commiss decis juli misus restructur aid mtw schiffswerft volkswerft stralsund compani belong bremer vulkan verbund unauthoris provis invest loan dem million mtw schiffswerft notifi document number german text authent text eea relev ec commiss european commun regard treati establish european commun articl subparagraph thereof notic accord articl parti submit comment procedur letter date march commiss inform germani decis initi proceed articl treati reason decis suspect spillov authoris restructur aid mtw schiffswerft gmbh wismar mtw volkswerft gmbh stralsund volkswerft compani belong bremer vulkan verbund ag bvv unauthoris provis invest loan mtw commiss decis initi proceed publish offici journal european commun member state interest parti ask submit comment germani comment commiss decis letter date septemb made commiss report bundesanstalt für vereinigungsbedingt sonderaufgaben bv loss dem million context insolv bvv cover letter date juli auditor report firm account susat amp partner susat contribut made quot eastern yard quot mtw volkswerft bvv central cash concentr system revis final auditor report drawn septemb comment submit member state respons initi proceed commiss forward germani letter date juli germani comment thereon abovement letter septemb comment report commiss receiv main investig proceed initi afford insight extent misus fund oper cash concentr system fund put bvv compani order inform decis recoveri aid give interest parti compani concern opportun state view commiss decid extend scope articl proceed decis effect commiss set fact appar document made preliminari assess find investig letter date novemb commiss inform germani decis extend proceed decis publish offici journal member state industri associ compani bvv interest submit comment decis extend proceed commiss forward comment germani letter date april germani repli letter date juli state unabl adopt posit comment ow ongo natur inquiri investig author proceed pend court letter thing descript cash concentr system develop month prior initi bvv insolv proceed ii fact fact set abovement letter commiss decis decemb decemb june septemb novemb except arrang shipyard german democrat republ juli council adopt direct eec amend direct eec seventh direct aid shipbuild enabl yard german länder carri comprehens restructur urgent need competit except arrang adopt commiss gave undertak make monitor investigatori power order ensur yard länder receiv aid need enabl restructur end aid releas instal direct eec oper aid paid decemb oper loss effect liquid disburs aid mtw privatis sold august year bvv own compani hans hold octob germani notifi aid accompani privatis clear german author discuss held spring connect direct eec commiss authoris releas plan aid instal treuhandanstalt conclud collater agreement octob effect circumv claus privatis agreement commiss reserv withhold approv disburs aid lump sum cash subsidi approxim dem million paid mtw octob million januari million decemb million payment form loan interest payabl aid proceed termin commiss gave consent oblig pai interest ceas appli retroact dai princip paid collater agreement notifi commiss made germani novemb respons repeat queri susat report commiss authoris releas instal dem million restructur aid letter date januari ey deadlin disburs oper aid laid direct eec commiss request dem million releas end block account held treuhandanstalt expect compani payment block account made authoris releas commiss dem million octob dem million april dem million privatis agreement provis made payment lump sum cash subsidi grant mtw loan dem million financ invest loan free interest year bear interest rate discount rate notifi part aid packag octob common ground commiss germani favour rate grant loan constitut state aid grant equival put dem million commiss authoris releas loan end reflect period need financ invest letter date march germani announc loan grant march fund financ invest mtw volkswerft sold februari consortium led bvv germani transmit privatis agreement march actual notif aid date collater agreement similar mtw case conclud march lump sum cash subsidi dem million paid instal march august januari contrari commiss expect block account creat volkswerft case commiss copi payment agreement novemb reason germani prematur disburs fund buyer prepar urgent need dai dai run compani fund bore normal commerci interest rate grant accord rule applic state aid block account creat volkswerft fund germani treuhandanstalt essenti commiss authoris releas oper aid decemb monitor aid put aid mtw volkswerft consist oper aid invest aid closur aid financ redund accompani restructur releas oper aid authoris commiss direct eec lump sum cover expect oper loss strengthen equiti capit base releas instal invest aid closur aid authoris basi amount paid commiss knowledg disburs made authoris actual flow fund differ markedli monei outflow result commiss decis releas aid fact mtw fund block account end disburs accord relev commiss decis fund need restructur yard dispos bvv ag separ arrang form interest bear loan octob bvv oper cash concentr system mtw volkswerft join system end instruct group top manag initi demand bv eastern yard contribut cover bank guarante drop view bvv persist refus direct eec germani provid evid form annual report independ account aid benefit yard gdr measur commiss germani agre quarterli report call spillov report provid report late forthcom produc firm account audit bvv annual account report confirm fund releas authoris commiss benefit mtw volkswerft mtw volkswerft run separ profit centr spillov effect occur transact mtw volkswerft bvv own compani regard yard invest bvv confirm requir commiss undertaken normal market term susat report draw conclus author spillov report perform mandat properli awar expect bv commiss append confirmatori certif reserv effect examin placement fund bvv cash concentr system bvv report profit dem million spring contempl pai dividend susat conclud quot manag bvv portrai group profit begin financi year favour light group annual account decemb compli statutori balanc sheet valuat requir word interpret principl proper account margin manoeuvr exploit utmost quot report submit bvv auditor financi transact incomplet manner paint posit pictur bvv financi posit investig extent fund misus sign liquid problem began emerg bvv septemb compani gave impress difficulti overcom dai crisi erupt late octob earli novemb commiss initi letter novemb term condit fund transfer mtw bvv line spillov ban question volkswerft novemb remind high level talk decemb januari clear report submit germani late octob german author awar extrem high loss bvv knew latest talk bvv bv author novemb massiv misus fund place resourc eastern yard quot longer suffici meet quot commiss receiv initi report februari februari interim report firm account kpmg meantim newli appoint auditor bv commiss decis initi formal investig proceed articl necessarili base interim incomplet report kpmg interim report initi itemis main recipi fund cash concentr system basi itemis letter date januari senior employe bvv bv origin fund cash concentr system time explor result spread potenti misus fund mention decis initi proceed germani commiss susat clarifi matter part comment septemb germani report find investig made aid bvv confirm total dem million mtw volkswerft bvv cash concentr system decemb susat opinion imposs determin unequivoc amount account state aid equal imposs identifi specif payment made cash concentr system deriv aid fund receiv mtw volkswerft subsidiari bvv group flender werft stn atla elektronik net contributor system total deposit cash concentr system end amount dem million includ abovement amount dem million origin mtw volkswerft time aid inextric mix yard fund advanc payment receiv liquid longer aid assumpt aid decemb cash concentr system amount identifi aid gt tabl gt interim payment region aid origin aid receiv joint feder govern länder programm improv region econom structur privatis agreement paid back yard bv investig misus fund put find answer question misus fund spent prove extrem difficult bvv announc open debt composit proceed februari chairman manag board prepar dai liquid began place document dispos susat employe releas previou auditor oblig secreci request document made partial bvv board member respons financi audit matter prepar talk verifi bvv data set letter januari commiss decis extend proceed susat reason question verac bvv statement figur realis reflect movement fund individu transact singl direct connect payment made mtw volkswerft specif deduc data lawyer act behalf dsr senat line gmbh prove letter germani decemb bvv data extent manifestli wrong conced susat letter date februari bvv statement januari unus proof fund put commiss ask germani number occas step clarifi aid put bvv area activ germani final repli letter date juli quot feder govern made fund yard cash concentr system extens inquiri connect enforc bv claim assert member bvv manag board precis correl specif financi transact bvv present establish quot inform direct proof aid intend eastern yard cover specif expenditur name compani bvv group hand reason obtain direct evid misus fund put susat concentr effort deduc made fund account balanc group member compani cash concentr system prove limit extent cash concentr system introduc cover liquid requir group activ compani intern sourc limit recours costli altern credit line bank group member compani join system conclud agreement bvv case mtw enorm pressur brought bear group top manag begin onward virtual payment transact involv group member compani carri cash concentr system number account oper extrem high technic imposs determin proport aid payment fund reshuffl daili aid mix insepar fund sourc cash concentr system pyramid structur credit relationship establish subsidiari parent compani rule intermedi hold compani subordin bvv hold compani balanc held intermedi hold compani equalis target account bvv hold compani decid grant credit line group member compani intermedi hold compani mtw volkswerft vulkan schiffbau verbund gmbh vsv shipbuild ship activ group cluster result pyramid structur time direct credit relationship mtw volkswerft oper unit bvv relationship exist sole vi vi vsv virtu applic provis german law liabil de facto group claim shipyard enforc umbrella hold compani bvv cash concentr system brought end decemb februari bvv difficulti reach stage busi conduct area activ system close account equalis compani black red conclud directli fact group member compani black compani profit misus aid compani perman black perman red number case posit chang end chanc ow payment connect state aid bremer vulkan werft gmbh loss year long stand debtor cash concentr system end yard receiv seri interim payment ship construct finish black contrast geest metallbau gmbh supplier yard year profit bremer vulkan werft wrung price concess retroact effect refus pai bill fall red transfer price intern group servic actual market price analys deliveri ship group member yard ship compani link group servic provid turn overvalu lastli account fact number case fact black influenc remiss debt hold compani conclud final account posit cash concentr system repres snapshot financi posit group member compani group ow system pyramid structur mtw volkswerft assert claim oper compani belong group clear substanti sum monei emploi bvv cash concentr system larg origin aid mtw volkswerft strong likelihood compani persist red benefit misus aid constant mix fund reason proport final liabil subsidiari account aid determin assumpt clear causal link prove shadow doubt amount held subsidiari start aid rule establish germani endors susat view direct connect amount paid cash concentr system amount paid mtw volkswerft prove case dörri scharmann ag germani letter septemb withdrew dem million cash concentr system compani recipi misus aid net payment sourc suffic cover compani liquid requir step german author recov misus fund misus aid form part fund accru bvv mtw volkswerft vsv form loan cash concentr system bvv vsv insolv repay claim mtw volkswerft ad schedul debt set insolv proceed confirm smallest amount relev aid point view liquid aid fund cash concentr system retrac bvv vsv resourc saleabl asset sale asset part liquid includ share subsidiari claim bvv vsv subsidiari repay claim mtw volkswerft met liquid proceed termin amount dividend preferenti creditor bvv liquid state back pai dividend preferenti claim mtw volkswerft repay claim bvv vsv assign bv time bv renounc claim recoveri yard state commiss propos regul aid shipyard restructur restructur ahead claim liquid proceed bv brought action damag bvv manag board member bremen region court octob court dismiss action find board member person liabl bv appeal decis trial court deliv judgment case iii comment parti extens proceed initi proceed govern member state comment commiss summaris part iii notic extens proceed govern member state nation shipbuild associ compani state posit extens proceed member state view aid amount authoris council commiss recov compani mtw volkswerft accord normal practic aid unlawfulli receiv compani belong bvv group recov member state doubt mtw volkswerft need fresh restructur aid sale bvv asset suffic cover yard liquid requir purpos proceed assess restructur aid mtw volkswerft matter discuss council connect council regul ec june aid shipyard restructur commiss point proce sale bvv asset benefit preferenti creditor financ restructur mtw volkswerft resourc shipbuild associ likewis object strongli comment grant fresh aid mtw volkswerft view yard respons transfer fund parent compani recoveri aid state paid back state prove purpos intend argument effect germani influenc misus satisfactori germani accord decis council commiss made exert suffici influenc posit ascertain aid properli associ call lastli improv uniform monitor aid commiss assur aid decis shipbuild associ view mtw volkswerft profit cash concentr system link bvv event bvv claim gain competit advantag yard belong associ conduct question partli respons collaps price shipbuild market east german yard exceed capac limit point argu consider decis fresh aid mtw volkswerft proceed concern question aid exceed capac limit commiss awar occur case mtw commiss punish infring reduc aid decis juli compani previous connect bvv subsidiari compani state comment knowledg refinanc cash concentr system misus aid assum statement group top manag bank grant gener line credit larg amount freeli dispos liquid asset individu compani belong group refer limit independ take strateg decis financi sphere acquir subsidiari perform larg contract group commerci respons loss cover oblig cash concentr system lloyd werft bremerhaven schichau seebeckwerft ag volkswerft appli half compani compel contract loan behalf group provid part asset guarante dsr senat line point lastli case misus aid cash concentr system imposs relev liquid inflow occur time yard resourc dsr senat line includ cash concentr system german govern stress repli extens inquiri draw definit conclus aid put ow larg number payment payment compani particip cash concentr system concret evid alloc specif aid resourc absenc proof contrari assum compani benefit cash concentr system awar outflow aid yard bvv contractu oblig financ compani compani manag entitl reli receiv fund cash concentr system purpos germani reserv step evid light posit comment observ made individu compani iv assess notif restructur programm mtw volkswerft outset incomplet part factual incorrect germani inform commiss agreement reach bvv payment lump sum cash subsidi reason payment condit impos risk bvv refus yard germani assum authoris forthcom payment entir aid amount instal justifi behaviour agreement effect interest unauthoris amount waiv retroact effect aid authoris commiss germani argument advanc payment form loan normal commerci rate incorrect member state requir pursuant articl direct eec notifi commiss advanc aid scheme cover direct put effect commiss authoris germani disregard provis infring place period octob time bvv collaps appli releas instal germani omit inform commiss earlier payment provis articl direct eec except provid articl insert direct eec restructur aid payment strictli limit activ yard situat länder direct eec adopt commiss undertook ensur yard länder receiv aid need restructur commiss refer provis decis releas instal aid decis contain statement reason size relev aid instal assess scale oper aid commiss account aid deadlin refer articl assess instal invest closur aid authoris pursuant articl guid conform provis fund light invest redund plan submit germani proceed germani furnish inform object justifi advanc payment aid releas authoris contrari deadlin refer articl led case oper aid payment authoris fund aros result repeat delai implement invest programm amount invest aid authoris releas exceed fund moment payment aid commiss prior authoris excess amount authoris expressli unlaw object unjustifi incompat provis articl direct eec amend hold true dem million quot invest loan quot mtw schiffswerft grant march invest purpos dem million invest aid volkswerft paid januari fact time bvv collaps region aid total dem million dem million mtw dem million volkswerft found cash concentr system likewis consid incompat amount trace back joint financ restructur drive fund treuhandanstalt joint feder länder develop programm intend provid aid retain recipi compani repay privatis agreement treuhandanstalt bv ultim addit aid channel chosen handl mechan compani base amount authoris case commiss exceed lastli advanc payment produc consider benefit term interest earn susat report calcul put dem million period begin basi assumpt made report simplist basic plausibl period total dem million accru interest includ approxim dem million attribut authoris aid time authoris dem million aid analys submit germani found decemb cash concentr system approxim dem million consist amount disburs authoris commiss consid incompat treati ascertain purpos aid disburs appli case basic reason contrari normal commerci practic treuhandanstalt ensur provis made privatis agreement earmark lump sum cash subsidi suitabl monitor procedur except sum block account end aid mix group fund latest state affair irrevers ow multitud transact cash concentr system document expert report auditor susat main debtor cash concentr system receiv part misus aid case dörri scharmann ag bankruptci meantim regard exact amount establish system wound claim mtw volkswerft offset liabil part bvv group claim total dem million includ aid amount dem million aid requir articl direct eec benefit yard german democrat republ aid mtw volkswerft misus mean articl ec treati provis misus aid abolish alter alter aid sens restitut misus amount mtw volkswerft question hive bvv yard assign claim bv misus aid total dem million abolish recov german govern inform commiss bv step requir german law recov aid part bvv vsv insolv proceed adopt decis articl aid grant mtw schiffswerft gmbh wismar volkswerft gmbh stralsund restructur disburs notifi fulli commiss advanc grant unlawfulli infring articl direct eec articl ec treati includ interest accru end compani receiv approxim dem million aid authoris commiss grant addit amount dem million infring articl direct eec aid amount incompat common market articl aid refer articl part aid authoris commiss restructur yard misus bremer vulkan verbund ag group basi analys submit germani total amount fund misus put dem million misus constitut misus aid mean articl ec treati articl germani recov misus aid bremer vulkan verbund ag part insolv proceed compani step requir german law recov partial amount compani previous belong bremer vulkan group suitabl opportun aris subsequ inquiri recoveri aid procedur rule german law accru interest account articl german govern inform commiss month date notif decis measur compli therewith outcom articl decis address feder republ germani brussel juli commiss franz fischler member commiss oj oj case mtw case vw case mtw case vw case mtw case vw oj oj case payment balanc place end reflect period hive mtw bvv section ii explan system work auditor report transact place februari balanc favour eastern yard date dem million result seri transact interest accru bvv insolv total amount claim yard bvv increas dem million includ dem million mtw dem million volkswerft letter germani commiss date februari judici inquiri reveal respect assum present group eastern yard fund separ judgment bremen region court octob case ship compani dsr senat line belong vsv particip cash concentr system quot compani quot shipbuild divis categori includ stn atla elektronik gmbh flender werft ag mtw schiffswerft gmbh categori includ dörri scharmann ag dieselmotorenwerk vulkan gmbh schichau seebeckwerft ag letter germani date juli oj footnot oj case oj oblig exist respect busi länder treuhandanstalt