Re Tubemeuse (1990)

Belgian government acquired majority stake in T, which
was in severe financial difficulty.
Three years later Commission approved # of state aid
measures. Unsuccessful.
Belgian government then bought rest of firm.
Over next few years Belgian government initiated
series of measures designed to increase share capital of T, without getting Commission
approval.
Said this was normal reaction of any investor whose
initial investment was at risk.
ECJ held test is whether undertaking could have
obtained amounts in question on the capital market.
Given poor state of company and poor market conditions,
unlikely that T could have obtained amounts essential for its survival on
capital markets.
Thus Belgian government’s support for T constituted
state aid.