Article 1
The restructuring aid granted by Greece to Olympic Airways in the form of: (a) loan guarantees extended to the company until 7 October 1994 pursuant to Article 6 of Greek Law 96/75 of 26 June 1975; (b) new loan guarantees totalling USD 378 million for loans to be contracted before 31 March 2001 for the purchase of new aircraft and for investment necessary for the relocation of Olympic Airways to the new airport in Spata; (c) easing of the undertaking's debt burden by GRD 427 billion; (d) conversion of GRD 64 billion of the undertaking's debt to equity; (e) a capital injection of GRD 54 billion reduced to GRD 40,8 billion in three instalments of respectively GRD 19, 14 and 7,8 billion in 1995, 1998 and 1999 respectively, is considered to be incompatible with the common market within the meaning of Article 87(1) of the Treaty, as the following conditions, under which the initial authorisation of the aid has been granted, are no longer met: (a) the full implementation of the restructuring plan aimed at the achievement of the long-term viability of the company; (b) the observance of 24 specific undertakings attached to the authorisation of the aid and; (c) the regular monitoring of the implementation of the restructuring aid.