14-Sep-2010 11:54 AM

European Court partially annuls state aid to be recovered from Olympic Airlines

European Court partially annulled a European Commission decision on the amount of money to be recovered from state aid paid to Olympic Airlines (neurope.eu/Reuters, 13-Sep-2010). In 2005, the commission had ordered Greece to recover more than EUR600 million from the carrier, which received most of the assets of Olympic Airways, which collapsed at the end of 2003. The court reduced this amount to by approximately EUR131.5 million, after concluding that the commission had not examined rents from aircraft sub-leasing and the value of various intangible assets transferred as part of the restructuring of Olympic Airways. Olympic Airlines is owned by Marfin Investment Group.

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