Brussels, 16/09/2003 (Agence Europe) - The French government on Tuesday submitted proposals on rescue plans for the company Alstom to the European Commission. "The Commission has received several proposals, including the issuing of convertible bonds", indicated Tilman Lueder. "The assessment is underway", he added, stressing that there were still many legal issues to be resolved in order to see if the proposals respect European rules. According to the agency Reuters, France is thinking in terms of equity redeemable bonds, an instrument which would allow it to enter into the industrial group's capital at a later date. The Commission, on the other hand, would prefer "convertible" bonds which, unlike equity redeemable bonds, can also be exchanged for cash. In case an in-depth inquiry showed at a later date that French aid was incompatible state aid, the Commission hopes to make sure that the bonds can be converted into cash and then by repaid as fresh funds by Alstom to the French State. The spokesperson also said that the Commission would accept no proposals which did not also observe internal French law. The Commission apparently wishes to ensure that France cannot invoke national law at a later date to block the reimbursement of State aid. It is worth noting that the Commission is currently trying to convince France of the need to convert going into Alstom capital, an irreversible measure, into temporary measures, whilst waiting for an in-depth inquiry to decide whether or not it is State aid. If it turns out that it was, the Commission hopes to ensure that there are no obstacles to the repayment by Alstom of measures granted to it in the meantime.