# C_2023094EN.01000501.xml

| 13.3.2023 | EN | Official Journal of the European Union | C 94/5 |
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13.3.2023

EN

Official Journal of the European Union

C 94/5

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Judgment of the Court (Grand Chamber) of 31 January 2023 — European Commission v Anthony Braesch and Others

(Case C-284/21 P) (1)

(Appeal - State aid - Articles 107 and 108 TFEU - Restructuring aid - Banking sector - Preliminary examination stage - Decision declaring the aid compatible with the internal market - Restructuring plan - Commitments given by the Member State concerned - Burden-sharing measures - Conversion of subordinated debts into equity - Bondholders - Action for annulment - Admissibility - Fourth paragraph of Article 263 TFEU - Locus standi - Natural or legal person directly and individually concerned - Breach of the procedural rights of interested parties - Failure to initiate the formal investigation procedure - Article 108(2) TFEU - Concept of ‘parties concerned’ - Regulation (EU) 2015/1589 - Article 1(h) - Concept of ‘interested party’ - National measures taken into account by the European Commission - Inadmissibility of the action)

(2023/C 94/04)

Language of the case: English

Parties

Appellant: European Commission (represented by: K. Blanck and A. Bouchagiar, acting as Agents)

Other parties to the proceedings: Anthony Braesch, Trinity Investments DAC, Bybrook Capital Master Fund LP, Bybrook Capital Hazelton Master Fund LP, Bybrook Capital Badminton Fund LP (represented by: A. Champsaur, avocate, and by G. Faella, L. Prosperetti and M. Siragusa, avvocati)

Operative part of the judgment

The Court:

| 1. | Sets aside the judgment of the General Court of the European Union of 24 February 2021, Braesch and Others v Commission (T-161/18, EU:T:2021:102); |
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1.

Sets aside the judgment of the General Court of the European Union of 24 February 2021, Braesch and Others v Commission (T-161/18, EU:T:2021:102);

| 2. | Dismisses as inadmissible the action brought at first instance by Mr Anthony Braesch, Trinity Investments DAC, Bybrook Capital Master Fund LP, Bybrook Capital Hazelton Master Fund LP and Bybrook Capital Badminton Fund LP seeking the annulment of Commission Decision C(2017) 4690 final of 4 July 2017 on State Aid SA.47677 (2017/N) — Italy — New aid and amended restructuring plan of Banca Monte dei Paschi di Siena; |
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2.

Dismisses as inadmissible the action brought at first instance by Mr Anthony Braesch, Trinity Investments DAC, Bybrook Capital Master Fund LP, Bybrook Capital Hazelton Master Fund LP and Bybrook Capital Badminton Fund LP seeking the annulment of Commission Decision C(2017) 4690 final of 4 July 2017 on State Aid SA.47677 (2017/N) — Italy — New aid and amended restructuring plan of Banca Monte dei Paschi di Siena;

| 3. | Orders Mr Braesch, Trinity Investments DAC, Bybrook Capital Master Fund LP, Bybrook Capital Hazelton Master Fund LP and Bybrook Capital Badminton Fund LP to bear their own costs and to pay those incurred by the European Commission in relation to both the proceedings at first instance and those on appeal. |
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3.

Orders Mr Braesch, Trinity Investments DAC, Bybrook Capital Master Fund LP, Bybrook Capital Hazelton Master Fund LP and Bybrook Capital Badminton Fund LP to bear their own costs and to pay those incurred by the European Commission in relation to both the proceedings at first instance and those on appeal.

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(1)  OJ C 252, 28.6.2021.

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