Article 1
The aid in favour of the air carrier Sabena, as notified on 5 April 1991 by the Belgian Government to the Commission: - transfer of Bfrs 16,2 billion State debt into Sabena's capital, - direct capital injection totalling Bfrs 19 billion, thereof Bfrs 10 billion during the first phase and Bfrs 9 billion during the second phase, - capital reduction with cancellation of ordinary shares held by the Belgian State mounting to Bfrs 30,2 billion and made up of: - wiping out losses of Bfrs 22,6 billion, - provision for restructuring Bfrs 7,6 billion, are compatible with the common market within the meaning of Article 92 (3) (c) of the EEC Treaty, under the condition that the Belgian Government: - complies with its undertaking to abstain from granting any further aid or other new measures favouring directly or indirectly the air carrier Sabena or lowering the commercial risks of its shareholders, - complies with its undertaking not to grant any form of privileged treatment of Sabena in relation to other Belgian air carriers in the area of designation for traffic rights and in relation to all Community air carriers in the areas of slot scheduling, ground handling, catering and other airport-related activities, - complies with its undertaking to transform privileged shares 'actions privilégiées' with effect from 31 December 1992 at the latest into normal risk shares 'parts sociales', - complies with its undertaking to base the new company statutes on private commercial law excluding the possibility of the Belgian State to intervene for other than commercial reasons, and to forward the new statutes to the Commission upon their adoption, - complies with its undertaking to implement the restructuring plan by the end of 1995 in accordance with the procedures notified to the Commission and in particular the undertaking not to subscribe to the increase in capital provided for during the second stage of the restructuring plan unless an industrial partner subscribes to a significant proportion of that increase. The Belgian Government shall inform the Commission on a yearly basis, and in particular before initiating the second phase of the restructuring programme, of the economic and financial performance of the carrier Sabena, strategic decisions including cooperation and major investments.