14.7.2011 Official Journal of the European Union L 184/9 DECISIONS COMMISSION DECISION of 14 December 2010 on the State aid C 8/10 (ex N 21/09 and NN 15/10) implemented by Greece in favour of Varvaressos S.A. (notified under document C(2010) 8923) (Only the Greek text is authentic) (Text with EEA relevance) (2011/414/EV) THE EUROPEAN COMMISSION, Having regard to the Treaty on the Functioning of the European Union, and in particular the first subparagraph of Article 108(2) thereof (1), Having regard to the Agreement on the European Economic Area, and in particular Article 62(1)(a) thereof, Having regard to the decision by which the Commission decided to initiate the procedure laid down in Article 108(2) TFEU, in respect of the aid C 8/10 (ex N 21/09 and NN 15/10) (), Having called on interested parties to submit their comments pursuant to the provisions cited above, and having regard to their comments, Whereas: 1. PROCEDURE (1) On 5 November 2007 the Commission received a notifi- cation from Greece for a rescue aid measure in favour of Varvaressos S.A. (Varvaressos). After exchanges of information, on 16 July 2008 the Commission adopted a ‘no objections’ decision on the notified measure. (20 On 15 January 2009, the Commission received a notifi- cation from Greece for a restructuring aid measure in favour of Varvaressos. (3)  After exchanges of information, on 9 March 2010 the Commission opened the formal investigation procedure (") With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the TFEU; the two sets of provisions are, in substance, identical. For the purposes of this Decision, references to Articles 107 and 108 of the TFEU should be understood as references to Articles 87 and 88, respectively, of the EC Treaty, where appropriate. () Commission Decision C(2010) 1250 final of 9 March 2010 (O] C 126, 18.5.2010, p. 7). on the restructuring aid that Greece had notified on 15 January 2009 and also on a State guarantee unlawfully granted by Greece to Varvaressos in 2007. In relation to the latter, the Commission stated the possi- bility of revoking its decision of 16 July 2008 approving the notified rescue aid to Varvaressos. (4)  The opening decision was published in the Official Journal of the European Union on 10 March 2009 (%). After the opening of the procedure, Greece submitted comments and information on 28 July 2010. Also, Varvaressos submitted comments and information on 18 June 2010. Finally, other third parties submitted comments on 4 June 2010, 14 June 2010 and 17 June 2010 (*). (5)  The Commission requested further information, regarding the above State measures, by letter of 9 July 2010. The Greek authorities answered by letter of 14 September 2010. (6) At the request of the beneficiary, a meeting was held on 14 July 2010. On that occasion, the modified restructuring plan was discussed. 2. DESCRIPTION 2.1. The beneficiary (7)  Varvaressos was established in 1975 and is active in the textile market as a spinning mill company (production of and trade in yarns). It exports yarns to 20 countries, including Germany, France, Austria, Italy, Spain, the United Kingdom and Slovenia. In 2009, the company realised 52 % of its sales in EU countries other than Greece (57 % in 2008, 67 % in 2007), 42 % in Greece (40 % in 2008, 32 % in 2007) and 6 % in non-EU countries (2 % in 2008, 1 % in 2007). () See footnote 2. (*) Hellenic Federation of Enterprises, Business Chamber of Imathia, Municipality of Naoussa and Feinjersey Betriebsgesellschaft (an Austrian clothing firm, [...]).