June 28 (SeeNews) - The European Commission said it has given permission to the Slovenian authorities to grant restructuring aid to Semenarna Ljubljana, a company active in the research, production and sale of products for gardeners and farmers, through a 3 million euro ($3.5 million) long-term loan.
The loan, together with a contribution from Semenarna mainly from the sale of redundant premises, as well as from financial restructuring agreed with its main creditors, will allow the company to conduct an in-depth organisational restructuring, the EC said in a statement earlier this week.
"Compensatory measures, including the closure of an agricultural stores business, will reduce the potential distortions of competition brought about by the restructuring aid. The Commission therefore concluded that the restructuring plan is in line with the 2014 Rescue and Restructuring Guidelines", the EC explained.
Semenarna Ljubljana, based in Ljubljana, employs 235 people.
($=0.8652 euro)