commiss decis march state aid bavaria grant ecsc steel undertak neue maxhütt stahlwerk gmbh sulzbach rosenberg german text authent text eea relev ecsc commiss european commun regard treati establish european coal steel commun articl thereof regard decis ecsc novemb establish commun rule aid steel industri notic accord articl decis member state parti concern submit comment regard comment receiv juli commiss decid initi procedur provid articl decis ecsc steel aid code hereinaft refer sac respect seri loan total dm million ecu million freistaat bayern bavaria grant juli march neue maxhütt stahlwerk gmbh hereinaft refer nmh commiss conclud basi inform provid german govern loan grant compani possibl regard genuin provis risk capit usual invest practic market economi repres state aid incompat provis sac treati establish european coal steel commun hereinaft refer ecsc treati commiss inform german govern letter date septemb decis initi procedur request comment addit inform relev case repli german author date octob contain addit inform bavarian govern reason grant loan refer commun date januari submit framework procedur initi novemb refer commun juli septemb decemb submit procedur intend financi measur favour nmh lech stahlwerk gmbh hereinaft refer lsw relat privat plan bavaria stress loan view relat plan full descript german govern posit section iii commiss decid april intend loss compens dm million ecu million contribut invest dm million ecu million favour nmh intend loss compens dm million ecu million lsw repres state aid incompat steel aid code bavaria grant aid measur foreseen connect intend privat share bavaria nmh share lsw aicher group german govern file applic annul decis european court justic nmh file applic annul decis european court instanc octob commiss decid loan total dm million ecu million bavaria grant march august neue maxhütt stahlwerk gmbh repres state aid incompat provis sac ecsc treati recov german govern file applic annul decis european court justic submit applic articl ecsc treati nmh file applic annul decis european court instanc letter commiss inform german author decis initi current procedur publish offici journal european commun invit member state interest parti submit comment framework present procedur commiss receiv comment nation steel produc associ refer comment submit framework procedur initi novemb point basic tenet commun case law state aid case enterpris mix state privat ownership nmh action privat investor kei indic state involv constru normal market practic market economi stress bavaria hold share compani sharehold grant loan period juli march sharehold particip financ compani endors commiss initi conclus loan repres state aid comment commun german govern letter date januari request reaction letter date februari german author submit remark request repeat opinion loan exclus connect privat plan bavarian govern loan grant german govern maintain compani oper privat plan bavarian govern final implement commiss decid april financi measur state privat constitut illeg state aid privat plan implement expect annul decis court justic german author point state bavaria expect repay loan share financi perform nmh improv ii basi inform receiv relev fact april formal bankruptci proceed eisenwerk gesellschaft maximilianshütt mbh maxhütt initi administr bankruptci decid continu oper order prepar restructur plan mid newli creat compani neue maxhütt stahlwerk gmbh nmh cover ecsc product rang maxhütt rohrwerk neue maxhütt gmbh rnm cover tube product activ maxhütt nmh sharehold rnm remaind held kühnlein nuremberg main sale agenc tube produc initi sharehold nmh bavaria thyssen edelstahlwerk ag thyssen stahl ag lech stahlwerk gmbh krupp stahl ag klöckner stahl gmbh mannesmann röhrenwerk ag order enabl lsw particip nmh bavaria share lsw decis date juli commiss conclud particip state compani state aid element august german author notifi commiss intent bavarian govern grant loan total dm million ecu million nmh commiss decid loan constitut state aid privat sharehold prepar grant similar loan condit line particip state act similarli privat sharehold compani german author inform decis reason letter date februari agreement date decemb march klöckner stahl gmbh transfer share nmh annahütt max aicher gmbh amp kg hammerau hereinaft refer annahütt purchas price dm ecu june krupp stahl ag thyssen stahl ag thyssen edelstahlwerk ag transfer share nmh lsw purchas price total dm ecu transfer share sharehold compani aicher group valid march bavarian govern assent partnership agreement present sharehold situat gt tabl gt lsw annahütt control entrepreneur mr aicher nmh produc kiloton year kt crude steel capac kt kt semi finish product kt light heavi section capac kt subsidiari rnm produc approxim kt tube capac kt nmh emploi person octob rnm emploi person nmh made profit establish mid total loss end establish dm million ecu million compani suffer loss approxim dm million ecu million turnov dm million ecu million loss relat agreement transfer profit loss rnm nmh suffer loss dm million ecu million turnov dm million ecu million loss relat agreement transfer profit loss rnm march thyssen krupp klöckner inform fellow sharehold decid withdraw particip bavaria viabl privat restructur plan bavarian entrepreneur max aicher particip nmh lsw propos restructur compani base tradit blast furnac technolog synergi advantag group bavarian steel compani nmh annahütt lsw cost plan bavaria estim dm million ecu million manfr kühnlein nuremberg tube trader hold rnm propos plan call group partner implement technolog design voest alpin ag merced benz ag recycl car frame cost plan bavaria final estim dm million ecu million recycl specialist wmx technolog german subsidiari wast manag gmbh start feasibl studi car recycl plan earli wast conclud recycl plan viabl bavarian author decid march honour propos aicher german govern notifi commiss bavaria intend financi measur connect aicher plan bavaria max aicher gmbh amp agre contract date januari state sell share nmh max aicher gmbh amp dm ecu agre bavaria pai loss nmh accumul end loss final fix dm million ecu million payment bavaria contract amount dm million ecu million sharehold loan grant bavaria contract offset intend contribut contract enter forc parti contract agre bavaria pai dm million ecu million cover cost invest bavarian state mr aicher agre contract date januari state sell share lsw mr aicher dm ecu state pai countervail payment dm million ecu million lsw german govern notifi commiss intend financi measur commiss decid april measur repres state aid grant contract enter forc conclud condit assent commiss letter date januari german govern inform commiss bavarian govern grant loan nmh addit subject decis octob compani continu oper gt tabl gt loan grant ten year interest rate nmh suppos make annual repay achiev profit preced year sharehold nmh mannesmann röhrenwerk ag lsw annahütt particip financ compani decemb iii german govern submit comment commiss decis initi procedur repli comment receiv german govern opinion loan question exclus connect privat restructur plan regard aid german author explain bavaria decid termin particip nmh find industri solut futur compani bavarian author conduct difficult negoti potenti industri partner year march notifi commiss intend financi measur relat aicher plan adopt final decis measur april loss make nmh surviv period final decis commiss intend financi measur privat liquid provid sharehold bavaria loan bavaria grant hedg intend privat share bavaria major sharehold nmh german author financ nmh line normal behaviour solvent partner social market economi situat sharehold hold major share prepar particip financ german author refer commun procedur cover intend financi measur connect privat restructur plan report case support opinion privat investor behav compar refer privat schörghuber group case heilit amp woerner bau ag behaviour sharehold nmh period juli march german author opinion indic normal market investor behaviour sharehold annahütt lsw part aicher group termin particip financ nmh august decemb german author uncertainti possibl implement plan futur compani mannesmann german govern interest rnm prepar particip financ nmh german author opinion situat financ nmh major sharehold bavaria line normal behaviour privat investor suffici financi mean provid compani liquid continu oper addit german govern stress assess financ nmh account low share compani european steel market report german author iv neue maxhütt stahlwerk gmbh compani fall articl ecsc treati produc product list annex ecsc treati provis ecsc treati steel aid code applic state aid mean articl ecsc treati transfer state resourc public privat steel firm form acquisit sharehold provis capit similar financ financi transfer genuin provis risk capit usual invest practic market economi allow prospect futur return invest revenu bavaria loan total dm million ecu million nmh constitut transfer state resourc steel firm establish transfer state resourc consid genuin provis risk capit usual invest practic market economi allow prospect futur repay revenu commiss focuss behaviour privat investor situat state establish public provis capit correspond normal market practic privat sharehold relev compani econom situat compani assess provis financi mean econom reason privat sharehold prepar provid financ compani difficulti fellow sharehold prepar contribut line particip equiti german law treatment sharehold loan grant redeem compani financi situat call liquid addit provis risk capit sharehold treat similarli inject risk capit event bankruptci eigenkapitalersetzend darlehen gesetz betreffend die gesellschaften mit beschränkter haftung hereinaft refer gmbhg ow legal situat sharehold loan grant avoid illiquid subsequ bankruptci compani gener consid compar inject risk capit gmbhg refer gener principl sharehold provid addit risk capit fellow sharehold provid risk capit line percentag share compani sharehold principl liabl effect contribut equiti privat limit compani civil code insolv juli march bavaria sharehold nmh provid liquid made sharehold loss make nmh oper compani aicher group termin particip financ nmh begin immedi bavarian govern final decid implement aicher plan provis liquid chosen futur major sharehold nmh reli state readi retain nmh oper await commiss approv inject public financ bavaria mannesmann röhrenwerk ag sharehold nmh prepar make financi contribut restructur nmh motiv industri leadership rnm explan fact behav krupp thyssen klöckner prove behaviour state line normal investor behaviour market economi sharehold loan nmh econom reason profit privat compani mannesmann made conclud behaviour privat sharehold nmh hold remain share compani privat investor compar situat provid financ state bavaria paid conclud bavaria expect receiv repay loan event bankruptci nmh loan treat similarli inject risk capit line legisl gmbhg explain state receiv repay pai creditor highli prospect time loan question grant bavaria prepar waiv claim base loan privat share nmh safeguard job disadvantag region oberpfalz decid march honour aicher plan includ waiver repay loan notifi commiss plan cover loss accumul final calcul dm million ecu million sharehold loan grant bavaria entri forc privat agreement plan notifi offset intend contribut privat investor market economi expect long term prospect return lend financ context recal court justic held judgment march inject capit public investor disregard prospect profit long term provis capit regard aid behaviour bavaria make loan question normal behaviour privat investor market economi exampl privat compani refer german author contrari commiss explain detail decis april exampl show privat investor readi provid liquid reason chanc receiv econom advantag return privat bavarian schörghuber group transfer share heilit amp woerner bau ag walter bau ag final loss compens privat investor prepar loss make compani oper compli alleg altruist oblig social market economi true privat compani privat natur person time time choos dispos financ benevol charit public spirit behaviour behaviour investor privat market economi relev comparison behaviour state typic behaviour privat investor market economi behaviour state current case motiv govern avoid social difficulti disadvantag region avoid held respons public opinion bankruptci compani ail compani recov viabil motiv typic reason state grant subsidi prove financi support made result motiv repres aid sens articl ecsc treati articl sac conclud sharehold loan total dm million ecu million grant bavaria neue maxhütt stahlwerk gmbh juli march constitut state aid aid element loan inher preferenti treatment level interest capit loan regard compar direct inject risk capit lender bavaria receiv redempt paid annual compani made profit preced year normal result inject risk capit loan treat similarli inject risk capit case bankruptci eigenkapitalersetzend darlehen gmbhg bavaria reason chanc receiv repay capit replac loan loan compar inject risk capit made sharehold ail privat limit compani state aid steel compani prohibit articl ecsc treati steel aid code adopt unanim assent council articl ecsc treati categori aid deem compat common market aid research develop articl environment protect articl closur articl aid gener region invest aid scheme territori commun articl aid grant nmh fall categori commiss conclud amount dm million ecu million grant loan bavaria ecsc steel undertak neue maxhütt stahlwerk gmbh juli march constitut state aid incompat ecsc treati steel aid code state aid grant unlawfulli principl recov recipi firm repay made accord procedur provis german law interest base interest rate refer rate assess region aid scheme start run date aid grant fact nmh small share european steel market relev question unlaw aid reimburs state aid compani ecsc sector author commiss provis ecsc treati steel aid code unlaw distort effect aid small ow size compani concern legal basi suspens order recov aid grant unlawfulli await prior decis commiss aid compat common market provis ecsc treati steel aid code appli equal european ecsc steel undertak undertak benefit readi state transfer public resourc undertak breach oblig articl sac reason suspend order recov aid grant unlawfulli present case decis court justic european court instanc case action commiss decis intend financi measur favour steel compani repres aid grant brought court suspensori effect compani intend beneficiari financi measur receiv state aid continu oper final decis court fact commiss member state disagre intend financi measur constitut aid render compani concern elig oper aid case prohibit compani ecsc steel sector adopt decis articl amount dm million grant loan bavaria tranch juli march ecsc steel undertak neue maxhütt stahlwerk gmbh sulzbach rosenberg constitut state aid incompat common market prohibit provis ecsc treati commiss decis ecsc articl germani recov aid recipi compani repay made accord procedur provis german law interest base interest rate refer rate assess region aid scheme run date aid grant articl german govern inform commiss month notifi decis measur compli decis articl decis address feder republ germani brussel march commiss karel van miert member commiss oj oj oj case oj case oj oj case oj case oj oj commiss decis june report competit polici point bulletin ec point report competit polici point commiss decis decemb bulletin ec point detail descript case commiss decis april oj court justic belgium commiss ecr itali commiss ecr commiss decis ecsc oj paragraph ii commun commiss member state public undertak oj paragraph itali commiss eni lanerossi ecr paragraph