State aid rules applicable to COVID-19 recapitalizations

The first State aid measures authorized by the European Commission (Commission) following the COVID-19 outbreak were aimed at helping companies to cover their immediate liquidity needs, mainly through bank loans guaranteed by EU Member States. The significant losses incurred by companies as a result of the lockdown will compel some of them to increase their capital in order to finance their operations, satisfy financial ratios to obtain financing from banks or issue bonds and/or to avoid entering into insolvency proceedings.

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