Text with EEA relevance)
1.
2.
2.1.
2.2.
2.2.1.
2.2.2.
2.3.
2.4.
2.4.1.
2.4.2.
2.5.
2.6.
2.7.
3.
3.1.
3.2.
3.3.
4.
4.1.
4.1.1.
4.1.2.
4.1.2.1.
4.1.2.2.
4.1.3.
4.1.4.
4.1.5.
4.2.
4.2.1.
4.2.1.1.
4.2.1.2.
4.2.1.3.
4.2.1.4.
4.2.2.
4.2.2.1.
4.2.2.2.
4.2.2.3.
4.2.3.
5.
5.1.
5.1.1.
5.1.2.
5.1.3.
5.1.4.
5.1.4.1.
5.1.4.1.1. The two State loans as a single measure
5.1.4.1.2. Italy acted as public authority and not as a market economy operator
5.1.4.1.3. Lack of a MEO test by Italy
5.1.4.1.4. Applicability assessment of the EUR 300 million loan
5.1.4.1.5. Italy’s arguments relating to applicability of the MEO test and the Commission findings
5.1.4.2.
5.1.4.2.1 Information sources
5.1.4.2.2 The rationale of the MEO test applied to the two State loans
5.1.4.2.3. Assessment of the initial loan
5.1.4.2.3.1. Alitalia’s financial situation at the time of the initial loan
5.1.4.2.3.2. Prior exposure
5.1.4.2.3.3. MEO assessment of the initial State loan under a restructuring scenario
5.1.4.2.3.4. MEO assessment in a sale scenario
5.1.4.2.3.4.1. Change of cash balance
5.1.4.2.3.4.2. Loan maturity and timespan of sales
5.1.4.2.3.4.3. The proceeds from the sale of Alitalia
5.1.4.2.3.4.3.1 Ex-ante evidence
5.1.4.2.3.4.3.1.1 Dr Ranalli’s certification report (‘the certification report’)
5.1.4.2.3.4.3.2 Ex-post evidence
5.1.4.2.3.4.3.2.1 The study by Leonardo & Co
5.1.4.2.3.4.3.2.2 EasyJet’s and Lufthansa’s offers
5.1.4.2.3.4.3.3 The Commission’s independent estimation
5.1.4.2.3.4.3.4 Conclusions on whether the initial loan would have been in line with market conditions in a sale scenario
5.1.4.2.3.4.3.5 Evidence on Alitalia’s value in a liquidation scenario
5.1.4.2.4. Assessment of the additional EUR 300 million loan
5.1.4.2.5 Overall assessment of the interplay of the two State loans to Alitalia
5.1.5.
5.2.
6.
6.1.
6.1.1.
6.1.2.
6.1.3.
7.
8.
Article 1
Article 2
Article 3
Article 4
Article 5
Article 6