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commercial finance company

Voorbeeldzinnen

1. It is therefore highly unlikely given its parlous financial state that the company would be able to secure any source of commercial finance.
2. For example, despite the relative small size of CORDEX in terms of turnover (below the SME threshold), there was no indication from the Portuguese authorities of any deficiencies with regard to the possibility of CORDEX obtaining financing from commercial banks; on the contrary, it appears that the company was able to finance the investment out of own resources and by recourse to commercial loans.
3. The existence of this second category outside the scope of Article 34 of the Organic Law on the Finance Act explains why the rule established by the case law on guarantees given by concessionaires has continued beyond 2001. It also explains why when the State is a shareholder or partner in a company or grouping whose debts are covered under the Commercial Code by an unlimited guarantee, the State is not required to specify that fact in a Finance Act.
4. The shareholder equity of Cyprus Airways had therefore declined from CYP 55,6 million (EUR 95 million) in 2003 to CYP 14,4 million (EUR 25 million) in 2004. It is therefore highly unlikely given its parlous financial state that the company would be able to secure any source of commercial finance.
5. In the document ‘Hellenic Shipyards S.A. — Confidential Information Memorandum — Alpha Finance/Commercial Bank of Greece/KPMG/Elias SP. Paraskevas’ dated March 2001 and which was provided to interested bidders (a copy of this document was provided by TKMS/GNSH in its letter of 21 June 2007), the following description appears: ‘In 1999 though, the financial results of the Company became negative again.
6. It also explains why when the State is a shareholder or partner in a company or grouping whose debts are covered under the Commercial Code by an unlimited guarantee, the State is not required to specify that fact in a Finance Act.
7. The Commission noted that losses of the Group (mainly caused by Cyprus Airways) went from CYP 20,9 million in 2003 to CYP 39,4 million by the end of 2004. The shareholder equity of Cyprus Airways had therefore declined from CYP 55,6 million (EUR 95 million) in 2003 to CYP 14,4 million (EUR 25 million) in 2004. It is therefore highly unlikely given its parlous financial state that the company would be able to secure any source of commercial finance.
8. Although this was the first internationalisation experience of CORDEX, the Portuguese authorities were also unable to demonstrate any particular difficulties faced by CORDEX in carrying out the investment concerned. For example, despite the relative small size of CORDEX in terms of turnover (below the SME threshold), there was no indication from the Portuguese authorities of any deficiencies with regard to the possibility of CORDEX obtaining financing from commercial banks; on the contrary, it appears that the company was able to finance the investment out of own resources and by recourse to commercial loans.
9. In the document ‘Hellenic Shipyards S.A. — Confidential Information Memorandum — Alpha Finance/Commercial Bank of Greece/KPMG/Elias SP. Paraskevas’ dated March 2001 and which was provided to interested bidders (a copy of this document was provided by TKMS/GNSH in its letter of 21 June 2007), the following description appears: ‘In 1999 though, the financial results of the Company became negative again. Brown & Root insisted to proceed with structural personnel changes. Such changes were not accepted by the Shareholders (ETBAbank and Employees), and Brown & Root’s contract was revoked.’