The history of this "Stardust" saga, an intricate case mixing national and EC decisions and judgements, can be summarized as follows. Background In 1997, the public company CDR SA, a defeasance vehicle set up for managing the liabilities of the former public bank Crédit Lyonnais, sold Stardust, a company specialized in the marketing and the management of pleasure boats to the company FG Marine. Previously to this transfer, the CDR has substantially recapitalized Stardust. Sunsail, a competitor of Stardust, challenged the operation before the Commercial Tribunal of Paris and, in the same time, filed a complaint before the European Commission alleging
The Paris Court of Appeal refuses to hold the State liable for breach of EU State aid provisions (Stardust)
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