30.10.2012 Official Journal of the European Union L 301/29 COMMISSION DECISION of 27 June 2012 on the State aid No SA.33015 (2012/C) which Malta is planning to implement for Air Malta plc. (notified under document C(2012) 4198) (Only the English version is authentic) (Text with EEA relevance) (2012/661/EU) 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, 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 SA.33015 (1), 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) By letter dated 16 May 2011 Malta notified the Commission of the restructuring aid to Air Malta plc, following a rescue aid loan of EUR 52 million that was approved by a Commission decision of 15 November 2010 (N 504/2010, hereinafter "the decision on the rescue aid"). The Commission requested additional information by letters dated 5 July and 1 September 2011, to which then Maltese authorities replied by letters dated 2 August and 22 September 2011. (2) By letter dated 25 January 2012, the Commission informed Malta that it had decided to initiate the procedure laid down in Article 108(2) TFEU in respect of the aid (hereinafter "the opening decision"). Malta provided comments on that decision by letter dated () Commission Decision C(2012) 170 final of 25 January 2012 (O] C 50, 21.2.2012, p. 7). (6) 5 March 2012. The Commission asked further questions by letter dated 19 March 2012, to which Malta replied on 19 April 2012. The opening decision was published in the Official Journal of the European Union on 21 February 2012. The Commission called on interested parties to submit their comments. The Commission received comments from six interested parties. It forwarded them to Malta, which was given the opportunity to react; its comments were received by letter dated 27 April 2012. 2. DESCRIPTION OF THE MEASURE AND THE RESTRUC- TURING PLAN 2.1 Restructuring aid Malta notified restructuring aid of EUR 130 million to Air Malta in the form of equity, including a debt-to- equity swap of the approved rescue loan of EUR 52 million, on the basis of the Restructuring Plan (RP) described below starting in November 2010 (after the approval of the rescue loan), and covering a five year restructuring period from autumn 2010 until autumn 2015. 2.2 Beneficiary Air Malta ple. is the national flag carrier of Malta since 1974. At the beginning of the restructuring process, Air Malta operated 12 passenger aircrafts and served 43 scheduled destinations in Europe, North Africa and the Eastern Mediterranean. Air Malta is owned by the Maltese government (98 %) and private investors (2 %). Air Malta is a very small player in the European aviation market (ca. 1,8 million passengers in 2010), representing only 0,25% of the entire European airline industry’s productive capacity and output (in terms of passengers). With the intended reduction of 2 aircrafts in Air Malta’s fleet, it will become an even smaller player in a growing European air transport market. Air Malta plan to join a global alliance to improve connectivity in this reduced fleet scenario and also to improve fleet utilisation.