Brussels, 17/12/2007 (Agence Europe) - On Thursday 13 December, the European Commission opened an in-depth investigation into restructuring aid awarded to the Italian electrical and optical equipment manufacturer Ixfin SpA. The investigation is to determine whether or not the aid was ended within the set deadline and whether additional aid was granted. Competition Commissioner Neelie Kroes is concerned that “the Commission has not been properly informed about the facts of the case at hand,” adding, “The Commission must remain vigilant”.
The beneficiary of the alleged aid is Ixfin SpA, based in the Italian region of Campania. In 2004, Ixfin encountered financial difficulties and in December 2005 obtained a state guarantee for a loan of €15 million, which was later notified to the Commission as rescue aid. In July 2006, Italy informed the Commission that the company had been formally declared insolvent. The Commission later learned from the press that the procedure had been modified into a court controlled composition procedure with the aim of saving the company's economic activity. To this end, additional financial means between €40 million and €60 million were allegedly provided by Italy. Since it would appear that the company is to resume its economic activities, and, the initial aid clearly not having been repaid to the state, that further financial aid has been allocated apparently without a restructuring plan or authorisation, the Commission has grounds for questioning the legality of the Italian state's actions. The non-confidential version of the decision will be made available under the case number NN 13/2006 on the DG Competition website once any confidentiality issues have been resolved. (C.D.)