1.2.2001 Official Journal of the European Communities L 30/45 COMMISSION COMMISSION DECISION of 21 April 1999 concerning aid granted by Greece to two fertiliser companies (notified under document number C(1999) 1120) (Only the Greek text is authentic) (Text with EEA relevance) (2001/88/EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, and in particular the first subparagraph of Article 93(2) thereof, Having given notice to the parties concerned to submit their comments in accordance with the same Article (), and having regard to those comments, Whereas: The Commission's attention was drawn by a complaint to aid given by the Greek authorities to two fertiliser companies: Protypos Ktimatikif Touristiki Ltd, also known as Moretco (Model Real Estate and Tourism Co., (PKT)), and Anonimi Eteria Biomihania Azotouhon Lipasmaton, also known as AEVAL (Nitrogen Fertiliser Industry Ltd (NFI)). On 3 October 1996, the Commission decided to initiate the procedure provided for in Article 93(2) of the EC Treaty with respect to the aid under consideration. The Greek authorities were informed by letter of 16 October 1996 that the procedure had been initiated. Their reply was received by the Commission in a letter dated 7 January 1997, which was registered on 15 January. The text of the letter to the Greek authorities was published in the Official Journal of the European Communities (*) and prompted reactions from three interested parties, namely two European industrial associations in the field concerned and a chamber of commerce from one Member State. The views of the interested parties were conveyed to the Greek authorities for their obser- vations in a letter of 23 September 1997. In this letter, the Commission also asked for further information regarding () O] C 82, 14.3.1997, p. 5. () footnote 1. certain specific points in the case. The Greek authorities' reply was received in a letter dated 21 November 1997. II A. THE RECIPIENTS PKT and Drapetsona Fertilisers (DF) According to the Commission's original information as submitted when the procedure was launched, until 1992 PKT was called Anonimi Elliniki Eteria Himikon Proiondon ke Lipasmaton (Hellenic Chemical Products and Fertilisers Ltd (AEEHPL). This company was placed in the hands of the receiver for failing to pay off an outstanding debt of GRD 18 billion to the National Bank of Greece (NBG). Its fixed assets were bought by the NBG for GRD 9 billion and used to set up PKT. At the same time, the bank wrote off the remaining GRD 9 billion of unpaid debt. The assets were transferred to PKT on certain conditions, of which the main ones were that it should continue to operate the fertiliser factory on a temporary basis and later refund the purchase price of the assets to the NBG. According to the available information, the factory continued to operate and the NBG allowed unlimited time for payment of the first instal- ments. Furthermore, PKT was in a poor financial position. The balance sheets for 1994 and 1995, covering the first two years of operation, show that losses greatly exceeded the company's equity, with the result that its overall net position came out as negative from the first year. The second financial year also closed with substantial losses even though PKT had, on 30 November 1995, ceased to engage in fertiliser production, which was taken over by a newly established subsidiary, Lipas- mata Drapetsonas (Drapetsona Fertilisers (DF)). In 1995, DF registered losses of GRD 1,3 billion, reducing its equity to approximately GRD 1,2 billion.