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