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Article: COMMISSION INVESTIGATES STATE AID TO AUSTRIAN TEXTILES FIRM

Article from:
European Report
Article date:
August 1, 1998
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The European Commission decided on July 29 to open a formal state aid inquiry into proposed restructuring aid to the Austrian textiles company Ergee Textilwerk GmbH. The company, located in the assisted area of Schrems, ran into difficulty after its parent company, Edwin E. R ssler KG of Germany, went bankrupt in 1994. In July 1997, the state-owned Gesellschaft des Bundes f r Industriepolitische Ma nahmen GmbH (GBI) took over Ergee's shares and implemented restructuring measures, supported by various restructuring aid measures. The measures include guarantees for an operating credit of up to 90 million Schillings (ECU 6.5 million) in 1999; a soft loan of 40 million ...

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