Judgment of the General Court (Seventh Chamber) of 10 November 2011 -
   Elliniki Nafpigokataskevastiki and Others v Commission

   (Case T-384/08)

   State aid - Shipbuilding - Aid granted by the Greek authorities in the
   form of an indemnification guarantee - Decision declaring aid
   incompatible with the common market - Concept of State aid -
   Imputability to the State - State resources - Private investor test

   1.                     State aid - Concept - Aid granted by a public
   undertaking - State-controlled undertaking - Whether aid measure
   automatically attributable to the State - Not automatically
   attributable - Series of indicators to be taken into consideration
   (Art. 87(1) EC) (see paras 50-54, 63-69)

   2.                     State aid - Concept - Guarantee given by the
   State - Included - State resources not immediately and certainly
   mobilised - Not relevant (Art. 87(1) EC) (see paras 89-90)

   Re:

   APPLICATION for annulment of Article 16 of Commission Decision
   2009/610/EC of 2 July 2008 on the measures C 16/04 (ex NN 29/04, CP
   71/02 and CP 133/05) implemented by Greece in favour of Hellenic
   Shipyards SA (OJ 2009 L 225, p. 104).

   Operative part

   The Court:

   1.

   Dismisses the action;

   2.

   Orders Elliniki Nafpigokataskevastiki AE Chartofylakeiou,
   Howaldtswerke-Deutsche Werft GmbH and ThyssenKrupp Marine Systems AG to
   bear their own costs and to pay those incurred by the European
   Commission and by Trapeza Peiraios AE.