Business news :Elan to appeal €10 million state aid refund

Elan’s management said that the Slovenian ski company and the country’s government had both decided yesterday to appeal an order issued by the European Commission in September that Elan should reimburse a capital injection of €10 million it received from state-controlled shareholders in 2008.

They will file an appeal at the European Court of Justice in Luxembourg and the company will simultaneously request a stay of execution for the reimbursement, which should otherwise occur with interest within four months. On the other hand, the Commission did not demand that Elan should refund another capital injection of €10 million in 2007.

This puts a cap on the financial impact of the Commission’s investigations into Elan, which enables the company’s management to restart the privatization process launched last year.


( by SGI Europe through Ispo Newsblog )