commiss decis april state aid grant germani dieselmotorenwerk rostock gmbh notifi document number german version authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment aid procedur letter april germani inform commiss bundesanstalt für vereinigungsbedingt sonderaufgaben bv successor treuhand privatis agenc grant dem million rescu aid form loan dieselmotorenwerk vulkan gmbh dmv letter februari commiss inform germani decis initi procedur laid articl ec treati respect aid commiss gave germani formal notic provid inform need examin aid month notifi decis commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment aid germani repli letter april juli septemb inform commiss addit aid grant restructur plan particular provid meet octob repres commiss german author letter decemb commiss inform germani decis extend procedur laid articl ec treati aid measur meantim continu doubt compat total amount restructur aid intern market commiss decis extend procedur publish offici journal european commun commiss invit interest parti submit comment aid ii detail descript dieselmotorenwerk rostock gmbh dmr dieselmotorenwerk vulkan juli divid recent locat head offic engin factori rostock warnemünd citi rostock workforc main activ product test repair heavi stroke diesel engin cargo vessel erstwhil engin factori bremen vegesack produc ship engin august primarili foundri facil heavi steel construct produc number basic compon engin mount warnemünd foundri steel product custom present workforc mecklenburg metallguß gmbh mmg waren medium size compani produc fix pitch propel vessel workforc dmr sold mmg januari walzengießerei coswig gmbh herzberg amp partner gmbh wismar propel maschinenbau gmbh wpm wismar medium size manufactur shaft control pitch propel vessel workforc compani sold octob schottel werft josef becker gmbh amp kg schottel antriebstechnik gmbh scope decis limit parent compani dmr factori rostock bremen wpm mmg sold state aid proceed restructur entail separ restructur aid commiss separ decis rescu restructur aid origin dmr date back motor product began rostock german democrat republ gdr unif germani dmr part deutsch maschinen schiffbau ag dm dmr privatis sold bremer vulkan verbund ag bvv contract date decemb dmr merg engin manufactur depart bremer vulkan werft gmbh bremen form compani dmv privatis dmr dmv carri invest programm dem million primarili construct engin plant rostock warnemünd commiss invest cost exce minimum amount privatis agreement dmr underw restructur occas situat exacerb account purchas loss make engin factori bremen book dem million auditor report dmv sever econom difficulti compani report loss dem million equiti capit reserv reduc dem million dem million liquid compani ensur primarili loan dem million bvv cash concentr system loan dem million grant bv end bvv dmv parent compani ran sever financi difficulti appli debt composit procedur vergleich februari receivership bvv cash concentr system termin end end march dmr face liquid gap dem million threaten rise dem million end april commerci bank prepar provid fresh monei compani order rescu dmr group ensur continu restructur bv land mecklenburg western pomerania provid aid end loan dem million dem million bv dem million land author origin interest rate discount rate disburs april origin fall due decemb loan dem million bv dem million land author dem million disburs juli term credit line dem million jointli financ bv land author tranch dem million disburs june tranch fulli disburs matur decemb state guarante amount dem million increas septemb maximum dem million guarante counter guarante aval advanc payment receiv perform bond post deliveri guarante provid dmr context contract ship engin guarante origin valid privatis decemb latest state guarante provid februari land author secur commerci bank loan dem million state guarante provid bv land author autumn run decemb secur credit line dem million letter septemb germani inform commiss bv land author waiv payment interest redempt loan mention point loan convert subordin sharehold loan aros auditor report loan amount dem million declar subordin order dmr receivership gesamtvollstreckung letter germani announc bv waiv interest invest loan dem million grant loan convert equiti origin interest rate annum princip repaid octob letter decemb germani notifi intent bv land author grant dem million social aid staff laid detail restructur plan annex letter mention prolong state guarante amount dem million end dmr number financi measur favour subsidiari wpm mmg present decis extend wpm mmg amount involv deduct obviou germani letter septemb decemb auditor report waiver claim capit increas cash favour wpm mmg refinanc aid dmr amount dem million deduct aid point amount dmr proper subsidiari dmr financi result period show sharp fluctuat reflect main activ product repair ship engin contribut turnov figur shown tabl fulli compar radic chang account practic busi year posit annual result caus debt waiver agre time separ dmr bvv dmr dmv turnov financi result gt tabl gt number ship engin deliv dmr plan produc period dmr largest supplier larg stroke diesel engin commun germani market share period dmr hope retain market share germani stroke diesel engin produc dmr cargo vessel tanker bulk carrier contain vessel equip stroke engin type equip stroke engin engin produc licenc worldwid basi licensor engin man amp ag base germani wärtsilä nsd oy ab base finland mitsubishi heavi industri base japan dmr licens agreement mitsubishi licenc exploit agreement cover germani eastern europ poland croatia demand engin dmr depend basic contract cargo vessel award german yard long dmr link bremer vulkan compani obtain engin contract ship built bremer vulkan yard origin busi concept base expect secur full capac utilis dmr hand dmr access order yard reluct place order competitor bremer vulkan yard receiv larg number order contain vessel order cancel provid dmr healthi order book extend case contract dmr posit chang total collaps bvv forc bid contract open market direct competit yard eastern asia licens man amp wärtsilä nsd problem caus weak financi stand dmr posit difficult engin builder link licensor major shipyard number cargo vessel built commun decreas european market share neglig tanker bulk carrier market contain vessel mainstai german shipbuild difficult sharp decreas order german yard attempt address problem produc type ship offshor equip produc order engin dmr price engin german mark term heavi pressur dmr consult expect price level remain present low level end final year investig period main competit korea larg engin factori stream recent year european manufactur dmr plant enjoi advantag servic european yard account close custom bear fruit mount test period financi result player market unsatisfactori profit sale engin deliveri spare part repair work fierc competit licensor licens agreement fierc competit engin manufactur felt commun collaps bvv group februari bv land author enter negoti administr bvv view separ group negoti held parallel negoti earli sale dmr licensor man amp broke septemb agreement april share transfer symbol price bvv intermedi hold compani vulkan industri hold gmbh konkur vih bv land mecklenburg western pomerania time agre subject approv european commiss vih waiv repay dem million claim dmv relat cash concentr system oper begin auditor report bankruptci dmr year avoid make vih claim subordin inform declar bv land author acquir dmr bv land author acquir dmr firm intent reprivatis back conclud agreement goldman sach amp ohg assist search potenti buyer sale prove extrem difficult ow high degre concentr industri number potenti buyer small begin renegoti licens agreement previou agreement conclud dmv subsidiari bvv transfer dmr need approv licensor sale dmr long fate main custom bvv yard unresolv volkswerft gmbh mtw schiffswerft gmbh reprivatis earli discuss potenti investor start earli tangibl result achiev germani letter septemb negoti privatis take place cegielski poznan sa hcp polish engin builder hcp process privatis restructur plan mention discuss consortia medium size mechan engin firm dmr facil manufactur product remain vagu conclud prospect privatis dmr present form remot germani expect privatis addit aid form debt waiver respect cost redund dmr attempt draw restructur plan assist manag consult arthur adl consider delai privatis negoti final collaps plan partli implement autumn finalis adl juli base assumpt annual product engin year stabl price german mark term plan measur achiev sharp reduct product cost gener oper profit onward dmr manag implement virtual measur plan reduct wage reduc oper loss ship engin relat activ dem million dem million achiev oper profit dem million special depreci loss provis come year prove asian crisi develop korean maritim industri caus begin sharp drop price ship engin german yard won order cargo vessel equip stroke engin dmr award order owner dmr ask adl review juli restructur plan latest revis plan date decemb adl expect market remain difficult low price depress demand product reduc engin regard bare minimum commerci point view redund plan forese temporari closur wage freez end diversif product busi plan explicitli gear overcom present crisi minimis loss break discuss dmr prospect medium long term commiss open extend proceed primarili doubt commerci viabil dmr restor mean plan restructur high level aid grant limit amount absolut abnorm low financ cost distort effect competit market ship engin foundri product iii comment interest parti commiss receiv comment open proceed member state letter support commiss posit letter june commiss forward comment germani opportun react reaction forthcom commiss receiv comment interest parti extens proceed iv comment germani comment receiv germani prior commiss decis extend proceed quot discuss decis letter date februari germani provid detail inform dmr product programm progress restructur programm financ statu negoti potenti investor meet juli dmr head offic restructur programm discuss german govern land govern mecklenburg western pomerania bv dmr commiss conclud busi plan set restructur programm longer reflect market condit dramat chang end agre busi plan extens revis letter septemb germani submit revis provision plan base annual product engin repli novemb commiss express strong doubt viabil plan view restor sound financi structur necessit open end financi support state letter decemb receiv commiss decemb germani gave detail busi plan cope continu deterior market dmr board decid meet decemb repli januari commiss inform germani posit latest accept revis plan realist point plan close resembl temporari rescu plan genuin restructur plan basic problem dmr state aid realist prospect success privatis remain assess aid measur loan total dem million subsequ waiver interest grant bv land author april constitut state aid state guarante amount dem million rank state aid report auditor explicitli state continu oper dmr dmv state provid loan guarante dmr receiv loan commerci financi institut loan dem million grant juli bv market term convert state aid june time bv waiv interest payment loan announc convert equiti prove intend grant dem million financ voluntari payment quot social plan quot employe made redund repres state aid payment result specif agreement workforc trade union aid cover extens proceed notifi decemb agreement april takeov dmr dmv bv land mecklenburg western pomerania vih dispos dmv price waiv claim dm million includ accru interest dmv claim result cash concentr system practis bremer vulkan group earli market vih claim lower nomin dem million close loan rank equiti bankruptci procedur vih administr expect incom accru claim retain ownership dmr privat buyer dmr requir seller vih waiv claim dmr compani neg bv land author behav respect privat investor commiss accept measur conform privat investor principl constitut state aid aid assess articl treati light criteria set commun guidelin state aid rescu restructur firm difficulti quot guidelin quot dem million grant notifi decemb aid regard notifi aid measur implement commiss posit germani fail respect notif oblig articl treati guidelin distinguish rescu restructur aid present case distinct difficult appli dmr restructur bremer vulkan group collaps begin autumn good reason dmr sold licenc holder prepar restructur plan separ dmr vih defer basic element restructur plan agre februari basi bv land author share dmr mean agreement date april commiss inform agre restructur plan germani letter septemb measur immedi takeov owner financi restructur dmr intend cover longer period consid aid grant prior agreement april rescu aid subsequ aid restructur aid mean guidelin guidelin rescu aid consist liquid form loan guarante loan bear normal commerci interest rate state aid provid form rescu period loan bv carri interest rate percentag point higher discount rate regard market rate origin short matur loan credit line secur state guarante carri market interest rate counter guarante origin dem million compris part aval secur busi activ commerci term back bank guarante requir secur advanc payment receiv ship engin construct ii restrict amount need firm busi germani provid evid fund limit minimum disburs payment oblig due except minor amount loan guarante serv financ dmr dai dai busi compani part bankrupt bremer vulkan group lost work capit group virtual access commerci financ client shipyard bremer vulkan group financi strain undergo financi restructur iii paid time need gener exceed month devis feasibl recoveri plan explain commiss accept case delai draw feasibl restructur plan primarili intend sale enterpris fail minut septemb ow commerci decis administr bvv extrem complex caus disintegr bremer vulkan group iv warrant ground social difficulti undu advers effect industri situat member state main part dmr locat rostock smaller part bremerhaven region classifi assist area suffer high unemploy addit affect collaps bremer vulkan group main industri employ rescu aid justifi social ground analysi impact aid industri member state concentr german market ship engin dmr activ extend market time section ii market access engin produc limit licens agreement delin territori produc activ agreement grant territori monopoli practic engin put tender relev shipyard consult shipown fierc competit larger engin contract worldwid dmr commun engin builder compet primarili quot trade engin quot quot handelsmotoren quot produc licenc east asian primarili korean manufactur price set leader world market competit european manufactur standard type engin depend great deal exchang rate capac utilis asia produc ship diesel engin take year full process contract negoti deliveri year relev rescu period spring dmr receiv order live backlog order contain ship boom end view specif situat assum rescu aid advers effect european competitor rescu aid notifi grant illeg commiss declar compat common market specif circumst financi measur ensur short term surviv dmr view characterist satisfi criteria laid guidelin restructur aid replac rescu aid measur prolong favour term compris waiver interest suspens repay loan grant rescu period previou privatis plan provis fresh loan increas ceil counter guarante dem million dem million suspens interest redempt princip loan detail section ii total dem million announc loan subordin statu regard constitut convers loan grant aid intens letter septemb germani inform commiss loan bv land author subordin convert particip interest credit line dem million creat partli disburs june subordin statu letter februari germani state repay januari made enterpris overindebt measur consid grant extent amount disburs aid intens dmr overindebt auditor report equiti neg total cash aid amount dem million dem million deduct subsidiari wpm mmg counter guarante dem million provid bv land author cover essenc complet post deliveri risk dmr contract natur activ total loss case bankruptci contract settl consider defici expect situat commiss estim aid intens aid equival dem million guarante dem million provid land author secur bank loan origin amount reduc dem million view repay made dmr germani letter februari aid intens outstand amount appli guarante dem million grant bv secur short term bridg loan total aid equival restructur aid provid form loan convert grant form guarante put dem million equival eur million account convers rescu aid aid element aid intens logic exce figur reduc amount disburs date decis credit line provid addit amount dem million provid financ redund cost social plan aid assess light criteria restructur aid laid guidelin restor viabil time procedur extend commiss doubt dmr capabl cover cost financ cost develop latest revis restructur plan commun germani letter decemb section ii decis show dmr financi viabl compani suffer extrem high loss led overindebted addit loss expect compani unabl pai interest sharehold loan compani remain depend oper aid extend distant futur germani state privatis addit state aid appear imposs prospect recoveri market stroke ship diesel engin commun bleak medium term return viabil expect forese futur condit guidelin met ii avoid undu distort competit aid competit market ship diesel engin limit account market structur section ii perman financ dmr mean state aid regard distort competit primarili order hand cover cost advers effect european competitor difficult situat exclud remain engin produc europ lower capac modernis reduct dmr capac plan view present emerg situat regard irrevers mean guidelin instal plant capac remain unchang dmr return origin capac short notic emploi personnel iii aid proport restructur cost benefit aid limit minimum compani continu oper recipi make signific contribut restructur cost expect dmr sold posit price benefit consist essenti temporari mainten employ region suffer sever unemploy guidelin recal quot region prop artifici compani structur reason ultim doom failur quot line posit aid meet social cost restructur measur region low standard live sever underemploy guidelin guidelin nation region aid commiss accept intend payment dem million social aid commiss conclud restructur aid grant intend prolong measur line guidelin compat common market intend payment dem million social aid regard compat common market vi conclus commiss find germani unlawfulli implement seri measur rescu restructur dmr breach articl treati loan guarante provid april rescu compani takeov dmr bv land mecklenburg western pomerania regard compat common market view difficulti caus collaps bremer vulkan group subsequ waiver interest suspens repay loan amount dem million continu provis state guarante nomin amount dem million regard compat common market measur question satisfi criteria laid guidelin measur termin aid recov intend payment dem million social aid regard compat common market adopt decis articl financi measur germani implement februari april rescu dieselmotorenwerk rostock gmbh time dieselmotorenwerk vulkan gmbh includ provis transfer ownership enterpris contain agreement april compat common market mean articl ec treati articl state aid dem million germani grant restructur dieselmotorenwerk rostock gmbh incompat common market articl state aid dem million germani intend grant social measur link redund dieselmotorenwerk rostock gmbh compat common market mean articl ec treati articl germani measur recov recipi aid refer articl unlawfulli made recoveri effect accord procedur nation law sum recov bear interest date made recipi actual recoveri interest calcul basi refer rate calcul grant equival region aid articl germani inform commiss month notif decis measur compli articl decis address feder republ germani brussel april commiss karel van miert member commiss oj oj sale agreement kauf abtretungsvertrag august conclud treuhandanstalt dm hand bvv schichau seebeckwerft ag privatis govern treuhand regim commiss decis decemb individu notif commiss requir rule size dmr financi transact involv relev threshold decemb commiss decis ec juli publish offici journal misus restructur aid mtw schiffswerft volkswerft stralsund compani belong bremer vulkan verbund unauthoris provis invest loan dem million mtw section ii decis detail descript cash concentr system state section iv decis main debtor dmr receiv misus aid fund mix obtain evid full guarante fulli secur land charg grundschulden amount dem million receiv commiss octob arthur überarbeitet geschäftsplanung chapter notif privatis wpm inform purpos wpm liquid aid dem million suppli servic dem million user fee dem million mmg increas capit physic asset land dem million increas capit capit contribut dem million main yard bremer vulkan werft schichau seebeckwerft flender werft mtw schiffswerft volkswerft footnot share vih held bvv exercis full financi oper control group vih bvv bankruptci procedur overseen administr footnot interest comprehens present restructur programm detail content letter septemb decemb discuss section ii decis amp treuarbeit deutsch revis ag bericht dieselmotorenwerk vulkan gmbh rostock prüfung de jahresabschluss zum paragraph section ii oj kpmg deutsch treuhand gesellschaft prüfungsbericht zum jahresabschluß administr decid sell vih share neue sulzer diesel dmr share higher price obtain state decis extend subsidiari detail descript measur section ii ii footnot point oj point