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Article: GREEN LIGHT FOR AID TO QUELLE.(European Union. European Commission)(Brief article)
- Article from:
- European Report
- Article date:
- July 1, 2009
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The European Commission approved, on 30 June, a rescue aid loan of 50 million for a maximum duration of six months in favour of Quelle GmbH (specialised in consumer goods retail and mail order), which will be granted by the German federal state and the Lander of Bavaria and Saxony. On 9 June, Quelle filed for insolvency following the difficulties of its parent company. A temporary 50 million liquidity facility had to be put in place in order to cover the risk of return of sold goods that has increased since the company filed for insolvency. The ...