SPANISH STATE AID
February 1st, 2003
BY ALAN OSBORNTHE EUROPEAN Commission has ordered the Spanish government to reclaim Euro 104 million, (about Pounds 64.5 million), from the troubled textile company Hilados y Tejidos Puigneró. The Barcelona-based company, which produces yarns, fabrics and finished textile products, ran into debt in the 1990's and the Spanish authorities were unable to recover money owed to them. Brussels says these sums should now be classified as state aid as the debt relief enabled the company to continue production and engage in a low-price campaign "thereby distorting ...
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