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A company may not receive financing if it was in financial difficulties as of December 31, 2019 and continues to be in financial difficulties at the moment of granting the aid according to at least one of the following features:

  • The company has lost more than half of its subscribed capital due to accumulated losses. This is the case when deducting accumulated losses from reserves (and all other items that are generally considered to be part of equity) produces a negative result in excess of half of the subscribed capital

  • The company has been declared insolvent by a court judgment, is subject to a legal protection process by a court judgment, or is subject to an out-of-court legal protection process by a court decision

  • If, according to the last two closed financial statements, the debt-to-equity ratio has exceeded 7.5 and the interest coverage ratio calculated on the basis of EBITDA (earnings before interest, taxes, depreciation and amortization) has been less than 1.0 *

* only for large companies