The European Commission decided to adopt a final negative decision on a LIT 33,839 million soft loan granted to Keller S.p.A. and a LIT 6,500 million soft loan granted to Keller Meccanica SpA. The aid element for the soft loan granted to Keller S.p.A. amounts to LIT 4,288 million (ECU 2.2 million) and to LIT 903 million (ECU 465,000) for the soft loan granted to Keller Meccanica S.p.A. The Commission considers that both soft loans were granted outside the scope of approved regional aid schemes, neither did the loans qualify as restructuring aid for lack of a plan to restore the companies' long term viability. The Commission requested the Italian authorities to recover the aid. At the same time the Commission closed the file in respect of State guarantees for these loans which the Italian government had withdrawn in the meantime.

Source:
MIDDAY EXPRESS
News from the Spokesman's midday briefing
01 / 07 / 98