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Article: MARITIME TRANSPORT:COMMISSION LAUNCHES PROBE INTO FRENCH AID FOR SNCM.(French ferry company Societe Nationale Corse-Mediterranee)(Brief Article)
- Article from:
- European Report
- Article date:
- September 4, 2002
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The European Commission has decided to open a formal investigation procedure into the proposed restructuring aid to French ferry company Societe Nationale Corse-Mediterranee (SNCM). The French Government plans to give the company, which operates ferry services between Marseille and Corsica, a capital injection of Euro 76 million. However, the Commission doubts whether the restructuring plan proposed by the French Government can make SNCM viable again.
Under state aid legislation, the Commission has to examine restructuring plans for companies in difficulty to see whether they are compatible with EU rules. In particular, it examines whether there is any distortion ...