Commission Decision (EU) 2022/795 of 10 September 2021 on State aid in favour of ... (32022D0795)
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
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