Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 03 29T083050Z 1 LYNXMPEJ2S0A5 RTROPTP 4 MOLDOVA WIZZ AIR - Business Express

Wizz Air loses fight against $67 million in state aid for Romanian rival


By Foo Yun Chee

BRUSSELS (Reuters) – European budget carrier Wizz Air on Wednesday lost its fight against 62 million euros ($67.2 million) in state aid granted to its Romanian rival Blue Air after Europe’s second-top court backed EU competition regulators’ decision to approve the subsidies.

The European Commission in its 2020 decision said a 28-million-euro guarantee to compensate pandemic-hit Blue Air and a 34-million-euro guarantee to cover its urgent liquidity needs due to losses from the pandemic complied with the bloc’s state aid rules.

Wizz Air, whose main operations are in central and eastern Europe, subsequently challenged the EU executive’s approval at the Luxembourg-based General Court. A number of carriers have sued the Commission for clearing similar aid to their rivals.

Judges rejected Wizz Air’s arguments.

“The action against the Commission’s decision approving the aid granted by Romania to the airline Blue Air in the context of the Covid-19 pandemic is dismissed in its entirety,” the Court said.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

Wizz Air can appeal on points of law to the EU Court of Justice, Europe’s highest.

The case is T-142/21 Wizz Air Hungary v Commission (Blue Air; COVID-19 and recovery aid).

($1 = 0.9232 euros)

 

(Reporting by Foo Yun Chee; Editing by Christina Fincher)

 

Recent Post: