commiss decis octob aid grant germani neptun industri rostock gmbh notifi document number german text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof interest parti notic accord abovement articl submit observ letter date februari commiss inform germani decid initi proceed pursuant articl ec treati respect aid grant rescu neptun industri rostock gmbh hereinaft quot nir quot commiss decis initi proceed publish offici journal european commun member state interest parti ask submit comment germani repli notic februari letter date march april repli question commiss inform letter date june juli juli juli septemb septemb decemb decemb januari june septemb octob commiss letter germani inform restructur date june august decemb march septemb septemb member state submit comment commiss ii letter date june germani notif loan dem million grant bundesanstalt für vereinigungsbedingt sonderaufgaben feder institut special task unif hereinaft quot bv quot nir rescu aid letter date septemb germani confirm amount loan paid nir april initi repaid end year loan notifi commiss prior grant payment commiss found land mecklenburg western pomerania decid provid guarante respect dem million loan decis septemb land extend guarante end guarante notifi commiss prior grant decis initi proceed pursuant articl ec treati commiss view line quot market economi investor principl quot financi measur regard state aid commiss consid aid illeg germani fail fulfil oblig pursuant articl ec treati grant aid notif commiss consid belatedli notifi loan constitut rescu aid assum notifi guarante constitut rescu aid express doubt compat aid criteria laid commun guidelin state aid rescu restructur firm difficulti quot guidelin quot germani fail provid restructur plan time commiss decid initi proceed initi proceed compris formal injunct requir germani provid full inform financi situat nir total amount aid grant restructur programm iii initi proceed govern member state comment commiss call rapid clarif actual amount aid paid share commiss doubt compat aid iv gdr big shipyard rostock area veb schiffswerft neptun rostock veb warnow werft rostock warnemünd yard merg form compani neptun warnow werft gmbh time neptun yard rostock stop build ship continu ship repair warnemünd yard privatis late earli form quot asset deal quot sold kvaerner residu part workforc sold kvaerner combin hold compani nir nir set march privatis year neptun betriebsgesellschaft share part manag bui mbo bremer vulkan compani hans hold purchas closur neptun yard capac build convert merchant ship part capac reduct east german shipbuild industri capac reduct condit special rule restructur shipbuild industri east germani adopt council direct eec juli amend direct eec aid shipbuild nir diversifi area shipbuild provision busi plan decemb nir industri conglomer loos annex repair yard germani notifi aid grant privatis restructur letter date juli notif privatis contract owner make invest dem million end guarante minimum workforc includ repair yard ship repair capac limit hour year stipul aid spill repair yard requir relev provis council direct eec decemb aid shipbuild restructur aid consist lump sum payment dem million treuhandanstalt invest aid land mecklenburg western pomerania dem million region aid scheme commiss approv restructur aid letter novemb end earli nir belong bremer vulkan verbund ag part intermedi hold compani quot vulkan industri hold gmbh quot hereinaft quot vih quot held nir equiti period number enterpris group locat bremen region transfer nir end bremer vulkan ran sever financi difficulti appli debt composit proceed februari bankrupt prepar intend sale bremer vulkan hold nir held intermedi hold compani vih invest compani vih neptun vermögensverwaltungsgesellschaft bv nir neptun betriebsgesellschaft agre mean contract date march hold bremer vulkan compani held administr arrang bv releas bremer vulkan invest oblig privatis agreement practic longer enforc immin full bankruptci bremer vulkan verbund ag vih contract march stipul hold sold end latest plan rapid sale hold result quot due dilig quot examin satisfactori invest compani subsequ invest bank quot boston ag quot entrust bv task potenti investor addit nir supervisori board member find suitabl investor compani boston contact larg number potenti buyer nir summer nir interest find owner made public specialis press activ tangibl result autumn owner meyer shipyard papenburg hereinaft quot meyer quot made offer bui nir altern meyer offer continu restructur exist mbo plan work neptun betriebsgesellschaft turn financi viabl need high state guarante extend period mbo plan meyer bidder acquir share nir germani explain letter juli separ nir bremer vulkan earli order jeopardis restructur avoid immin bankruptci nir bankruptci risk lose entir invest hatch cover product facil boat servic yard rostock region nir time larg payment oblig stem invest near complet nir particip cash concentr system bremer vulkan group end benefit misus aid meant mtw volkswerft left system end balanc account due previou linkag bremer vulkan loan bank state guarante repli march initi proceed injunct provid relev inform germani inform commiss aid measur aid consist loan bv dem million oper expenditur disburs april origin repaid decemb prolong decemb loan bv dem million ongo invest disburs march due date loan bv dem million ongo invest social plan expenditur oper purpos disburs trench februari june due date state guarante mecklenburg western pomerania guarante scheme secur loan dem million dem million invest dem million overdraft facil dem million procur financ grant prolong time envisag approv restructur aid plan commiss counter guarante dem million provid bv order financ grant march provision prolong loan guarante provid secur nir bv set detail monitor system ensur correct fund loan total dem million amount dem million spent complet invest factori rostock neptun stahlobjektbau amp neptun boatservic dem million staff cost dem million oper expenditur germani consid measur introduc march rescu aid prolong date restructur aid proceed cover loan mention point guarante mention point decemb commiss regist prolong addit measur aid state aid case nn letter date march germani commiss provision restructur programm drawn enterpris evid document subsequ discuss initi restructur report establish extern advisor septemb decemb commiss disagr advisor manag nir mecklenburg western pomerania bv proce report auditor busi year analys advisor show situat nir wors expect autumn report loss shot dem million dem million auditor pend risk correct letter germani commiss express doubt viabil restructur plan notifi spring letter date juli juli germani inform commiss revis restructur plan modif financ programm programm modifi autumn sale share nir total price dem administr bremer vulkan neptun betriebsgesellschaft meyer main element revis restructur programm concentr nir activ maritim core busi compani macor neptun rostock primarili product hatch cover contain vessel expect long term workforc neptun reparaturwerft ship repair expect workforc amp neptun boatservic construct yacht repair small naval coastguard vessel expect workforc möhring klimatechnik air condit equip ship expect workforc personalservic rostock personnel leas compani craftsmen maritim trade expect workforc sale hold closur compani longer belong core busi neptun isoliergla neptun scanhu fertigungsgesellschaft neptun systemtechnik nir hotelbetriebsgesellschaft oberflächentechnik rostock sale properti asset longer need busi oper neptun own larg area close citi centr rostock reduct number directli emploi staff initi onward workforc begin busi plan germani letter date decemb provision annual report maritim core busi nir continu make loss end modest profit expect year major part loss expect repair yard receiv receiv aid loss cover sale properti belong yard meyer total expect annual result oper compani dem provision outturn dem includ staff reduct cost dem million dem dem dem major part loss occur neptun macor enterpris form merger macor bremerhaven neptun stahlobjektbau rostock restructur plan make clear major improv organis sale manag achiev posit result year onward minor rapidli decreas loss expect neptun boatservic year möhring profit expect remain profit de facto compani affect restructur personalservic made loss dem million expect small profit onward financ restructur measur agre meyer bv land meyer provid subordin loan dem million strengthen capit base nir loan primarili financ invest repair yard benefit state aid neptun develop gmbh newli found subsidiari nir repai bank loan nir proce properti sale end present state guarante provid mecklenburg western pomerania secur loan dem million total favour lend bank replac guarante amount dem million approv aid programm commiss approv commiss bv waiv repay loan total amount dem million nir meyer request bv prolong refund guarante credit line dem million decemb secur properti nir payment fee mecklenburg western pomerania provid aid dem million region aid programm quot gemeinschaftsaufgab zur förderung der regionalen wirtschaftsstruktur quot residu invest dem million product hatch cover macor neptun aid residu amount region aid commit suspend collaps bremer vulkan germani gave assur nir enterpris undergo restructur receiv addit aid restructur period run end germani provid commiss annual report progress restructur disinvest measur report certifi compani auditor neptun reparaturwerft separ account maintain annual report submit commiss order make aid spill repair yard germani compani confirm neptun reparaturwerft continu compli capac limit hour year letter date septemb germani agre provid monthli product control report commiss deal statu invest yard neptun reparaturwerft resum convers activ merchant ship year closur period neptun werft end germani compani confirm facil amp neptun boatservic build convers repair vessel fall scope commun legisl aid shipbuild auditor check complianc commit view develop enterpris decis deal rescu aid articl proceed initi aid grant plan rescu restructur nir loan guarante bv state guarante dem million provid mecklenburg western pomerania state aid letter march germani state measur indispens bank refus give loan nir separ bremer vulkan full refund guarante state uncontest financi measur bv mecklenburg western pomerania includ notifi state aid mean articl ec treati germani prove certifi detail report auditor neptun reparaturwerft receiv aid assur neptun reparaturwerft benefit rescu restructur aid futur expect loss neptun reparaturwerft cover sale compani asset meyer case amp neptun boatservic set small yard limit activ yacht small naval boat word vessel fall scope specif commun legisl govern build merchant ship rescu restructur aid nir regard aid shipbuild aid assess pursuant articl treati light criteria set commun guidelin state aid rescu restructur firm difficulti loan guarante bv guarante amount dem million mecklenburg western pomerania regard notifi aid aid grant commiss state posit germani fail fulfil notif oblig pursuant articl ec treati commiss fulli accept argument put forward germani guarante mecklenburg western pomerania grant aid scheme approv commiss novemb born mind commiss request germani letter novemb measur mean articl ec treati oper guarante scheme import measur individu notif guarante grant larg enterpris difficulti requir guidelin germani implement measur commiss found decis ec guarante scheme mecklenburg western pomerania incompat common market juli individu notif guarante larg enterpris obligatori decis guarante board grant guarante august date commiss conced grant guarante mecklenburg western pomerania requir individu notif germani bound notifi extens septemb onward guidelin distinguish rescu restructur aid present case distinct difficult appli nir undergo restructur time separ bremer vulkan clear begin previou restructur plan need modif full scope problem visibl end auditor finalis work annual report extern advisor ubb present analysi matter complic fact nir hold compani consist small enterpris locat work field case enterpris strong commerci link part bremer vulkan group futur uncertain continu viabil firm examin individu case restructur plan quot neptun quot decemb prepar nir base optimist assumpt accept nir banker bv arriv feasibl solut restructur plan modifi time process pain difficult step involv closur reduct staff time restructur residu part continu month arriv restructur plan agre relev parti germani share compani sold meyer owner made modif novemb period month laid guidelin commiss acknowledg difficulti involv rescu restructur nir except accept delai occur case commiss regret germani fail march fulfil oblig provid inform progress achiev draw restructur plan due fact viabl restructur plan aid date point iv regard rescu aid guidelin rescu aid meet condit consist liquid form loan guarante loan bear normal commerci interest rate rescu aid form loan bv carri interest rate discount rate regard market rate view collater provid nir loan secur state guarante carri market interest rate commiss estim aid intens guarante annum due fact secur provid nir allow full recoveri event default aid amount approxim period year dem million ii restrict amount need firm busi germani provid evid fund limit minimum disburs payment oblig due appli larg payment invest made exist contract invest complet begin termin contract supplier caus excess cost bankruptci nir addit left major product facil incomplet econom iii paid time need devis feasibl recoveri plan set commiss accept case reason delai draw feasibl restructur plan commiss agre prolong aid decis restructur programm restructur aid link iv warrant ground social difficulti unduli disrupt effect industri situat member state part nir locat region rostock small proport bremerhaven region classifi assist area suffer high unemploy addit area affect collaps bremer vulkan group main industri employ rescu aid justifi social ground analysi impact aid industri member state concentr maritim core busi nir mention neptun reparaturwerft repair yard cover restructur aid programm receiv aid mohr profit enterpris need aid rescu aid oper invest purpos macor neptun amp neptun boatservic except minor part hold compani meet social cost termin number activ boatservic small enterpris staff oper region german market smaller yacht limit activ repair small vessel belong german navi scope articl treati ow provis articl thereof macor neptun main activ design engin construct cargo access equip freight vessel hatch cover contain ship engin design activ carri macor engin compani macgregor finland kvaerner norwai macor control world market design engin hatch cover finnish compani macgregor domin posit closur macor strengthen domin posit product hatch cover concentr countri low labour cost commun asia china eastern europ croatia romania poland price reason main competitor commun arend amp cie franc entranc barrier market extrem low principl enterpris activ heavi steel construct manufactur hatch cover design engin firm make market difficult commun supplier main advantag proxim european shipyard higher qualiti product structur shipbuild market supplier includ macor neptun influenc low price level relev market hatch cover world market present difficult situat market caus develop east asia cargo vessel built equip assum rescu aid unreason effect industri situat member state rescu aid grant notifi aid illeg commiss declar aid compat common market take consider except circumst loan guarante provid ensur short term surviv nir subject qualif fulfil criteria laid guidelin explain descript point iv support state complet restructur owner consist predominantli waiver loan bv total dem million prolong state guarante reduc amount bank loan repaid aid element guarante mecklenburg western pomerania limit fact bank loan question primarili secur mortgag properti asset valu dem million detail valuat submit commiss accept risk relat guarante limit shortfal delai proce sale properti event sever crisi local properti market year fee annum expect market price view prior claim proce grant lend bank commiss estim aid equival dem million rang term refund guarante bv respect credit line dem million regard market term view collater secur requir assess commiss support fact meyer request issu guarante bond view cost region aid dem million aid paid cash case invest macor neptun notif spillov aid nir repair yard meyer werft papenburg virtual exclud notwithstand commiss monitor correct aid repay bank loan framework agre monitor system mean audit report guidelin lai criteria restructur aid aid link viabl restructur recoveri programm submit relev detail commiss capabl restor long term viabil firm reason time scale aid proport restructur cost benefit undu distort competit aid avoid firm fulli implement restructur plan observ condit impos implement plan complianc condit monitor requir submiss detail annual report commiss germani commiss detail restructur programm compris complet rearrang nir activ concentr core busi maritim sector termin activ workforc reduc process onward figur includ repair yard busi plan meyer nir group profit year provision result basic line plan plan base cautiou assumpt futur demand price realist develop shipbuild industri western europ assum product strongli increas facil macor neptun amp neptun boatservic year full commiss reduct workforc lower overhead part hold compani reduc product cost elimin high start loss compani möhring profit personalservic expect balanc result assumpt modest stabl profit onward realist commiss accept viabil restructur plan shown restructur aid basic consist waiver loan bv total dem million prolong state guarante amount gradual decreas sale properti longer need nir complet dem million region invest aid main financi contribut meyer provid capit replac loan dem million establish capit base nir germani consid packag justifi view loss made rescu period loss expect remain restructur period modest profit expect total aid provid restructur nir high relat workforc retain commiss accept argument specif case origin restructur plan bremer vulkan period consid fail virtual total equiti nir due failur invest recent complet partli written low return waiver rescu loan dem million cover part loss run past year essenti order restor financi equilibrium nir dem million region invest aid complet minor invest total cost dem million intens lower maximum permit region accept germani gave assur aid paid enterpris present nir hold compani restructur period end aid receiv neptun reparaturwerft plan aid measur line restructur programm submit commerci point view view comprehens restructur nir substanti closur cost involv time need complet restructur commiss total amount dem million restructur aid accept restructur aid consist prolong state guarante exist loan repaid meyer waiver debt bv impact competit limit reason discuss relat rescu aid undu distort competit common market expect implement part restructur programm began provision februari meyer manag nir restructur plan undergo full implement germani provid annual report progress restructur addit germani send commiss abovement report activ neptun reparaturwerft amp neptun boatservic conclus restructur aid nir regard line criteria set guidelin aid regard compat common market pursuant articl ec treati articl eea agreement subject complianc germani condit set decis germani meyer behalf nir undertak implement restructur programm notifi compli condit past experi takeov bvv bankruptci shown consider difficulti draw implement sustain restructur plan commiss point full implement restructur plan condit aid commiss step requir recoveri aid restructur plan fulli implement modif accept commiss condit aid compli adopt decis articl loan total amount dem million grant neptun industri rostock gmbh nir bundesanstalt fur vereinigungsbedingt sonderaufgaben bv waiv date adopt decis compat common market subject complianc condit set articl articl guarante respect amount dem million grant land mecklenburg western pomerania nir replac subsequ guarante dem million date adopt decis decemb latest compris aid equival dem million compat common market subject complianc condit set articl articl counter guarante respect amount dem million grant march date decis bv nir compris aid equival dem million compat common market renew counter guarante decemb aid view fee paid nir secur provid nir bv articl region invest aid amount dem million grant complet invest nir compani macor neptun compat common market subject complianc condit set articl articl state aid refer articl exclus rescu restructur nir line restructur plan notifi commiss aid benefit spill shipyard neptun reparaturwerft rostock meyer werft papenburg end aid paid compani nir group undergo restructur germani ensur neptun reparaturwerft exce capac limit hour repair merchant ship convers work carri ship fall scope commun legisl shipbuild facil amp neptun boatservic build convers repair ship fall scope commun legisl shipbuild germani report progress restructur mean annual report period report provid suffici detail inform complianc condit set articl addit germani submit monthli product control report provid inform activ neptun reparaturwerft articl decis address feder republ germani brussel octob commiss karel van miert member commiss oj final term point iv guarante extend time point iv oj oj preced quot propos council direct provid seventh council direct aid shipbuild decemb quot oj oj financ institut question ventur capit wing verein und westbank privat german bank bv act agreement privat investor similar situat gave right previou privatis agreement bremer vulkan return share proce sale hold vulkan industri hold nir commiss decis juli state aid publish nir termin particip cash concentr system separ agreement bremer vulkan nir relev commerci bank agreement nir claim vulkan industri hold set neptun techno product liabil vulkan industri hold compani left cash concentr system balanc account part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk point item articl direct eec stipul year closur period section ii detail descript point iv oj oj fortschreitung der unternehmenskonzept quot neptun quot restructur plan hand commiss meet june brussel essenti element final restructur plan restructur plan consid feasibl mean guidelin final busi plan date novemb commiss germani letter date decemb guarante question shortfal guarante guarantor meet shortfal liquid collater secur collater secur provid mortgag real properti belong nir analysi commiss estim default risk basi collater secur base assess properti conclus collater secur book dem million end suffici repai loan dem million proce forc sale properti shortfal rang expect year guarante period shortfal amount guarante correspond amount dem million mention guidelin commiss favour extens rescu aid investig complet point iv