BULL HAS TO REPAY STATE AID BEFORE JUNE 17.

• Position: Brief Article

The French computer company Bull has until June 17 to repay a Euro 450 million cash advance granted by the French Government pending a capital reinjection, the European Commission announced on April 30. Should Bull take advantage of the stay of grace offered by the French government and not repay the sum by mid June, EU rules would be breached, according to a Commission spokesperson. The Commission gave the go-ahead to the sum providing it was repaid before the aforementioned deadline, says the official. An EU source stresses that should Bull fail to cough up, the final bill the French group has to pay for the cash advance could be higher. In this case, the Commission would open proceedings against France and interests due on the loan after June 17 would then be converted into capital, according to the source.

The...