Home » Resolution 19 of 04/30/2024 – Integration of previous resolutions n. 50 of 18 January 2024 and n.74 of 6 March 2024 and spending authorization for the organization of the 31st edition of the ”Internazionali di Tennis San Marino Open – ATP Challenger Tour” event scheduled from 28 July to 4 August 2024
Resolution 19 of 04/30/2024 – Integration of previous resolutions n. 50 of 18 January 2024 and n.74 of 6 March 2024 and spending authorization for the organization of the 31st edition of the ”Internazionali di Tennis San Marino Open – ATP Challenger Tour” event scheduled from 28 July to 4 August 2024 – Secretariat of State for Internal Affairs
Resolution detail:
Resolution awaiting decision of the supervisory body
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Court declares EU approval of German Condor aid void
– 2024-05-08 21:07:00
Germany’s aid to the troubled airline Condor is a long-running issue in the European courts. Now the judges have once again given a clear verdict.
The European Union court has annulled the approval of the multi-million dollar German aid for the holiday airline Condor. The judges decided on Wednesday in Luxembourg that the EU Commission should have initiated a formal investigation procedure. The German state saved Condor in 2019 with a loan from the development bank KfW after the then parent company Thomas Cook went bankrupt.
The judges found that the Brussels authorities had not sufficiently examined whether the aid would guarantee Germany an appropriate share of Condor’s future capital gain. But that would have been necessary.
Ryanair sued against German Condor support
The fact that the court overturned the approval does not necessarily mean that the company has to pay back the money immediately. On the one hand, the judgment can still be taken before the highest European court, the ECJ. In addition, the EU Commission could issue a new decision under certain circumstances.
With so-called restructuring aid, Germany wanted to support the airline in the form of two write-offs of 90 and 20.2 million euros, which were part of the 321.2 million euro restructuring plan launched in October 2019. The EU Commission, which as the highest competition watchdog ensures that companies do not receive unfair advantages through state aid, approved the project in 2021. The Irish airline Ryanair defended itself against this before the EU court.
Ryanair was only partially right
The judges now granted Ryanair’s application – but only with regard to a violation of procedural rights as part of the necessary review process. The judges made it clear that Ryanair could not object to the legality of the decision. The Irish airline has not demonstrated that its competitive position could be significantly affected by the aid in question and that it is individually affected by the Commission’s decision.
Condor was restructured in a protective shield procedure, and at the beginning of 2020 an investor was available, LOT parent PGL. But immediately after the outbreak of the corona pandemic, the Poles jumped ship – and the German holiday airline needed government help again. Condor then averted the threat of insolvency and left the protective shield proceedings on December 1, 2020. A new investor was found in 2021.
The EU Commission approved aid again after a lawsuit
It is not the first time that aid for Condor has been an issue in European courts. An earlier decision by the EU Commission on Corona aid from Germany for Condor was initially overturned by a Ryanair lawsuit. The Brussels authorities then approved the Corona aid again in 2021 – and with it the restructuring aid that was now at issue. However, another lawsuit by Ryanair against a 380 million euro rescue loan for Condor after the Cook bankruptcy was dismissed by the EU court.
The Condor case is one of many in which Ryanair is taking action against state aid for competitors. So far, the Irish airline has been successful in some cases but not in others. Condor and Ryanair had successfully sued together last year against the German Corona financial injection for Lufthansa, which Lufthansa has long since repaid. In this case, a ruling by the European Court of Justice (ECJ) is still pending.
Court declares EU approval of German Condor aid void – 2024-05-08 21:07:00
FTX creditors presented with new repayment plan in bankruptcy filing
FTX creditors, including thousands of Italians, may be about to see some light at the end of the tunnel. The exchange presented a new plan to repay creditors in a detailed document sent to the District of Delaware. According to what is written, the plan could allow almost all creditors (98%) to recover the money lost in the platform that failed in November 2022 . the 16.3 billion dollars that can be distributed. According to the document, customers who need to recover an amount of up to 50 thousand dollars will get back about 118% of their money thanks to the cumulative annual interest of 9%; it is estimated that around 98% of creditors will get their money back.
Those who responded to the refund request will be able to get their money back as part of the compensation process. Among them are, as mentioned, thousands of Italian customers who, before the failure of the platform (dated November 2022), were the second most used digital currency exchange in the world . The crack was a big blow and from day to night it was no longer possible to withdraw money.
Ftx’s assets are the result of nearly two years of asset recovery activities through the liquidation of the company’s collateralized (and uncollateralized) assets. The reorganization plan still needs to be approved by the bankruptcy court. Ftx finances itself by selling a series of assets, including investments from the Alameda fund, by founder Sam Bankman-Fried.
In addition, the plan includes agreements with the Internal Revenue Service (IRS) and the Commodity Exchange Commission to subject their claims and to recover funds to a special fund for further compensation to customers and creditors. An additional agreement with the US Department of Justice would allow distribution of more than $1.2 billion without additional administrative costs. The collaboration of various key players in the development of recovery plans and efforts is also acknowledged.
John J. Ray III, CEO and chief restructuring officer of FTX, said: «We are pleased to be able to propose a bankruptcy plan that provides 100% of the bankruptcy claim amounts plus interest to creditors non-government. On behalf of the Ftx independent board of directors, I would like to express our deep gratitude to the many government agencies, official liquidators, non-US consumer committees, class action plaintiffs, BlockFi and all their professionals for their commitment in development. of the plan and the successes achieved. Finally, I would like to thank FTX’s customers and creditors for their patience during this process.”
2024-05-08 19:15:12
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FTX creditors presented with new repayment plan in bankruptcy filing