No L 8/14 Official Journal of the European Communities 11. 1. 97 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 30 July 1996 on State aid granted in favour of Compafiia Espafiola de Tubos por Extrusién SA, located in Llodio, Alava (Only the Spanish text is authentic) (Text with EEA relevance) (97/21/BCSC, EQ) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the ECSC Treaty and in particular Article 4 (c) thereof, Having regard to the Treaty establishing the European Community, and in particular the first subparagraph of Article 93 (2) thereof, Having regard to Commission Decision No 3855/91/ ECSC of 27. November 1991 establishing Community rules for aid to the steel industry ("), and in particular Article 6 (4) thereof, Having, in accordance with Article 93 (2) of the EC Treaty and Article 6 (4) of Decision No 3855/91/ECSC, given notice to the parties concerned to submit their comments, and having regard to the comments received, Whereas: Compaiiia Espafiola de Tubos por Extrusién SA (here- inafter referred to as ‘Tubacex’) is a privately-owned company based in Llodio (Alava) producing seamless steel tubes, with a steel-making subsidiary, Aceria de Alava, based in Amurrio (Alava). () OJ No L 362, 31. 12. 1991, p. 57. Having experienced serious financial difficulties in recent years, in June 1992 Tubacex declared itself provisionally insolvent in accordance with Spanish insolvency law, and suspended debt repayments. This suspension was lifted in October 1993 following a creditor’s agreement essentially providing for convertible bonds in exchange for debt. On 25 February 1995, following a lengthy preliminary investigation into various aspects of this financial restruc- turing of the company and related matters, the Commis- sion decided to initiate proceedings pursuant to Article 93 (2) of the EC Treaty and Article 6 (4) of Decision No 3855/91/ECSC (hereinafter referred to as the ‘steel aids code’) in respect of the following: (i) the possible aid elements in the sale of land to the Basque Government (the lifting of the Social Security Treasury embargo, and the Pta 220 million price paid by the Basque Government); (ii) the possible aid elements in credit arrangements with the wage guarantee fund (Fogasa); and (iif) the financial restructuring of Tubacex, particularly the possible aid elements in the participation of the Social Security Treasury and other public authorities in the lifting of the suspension of debt repayments, in particular the conversion into capital of debts and the lifting of mortgages and embargoes allowing property to be offered as security for the bond issue.