natgillin/translations-raw huggingface dataset:
Italy notified the Commission of an outbreak of highly pathogenic avian influenza of subtype H5N8 in a holding on its territory where poultry or other captive birds are kept and it immediately took the measures required pursuant to Directive 2005/94/EC, including the establishment of protection and surveillance zones, which should be defined in Parts A and B of the Annex to this Decision.
Italija je Komisijo obvestila o izbruhu visoko patogene aviarne influence podtipa H5N8 na gospodarstvu na svojem ozemlju, kjer gojijo perutnino ali druge ptice v ujetništvu, ter nemudoma uvedla ukrepe v skladu z Direktivo 2005/94/ES, vključno z vzpostavitvijo okuženih in ogroženih območij, ki bi jih bilo treba opredeliti v delih A in B Priloge k temu sklepu.
Accordingly, the protection and surveillance zones in Italy, where the animal health control measures as laid down in Directive 2005/94/EC are applied, should be defined in this Decision and the duration of that regionalisation fixed.
Zato bi bilo treba v tem sklepu opredeliti okužena in ogrožena območja v Italiji, kjer se uporabljajo nadzorni ukrepi za zdravje živali iz Direktive 2005/94/ES, ter določiti trajanje navedene regionalizacije.
Italy shall ensure that the protection and surveillance zones established in accordance with Article 16(1) of Directive 2005/94/EC comprise at least the areas listed in Parts A and B of the Annex to this Decision.
Italija zagotovi, da okužena in ogrožena območja, vzpostavljena v skladu s členom 16(1) Direktive 2005/94/ES, obsegajo vsaj območja iz delov A in B Priloge k temu sklepu.
9 January 2015
9. januar 2015
18 January 2015
18. januar 2015
on the measure SA.35668 (13/C) (ex 13/NN) (ex 12/CP) implemented by Denmark and Sweden for Scandinavian Airlines
o ukrepu SA.35668 (13/C) (ex 13/NN) (ex 12/CP), ki sta ga Danska in Švedska izvedli za družbo Scandinavian Airlines
(notified under document C(2014) 4532)
(notificirano pod dokumentarno številko C(2014) 4532)
Having regard to the decision by which the Commission decided to initiate the procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union, in respect of the aid SA.35668 (13/C) (ex 13/NN) (ex 12/CP) [1],
ob upoštevanju sklepa, s katerim je Komisija sklenila uvesti postopek iz člena 108(2) Pogodbe o delovanju Evropske unije v zvezi s pomočjo SA.35668 (13/C) (ex 13/NN) (ex 12/CP) [1],
Having called on interested parties to submit their comments pursuant to the provisions cited above and having regard to their comments,
po pozivu zainteresiranim strankam, naj predložijo svoje pripombe v skladu z navedenimi določbami, in ob upoštevanju teh pripomb,
In late October 2012, the Commission and the EFTA Surveillance Authority (‘ESA’) were informally contacted by Denmark, Sweden and Norway (jointly ‘the States’) in relation to their intention to participate to a new Revolving Credit Facility (‘the new RCF’) in favour of Scandinavian Airlines (‘SAS’, ‘the SAS Group’ or ‘the company’).
Konec oktobra 2012 so Danska, Švedska in Norveška (v nadaljnjem besedilu skupaj: države) neuradno stopile v stik s Komisijo in Nadzornim organom Efte v zvezi s svojo namero o sodelovanju v novem revolving kreditu za družbo Scandinavian Airlines (v nadaljnjem besedilu: družba SAS, skupina SAS ali družba).
On 12 November 2012, the States decided to participate to the new RCF without however formally notifying the measure to the Commission.
Države so se 12. novembra 2012 odločile sodelovati v novem revolving kreditu, vendar o tem ukrepu niso uradno obvestile Komisije.
On 14 November 2012, the Commission opened an ex officio case on the new RCF.
Komisija je 14. novembra 2012 začela preiskavo po uradni dolžnosti v zvezi z novim revolving kreditom.
Denmark and Sweden provided additional information by letter of 3 June 2013.
Komisija je v dopisu z dne 19. junija 2013 obvestila Dansko in Švedsko, da bo v zvezi s pomočjo začela postopek iz člena 108(2) Pogodbe o delovanju Evropske unije (v nadaljnjem besedilu: PDEU) (v nadaljnjem besedilu: sklep o začetku postopka).
In addition, on 20 November 2012 the Commission received a complaint from Ryanair, followed by one from the European Low Fares Airline Association (‘ELFAA’) on 4 February 2013, on which Denmark and Sweden provided comments by letter dated 22 March 2013.
Danska in Švedska sta pripombe k sklepu o začetku postopka predložili v dopisih z dne 19. avgusta 2013.
By letter dated 19 June 2013, the Commission informed Denmark and Sweden that it had decided to initiate the procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union (‘TFEU’) in respect of the aid (hereinafter ‘the opening decision’).
V dopisih z dne 4. in 5. decembra 2013 so danski in švedski organi navedli, da k pripombam skupine SAS in družbe FAM nimajo kaj dodati.
The Commission invited interested parties to submit their comments on the measures.
Za namene tega postopka je le Komisija edina pristojna oceniti, ali Danska in Švedska spoštujeta določbe iz PDEU.
On 5 November 2013, the Commission forwarded these observations to Denmark and Sweden, which were given the opportunity to react.
Poleg tega bosta Nadzorni organ Efte in Komisija na podlagi člena 109(2) in Protokola št. 27 k Sporazumu EGP za zagotovitev enotne uporabe po vsem EGP sodelovala, si izmenjevala informacije in se posvetovala glede vprašanj nadzorne politike in posameznih primerov.
By letters of 4 and 5 December 2013, the Danish and Swedish authorities noted that they had no comments on the observations of the SAS Group and FAM.
Ob upoštevanju navedenega in vzporedne pristojnosti obeh institucij v obravnavanem primeru je Komisija pred sprejetjem tega sklepa sodelovala in se posvetovala z Nadzornim organom Efte.
The Commission requested additional information from Denmark and Sweden by letter of 25 February 2014, replied to on 25 March 2014 by both Member States.
SKANDINAVSKI TRG ZA ZRAČNI PROMET
In addition, by letters dated 5 and 7 March 2014, the Danish and Swedish authorities informed the Commission that SAS had decided to cancel the new RCF and investigate alternative possibilities to strengthen its capital base.
Skandinavski trg za zračni promet (ki zajema Dansko, Švedsko, Finsko in Norveško) naj bi se med letoma 2001 in 2011 z vidika ASK [4] povečal za 126 %.
The cancellation was effective from 4 March 2014.
Skoraj vso rast na skandinavskem trgu letov na kratke razdalje gre pripisati nizkocenovnim letalskim prevoznikom, zlasti družbama Norwegian Air Shuttle in Ryanair.
By letters dated 4 and 7 July 2014, Sweden and Denmark respectively agreed to waive their rights deriving from Article 342 TFEU in conjunction with Article 3 of Regulation No 1/1958 and to have the present decision adopted and notified in English.
Dejansko je ocenjeno, da so nizkocenovni prevozniki v navedenem obdobju ustvarili 90 % rasti [5].
For this procedure, the Commission is solely competent to assess whether the provisions of the TFEU have been respected by Denmark and Sweden.
Kljub povečanju pomembnosti nizkocenovnih prevoznikov je največji udeleženec na skandinavskem trgu še vedno družba SAS, katere tržni delež je bil leta 2011 ocenjen na 35,6 %, kar je veliko manj od več kot 50-odstotnega deleža družbe pred desetletjem.
On the other hand, the ESA, pursuant to Article 109(1) of the Agreement on the European Economic Area (‘EEA Agreement’) in conjunction with Article 24 of the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice, is competent to assess whether the provisions of the EEA Agreement have been complied with by Norway.
Tržna deleža družb Norwegian Air Shuttle in Ryanair sta v navedenem letu dosegla 18,7 % oziroma 6,8 %.
Also, on the basis of Article 109(2) and Protocol 27 to the EEA Agreement, in order to ensure a uniform application throughout the EEA, the ESA and the Commission shall cooperate, exchange information and consult each other on surveillance policy issues and individual cases.
UPRAVIČENEC
In the light of the above and given the parallel competence of both institutions in the present case, the Commission has cooperated and consulted with the ESA before adopting the present decision.
Družba SAS je nacionalni letalski prevoznik držav, največji letalski prevoznik v Skandinaviji in osmi največji letalski prevoznik v Evropi.
THE SCANDINAVIAN AIR TRANSPORT MARKET
Poleg tega je ustanovna članica skupnosti Star Alliance.
Between 2001 and 2011, the Scandinavian air transport market (encompassing Denmark, Sweden, Finland and Norway) reportedly grew by 126 % in ASK [4] terms.
Skupina letalskih prevoznikov, ki vključuje družbe Scandinavian Airlines, Widerøe [6] in Blue1, ima sedež v Stockholmu, njeno glavno evropsko in medcelinsko vozlišče pa je letališče v Københavnu.
Almost all of the growth in the short-haul Scandinavian market came from low-cost carriers, in particular Norwegian Air Shuttle and Ryanair.
Družba SAS je leta 2013 zabeležila približno 28 milijonov potnikov in ustvarila približno 42 milijard SEK prihodkov.
Indeed, it is estimated that low-cost carriers generated 90 % of the growth in that period [5].
Trenutno je 50 % družbe SAS v lasti držav:
Despite the increase in the importance of low-cost carriers, the largest player in the Scandinavian market is still SAS, with an estimated market share in 2011 of 35,6 %, far from the highs above 50 % enjoyed a decade ago.
21,4 % je v lasti Švedske, 14,3 % v lasti Danske, 14,3 % pa v lasti Norveške.
The market shares of Norwegian Air Shuttle and Ryanair reached 18,7 % and 6,8 % respectively in that year.
Glavni zasebni delničar je fundacija Knut and Alice Wallenberg foundation (v nadaljnjem besedilu: fundacija KAW) (7,6 %), ostali delničarji pa imajo v lasti 1,5-odstotne ali manjše deleže.
THE BENEFICIARY
Preglednica 1
SAS is the flag carrier of the States, the largest airline in Scandinavia and the eighth-largest airline in Europe.
Glavni delničarji družbe SAS AB na dan 31. marca 2012 [7]Delničar
It is also a founding member of the Star Alliance.
Skupaj (%)
The airline group, which includes Scandinavian Airlines, Widerøe [6] and Blue1, is headquartered in Stockholm with its main European and intercontinental hub at Copenhagen Airport.
Švedska vlada
In 2013, SAS carried around 28 million passengers, achieving revenues of around SEK 42 billion.
Danska vlada
SAS is currently 50 % owned by the States:
Norveška vlada
21,4 % by Sweden, 14,3 % by Denmark, and 14,3 % by Norway.
Danska nacionalna banka
The main private shareholder is the Knut and Alice Wallenberg's foundation (‘KAW’) (7,6 %), while the remaining shareholders own stakes of 1,5 % or less.
Te težave so bile še večje zaradi razmer na trgu, in sicer stroškov goriva in negotovega povpraševanje.
Table 1
Na podlagi letnih poročil družbe je zlasti razvidno, da je družba SAS v obdobju 2008–2012 vsako leto utrpela velike izgube in zabeležila znaten finančni neto dolg.
Principal shareholders in SAS AB on 31 March 2012 [7]Shareholder
Preglednica 2
Total (%)
Ključni finančni podatki družbe SAS za obdobje 2007–2012 (v milijonih SEK) [9]
The Danish Government
Prihodki
The Norwegian Government
Finančni neto dolg
Denmark's National Bank
Prihodki pred obdavčitvijo (EBT)
The financial position of SAS has been weak for several years, with recurring losses between 2008 and 2013.
Neto prihodki
In November 2012, Standard and Poor's (‘S&P’) downgraded its credit rating for the company from B– to CCC+ [8].
Denarni tok v posameznem letu
These difficulties were heightened by the market environment of high fuel costs and uncertain demand.
Donos naložbenega kapitala (ROCE) – %
In particular, it results from the annual reports of the company that, between 2008 and 2012, SAS has incurred substantial losses every year and has registered significant amounts of financial net debt.
Donos lastniških sredstev po obdavčitvi – %
Table 2
Stopnja kritja obresti – %
SAS' key financial data 2007-12 (SEK million) [9]
Finančne težave družbe SAS so vrhunec dosegle leta 2012, ko je družba predstavila poslovni načrt 4 Excellence Next Generation (v nadaljnjem besedilu: načrt 4XNG), ki ga je vodstvo letalskega prevoznika obravnavalo kot „zadnjo priložnost“ za družbo SAS [11].
(Jan-Oct)
Poleg tega so tiskani mediji novembra 2012 poročali o možnosti stečaja družbe SAS [12].
Revenue
OPIS UKREPA:
Financial net debt
NOVI REVOLVING KREDIT V LETU 2012
EBT
Družba SAS se je tako kot drugi letalski prevozniki po svetu pri ohranjanju minimalne ravni likvidnosti zanašala na zunanje kredite.
Return on book equity after tax — %
Zaradi poslabšanja poslovne uspešnosti je vodstvo družbe SAS decembra 2011 sklenilo, da bo v celoti izkoristilo stari revolving kredit.
Interest coverage ratio — %
Potem ko je hčerinska družba družbe SAS (družba Spanair) januarja 2012 vložila zahtevo za stečaj, je družba SAS začela pogajanja z bankami in 15. marca 2012 sklenila sporazum o spremembi klavzul.
As a result of its deteriorating financial position, SAS followed a substantial cost reduction program (‘Core SAS’) in 2009/10.
S to spremembo klavzul so se povišali stroški črpanja starega revolving kredita, zaostrili so se pogoji črpanja, družba SAS pa je morala takoj v celoti odplačati črpani znesek.
In implementing that program, SAS had to raise equity from its shareholders by way of two rights issues:
Poleg tega je morala družba SAS kreditodajalcem predložiti načrt dokapitalizacije, ki so ga morali potrditi odbor in glavni delničarji, tj. države in fundacija KAW.
SEK 6 billion in April 2009;
V načrtu so bili določeni številni finančni cilji, ki jih je morala družba SAS doseči v poslovnem letu 2014/2015.
and (ii) SEK 5 billion in May 2010 [10].
Ti so vključevali stopnjo EBIT nad 8 %, stopnjo finančne pripravljenosti nad 20 % in delež lastniškega kapitala (lastniški kapital/sredstva) nad 35 %.
The financial difficulties of SAS reached a peak in 2012, when the company presented the 4 Excellence Next Generation business plan (‘4XNG plan’), perceived by the management of the airline as the ‘final call’ for SAS [11].
Načrt 4XNG naj bi družbi SAS omogočil povečanje prihodkov pred obdavčitvijo za približno 3 milijarde SEK na leto, medtem ko bi bilo za izvajanje načrta potrebno prestrukturiranje stroškov in enkratnih stroškov v znesku približno 1,5 milijarde SEK.
In addition, in November 2012 the press reported the possibility of SAS going into bankruptcy [12].
Med drugim je bil cilj načrta 4XNG pripraviti družbo na uvedbo novih računovodskih pravil za pokojnine, ki bi se uporabljala od novembra 2013 in ki naj bi po pričakovanjih negativno vplivala na lastniški kapital skupine SAS.
DESCRIPTION OF THE MEASURE:
Poleg tega je načrt vključeval zavezo k izvedbi načrta za odprodajo sredstev in financiranje, ki je skupaj zajemal približno 3 milijarde SEK v potencialnih neto denarnih prihodkih.
THE NEW RCF IN 2012
Odprodaja sredstev je vključevala [14]:
As for other airlines globally, SAS has relied on external credit facilities to maintain a minimum level of liquidity.
prodajo hčerinske družbe in norveškega regionalnega letalskega prevoznika Widerøe [15], (ii) prodajo naložbe manjšinskega deleža v […], (iii) prodajo letaliških nepremičninskih deležev, (iv) oddajanje zemeljske oskrbe zrakoplova v zunanje izvajanje [16], (v) prodajo letalskih motorjev [17], (vi) prodajo in povratni najem ali drugo finančno transakcijo v zvezi z […], (vii) oddajanje sistemov upravljanja in klicnih centrov v zunanje izvajanje [18] ter (viii) prodajo ali zavarovano financiranje treh zrakoplovov Q400.
From 20 December 2006, SAS relied on a RCF that was due to expire in June 2013 (‘the old RCF’).
Države vztrajajo, da je načrt 4XNG temeljil na samofinanciranju, kar pomeni, da bi družba SAS z operacijami in neključnimi odprodajami ustvarila dovolj denarja za kritje predhodnih stroškov izvajanja načrta 4XNG.
It also included a number of financial covenants or conditions, such as […].
Družba SAS je zato zaprosila za podaljšanje starega revolving kredita skupaj z uvedbo novega revolving kredita, ki bi ga podprle države in fundacija KAW.
In December 2011, as a result of the deterioration in the company's business performance, SAS management decided to draw the old RCF in full.
Vendar je trdila, da ne bi črpala niti starega (podaljšanega) revolving kredita niti novega revolving kredita.
Following an application for bankruptcy by a subsidiary of SAS (namely Spanair) in January 2012, SAS entered into negotiations with the banks and reached an agreement for a covenant reset on 15 March 2012.
Vendar so države ta predlog zavrnile.
This covenant reset increased the cost of drawing the old RCF, tightened the drawdown conditions and required SAS to provide full and immediate repayment of the drawn amount.
Po nekaj pogajanjih so banke sprejele novi revolving kredit, ki naj bi ga omogočile skupaj z državami in fundacijo KAW ter ki naj bi bil strukturiran izključno pod enakimi pogoji brez podrejenosti ali nesorazmernih pravic do zavarovanja.
In addition, SAS had to provide the lenders with a Recapitalisation Plan that had to be endorsed by the Board and the main shareholders, i.e. the States and KAW.
Omeniti je treba, da je bil prvotni načrtovani znesek novega revolving kredita [3–6] milijard SEK, medtem ko je razpoložljivo zavarovanje znašalo le [1–4] milijarde SEK.
The Recapitalisation Plan was underpinned by the so-called 4XNG plan that was already under development in early 2012.
Velikost novega revolving kredita se je 22. oktobra 2012 dokončno zmanjšala na 3,5 milijarde SEK (približno 400 milijonov EUR).
The 4XNG plan also addressed concerns expressed by […] about the existing business plan of SAS called 4 Excellence (‘4X plan’), in May 2012.
Novi revolving kredit so zagotovile iste banke, ki so zagotovile starega (razen ene [20]), skupaj z državami in fundacijo KAW.
According to SAS, the 4XNG plan would enable it to position itself as a financially self-sufficient airline.
Države so sorazmerno s svojimi deleži družbe SAS zagotovile 50 % novega revolving kredita, preostalih 50 % pa so zagotovile banke in fundacija KAW.
It set out a number of financial targets that SAS had to meet in the financial year 2014/15.
Države in fundacija KAW so v novem revolving kreditu sodelovale pod enakimi pogoji (provizije, obrestne mere, klavzule) kot banke.
These included an EBIT margin of above 8 %, a financial preparedness ratio of above 20 % and an equity ratio (equity/assets) in excess of 35 %.
Glavne značilnosti novega revolving kredita so bile naslednje:
The 4XNG plan was supposed to allow SAS to improve its EBT by approximately SEK 3 billion on an annual basis, while its implementation would require restructuring costs and one-off costs of approximately SEK 1,5 billion.
Kredit je bil razdeljen na dva podkredita v znesku 2 milijard SEK (kredit A) in 1,5 milijarde SEK (kredit B), h katerima so države prispevale 50 % vrednosti.
In addition, the plan included a commitment to complete an asset disposal and financing plan, which totalled approximately SEK 3 billion in potential net cash proceeds.
Da bi lahko družba SAS črpala iz revolving kredita, je morala izpolnjevati nekatere pogoje, ki so bili v primeru kredita B strožji kot v primeru kredita A [21].
The asset disposal included [14]:
Po 1. januarju 2014 bi lahko družba SAS črpala kredit le v primeru zaključene odprodaje sredstev ali delnic družbe Widerøe.
the sale of Widerøe, a subsidiary regional airline in Norway [15], (ii) the sale of a minority interest investment in the […], (iii) the sale of airport-related real estate interests, (iv) the outsourcing of ground handling [16], (v) the sale of aircraft engines [17], (vi) the sale-and-lease-back or other financing transaction in respect of the […], (vii) the outsourcing of management systems and call centres [18], and (viii) the sale or secured financing of three Q400 aircraft.
Novi revolving kredit zapade 31. marca 2015.
The States insist that the 4XNG plan was self-financing, which means that SAS would generate enough cash from operations and non-core disposals to fund the upfront cost of implementing the 4XNG plan.
Države so predložile poročilo, ki ga je 7. novembra 2012 pripravila družba CITI (v nadaljnjem besedilu: poročilo CITI) in v katerem se ocenjuje, ali bi se morda zasebni vlagatelj v položaju, ki je čim bolj podoben položaju držav, odločil za sodelovanje v novem revolving kreditu pod enakimi pogoji.
However, SAS was concerned about investor perception of a weak liquidity position as a result of the significant upfront costs of implementing the 4XNG plan.
Sklepna ugotovitev poročila CITI ob predvidevanju uspešnega izvajanja načrta 4XNG v okviru osnovnega scenarija navaja, da bi se s sodelovanjem držav v novem revolving kreditu ustvarila [90–140]-odstotna notranja stopnja donosa, približno [4–9]-kratni večkratnik čistega dobička in povišanje vrednosti lastniškega kapitala za skoraj [700–1200] % (od novembra 2012 do marca 2015).
SAS thus requested an extension of the old RCF together with the introduction of the new RCF supported by the States and KAW.
Sklepna ugotovitev poročila CITI navaja, da bi bil torej donos, ki se zahteva od držav, vsaj enak donosu, ki bi se zahteval od zasebnega vlagatelja v podobnem položaju.
However, SAS argued that neither the old RCF (as extended) nor the new RCF would be drawn.
Vendar poročilo CITI ne vključuje niti ocene verjetnosti, da bi družba SAS uspešno izvedla osnovni scenarij načrta 4XNG, niti ocene učinka odstopanj od osnovnega scenarija, na primer neuspešnega denarnega ovrednotenja neključnih sredstev.
Discussions on the new RCF commenced on 4 June 2012 [19].
Družba SAS je 19. decembra 2012 navedla, da so izpolnjeni vsi potrebni pogoji za začetek veljavnosti novega revolving kredita (glej uvodno izjavo 28 zgoraj), vključno s parlamentarnimi odobritvami v državah.
Initially, in line with the Recapitalisation Plan (see paragraph 20 above), the banks that were lenders of the old RCF required that the States provide another round of equity, e.g. a rights issue, since they were unwilling to support a new RCF on their own.
Novi revolving kredit je bil veljaven od navedenega datuma do 3. marca 2014 in je zamenjal stari revolving kredit [22].
However, the States rejected this idea.
V dopisu z dne 3. junija 2013 sta Danska in Švedska pojasnili, da so se države in banke kreditodajalke zaradi prodaje 80 % delnic družbe Widerøe's (uvodna izjava 22 zgoraj) z družbo SAS dogovorile, naj se pogoji novega revolving kredita spremenijo, čeprav sporazum o spremembi še ni bil uradno sprejet.
After some negotiations, the banks accepted a new RCF that would be set up jointly with the States and KAW and would be structured strictly on equal terms without subordination or disproportionate rights to security.
znesek kredita A se z 1,173 milijarde SEK zniža na 0,8 milijarde SEK, datum zapadlosti pa se podaljša za pet mesecev, tj. do 1. junija 2014,
The new RCF was provided by the same banks that provided the old RCF (except one [20]) together with the States and KAW.
SKLEP O ZAČETKU POSTOPKA
In this regard, 50 % of the new RCF was provided by the States in proportion to their shareholding in SAS, and the remaining 50 % was provided by the banks and KAW.
Komisija je v sklepu o začetku postopka izrazila pomisleke glede pari passu sodelovanja držav, fundacije KAW in bank v novem revolving kreditu, zlasti ker:
The main characteristics of the new RCF were the following:
Banke so dejansko približno razpolovile svoj prispevek k novemu revolving kreditu in tako z vidika revolving kredita zmanjšale svojo splošno izpostavljenost družbi SAS za približno 50 %, medtem ko so države – ki glede na vztrajno negativne rezultate družbe SAS z novo izdajo delnic s pravico prednostnega nakupa za obstoječe delničarje leta 2009 in leta 2010 niso imele nobenega donosa – svojo izpostavljenost družbi SAS povečale,
It was divided into two sub-facilities of SEK 2 billion (Facility A) and SEK 1,5 billion (Facility B), in respect of which the States contributed 50 % of the value.
je družba SAS januarja 2012 v celoti porabila stari revolving kredit, kar bi lahko vplivalo na odločitev bank kreditodajalk glede sodelovanja v novem revolving kreditu, da bi preprečile kakršno koli nadaljnje črpanje in zagotovile, da njihovi prispevki k revolving kreditu ne bi bili popolnoma izgubljeni zaradi težav družbe,