commiss decis septemb state aid implement germani space park develop gmbh amp kg 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 call interest parti submit comment pursuant provis cite procedur june septemb commiss receiv letter complain construct leisur park bremen allegedli receiv consider state aid bremen region administr contrari provis ec treati letter octob commiss german author request inform seek clarif complain alleg german author repli letter januari februari meet june letter june case regist nn letter date august commiss inform germani decid initi procedur laid articl ec treati respect part measur case regist decis initi formal investig procedur open commiss exclud capit inject bremen köllmann ag partli interest free loan grant swg grundstück gmbh amp kg space park develop gmbh amp kg involv element incompat state aid mean articl ec treati complain remain alleg commiss conclud state aid reason investig stage commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment respect commiss receiv comment interest parti comment present germani receiv septemb januari april commiss decid enjoin germani pursuant articl council regul ec march lai detail rule applic articl ec treati suppli document inform data assess compat measur question addit inform present germani letter june receiv june ii descript project measur stake space park bremen project space park bremen invest project eur million area ha includ activ leisur entertain sector leisur park type quot space centr quot restaur multiplex cinema discothequ hotel shop centr retail park construct end open park envisag spring date postpon unexpect delai park area situat derelict shipyard gröpelingen district bremen industri area develop space park project initi köllmann ag compani activ intern real estat develop bremen degi deutsch gesellschaft für immobilienfond mbh subsidiari dresdner bank group kanam euro mall gmbh investor project degi kanam activ intern real estat develop invest shop urban entertain centr measur stake bremen intend purchas million share köllmann ag price eur premium eur share repres proport increas capit köllmann ag total price eur million exchang bremen member board particip distribut profit köllmann ag germani claim kanam particip condit bremen oper exchang köllmann ag invest space park project complain claim bremen grant interest free loan financ space park project inform provid german author open swg grundstück gmbh amp kg refer swg grant contract januari precursor compani space park kg loan dem million eur million disburs februari april unrel compani space park develop gmbh amp kg replac debtor loan partli interest free loan iii comment present germani formal investig procedur germani suppli addit inform measur particip bremen köllmann ag grant partli interest free loan swg space park develop gmbh amp kg intend particip bremen köllmann ag respect intend particip bremen köllmann ag german author inform commiss investor köllmann replac particip bremen köllmann ag place inform commiss time measur adopt germani envisag measur involv state aid grant place partli interest free loan inform submit german author space park develop gmbh amp kg privat project compani own establish köllmann ag purpos space park project replac april space park kg borrow loan dem million eur million grant swg borrow space park kg dispens right oblig loan agreement loan split tranch loan loan ii handl fee dem modif juli septemb condit gt tabl gt gt tabl gt inform indic payment interest repay loan due date contrari inform commiss conclud interest paid loan reimburs commiss consid loan prolong open end period time januari april repaid letter april german author argu loan involv state aid mean articl ec grant imput state grant swg directli state swg claim independ act public undertak constant state control context german author refer call stardust rule state case law ecj articl ec presuppos grant sum quot constantli remain public control compet nation author suffici categoris state resourc quot german author continu refer stardust rule point argu swg constant public control mere fact public undertak state control suffici measur undertak imput state specif analysi made commiss case argument germani offer previou letter demand retroact borrow pai applic refer rate interest final accept borrow space park develop gmbh amp kg letter date june confirm german author letter june german author claim loan back guarante secur loan regard state aid mean articl ec treati final german author argu case loan grant space park develop gmbh amp kg account enterpris belong köllmann group situat context financi situat köllmann ag lead german project develop compani time loan grant current financi difficulti köllmann ag relev issu predict time loan grant time prolong iv assess measur measur scrutini intend particip bremen köllmann ag particip bremen köllmann ag commiss note particip date place particip bremen köllmann ag assess decis measur object futur particip compani examin merit loan grant space park kg januari swg grant loan dem million eur million space park kg interest rate durat loan limit april potenti aid aris loan space park kg exce de minimi threshold eur period year open involv potenti aid space park kg loan grant space park develop gmbh amp kg april space park develop gmbh amp kg replac debtor space park kg borrow loan dem million eur million grant swg result measur assess detail presenc state aid mean articl ec treati order apprais measur state aid rule ec treati assess constitut state aid mean articl ec treati virtu articl ec treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market concept state aid appli advantag grant directli indirectli financ state resourc grant state intermediari bodi act virtu power confer measur deem state aid meet criteria confer advantag advantag confer mean state fund measur distort threaten distort competit affect trade member state measur concern select favour compani commiss analys loan respect initi procedur provid articl ec treati light criteria refer forego recit measur confer advantag borrow interest loan lower refer rate commiss commiss consid state aid grant develop leisur park liabl distort threaten distort competit affect trade member state larg amus park question constitut destin park potenti affect tourist flow park increas tourism facil region set commiss adopt decis state aid amus park eurodisnei parco navi terra mítica park benidorm alicant invest tourism hotel marina irrespect activ space park bremen cinema shop centr measur liabl distort threaten distort competit affect trade member state addit measur indirectli benefit köllmann ag intern real estat develop compani reason affect trade member state measur concern compani space park develop gmbh amp kg time loan grant wholli own subsidiari köllmann ag measur select question advantag confer mean state resourc imput state presenc state resourc imput state german author argu presenc state resourc imput grant loan state loan grant swg public undertak directli bremen author commiss doubt rule develop court call stardust rule appli case rule develop call air franc rule closer situat stake principl develop stardust rule appli commiss assum presenc state resourc imput measur stake state stardust rule imput measur state public undertak infer set indic aris circumst case context measur context advoc gener jacob state difficulti proof obviou danger circumvent restrict view type evid adduc circumstanti evid press report reli german author suppli document inform data assess question request inform injunct commiss assess issu base inform possess ownership swg inform submit german author contradictori letter june commiss preliminari assess case german author state respect potenti aid element context sale land land bremen swg compani own citi bremen statement grant open commiss conclud sale land swg involv state aid letter april german author state swg real estat compani pursuant privat law own bremer investit gesellschaft mbh integr public administr citi bremen alleg sharehold swg inform bremer investit gesellschaft mbh central servic provid region busi develop land bremen concentr conjunct subsidiari wfg bremer wirtschaftsförderung gmbh bremer aufbau bank gmbh bia bremer innov agentur gmbh respons kind econom incent activ bremen administr aid scheme respons administr aid scheme transfer contract govern public law öffentlich rechtlich vertrag land bremen bremer investit gesellschaft mbh basi call beleihungsgesetz gesetz zur übertragung von aufgaben staatlich förderung auf juristisch personen de privaten recht vom mai busi report compani capit eigenkapit bremer investit gesellschaft mbh amount eur million held land bremen eur million citi bremen eur million citi bremerhaven eur million bremen senat econom affair chairman supervisori board view commiss conclud swg subsidiari bremer investit gesellschaft mbh indirectli own bremen consid swg public undertak fund belong swg state resourc request explicitli inform injunct german author submit decis contract agreement law document demonstr bremer investit gesellschaft mbh swg act openli covertli regularli ad hoc basi present case relai vehicl bremen author interven support space park develop gmbh amp kg commiss investig answer bremen author septemb parliamentari question ask region parliament bremisch bürgerschaft landtag assum presenc state resourc involv bremen author grant loan bremen author answer parliamentari question quot swg refinanc dem million loan purchas monei paid call ag weser area econom entitl free hansa citi bremen fhb dem million loan fund bremer investit gesellschaft mbh big apprais circumst secur repres bremen senat econom affair bremen senat financ bremen chancelleri big decid januari find grant loan compat board decis novemb term effici project realis consult board big part loan pursuant compani agreement swg initi grant loan space park kg behalf köllmann ag request loan transfer contract june juli space park develop gmbh space park develop gmbh amp kg space park kg jointli sever liabl vi vi swg context swg loan split part amount dem million dem million interest agre part amount dem million interest june calcul part amount dem million grant interest free decemb januari interest amount quot commiss note dem million fund refinanc loan econom entitl free hansa citi bremen regard state resourc addit note grant loan depend approv bremen author loan regard imput state part loan financ swg big fund fact irrelev regard case law fund categor state resourc suffici present case constantli remain public control compet nation author context commiss note german author offer open modifi condit loan retroact letter swg address recipi present letter januari agreement recipi date june present letter june implement commit bremen author swg explain influenc bremen author swg context loan agreement stake fact bremen author succeed agre modifi loan agreement retroact contradictori argument put forward german author imput measur state commiss conclud involv state resourc imput grant loan bremen author condit loan aid element order decid grant loan public author element state aid examin compani loan market condit aid element correspond residu balanc interest rate real market condit paid rate determin market consider framework grant loan calcul aid equival commiss notic method set refer discount rate applic commun commiss state abstract paramet calcul aid element aid disburs instal calcul aid element result interest subsidi scheme loan evalu aid equival commiss refer rate suppos reflect averag level interest rate charg member state medium long term loan ten year back normal secur refer rate determin floor rate increas situat involv risk undertak difficulti secur requir bank provid case premium amount basi point privat bank agre grant relev loan case situat view point view lender moment loan approv choos lend condit consid normal bank term element aid involv quantifi case law place oneself context period financi support measur order assess econom ration state conduct refrain assess base situat commiss assess condit loan standpoint loan grant space park develop gmbh amp kg loan prolong open end period time aa applic refer rate context commiss note german author commit demand applic refer rate retroact note commiss refer rate germani amount januari august novemb januari januari decemb januari januari bb indic assum risk loan grant addit commiss note inform refer rate increas present case situat involv risk assum time loan loan loan ii grant base data bremen author swg german author submit inform beneficiarii regard enterpris difficulti time loan grant prolong space park develop gmbh amp kg found köllmann ag order develop space park project inform space park develop gmbh amp kg undertak difficulti time loan grant account space park develop gmbh amp kg belong köllmann group express written guarante relat loan situat context financi situat köllmann ag köllmann ag financi difficulti time loan grant köllmann ag lead german project develop compani realis numer larg project germani time loan grant köllmann ag high equiti capit dem million eur million amount loan end profit loss account show sale dem million eur million balanc sheet profit dem million eur million addit financi situat köllmann ag grant loan base financi forecast köllmann ag made financi plan oblig context space park bremen project met cash flow origin oper space park develop gmbh amp kg result expect expenditur dem million eur million expect financi revenu dem million eur million year cash flow dem million eur million expect amount loan addit profit dem million eur million expect forecast carefulli verifi swg context swg reli expertis fide treuhandgesellschaft independ audit compani fide confirm plausibl financi forecast commiss conclud grant loan swg verifi financi situat space park develop gmbh amp kg parent enterpris köllmann ag financi plan space park bremen project expertis fide inform indic borrow posit swg doubt solvenc space park develop gmbh amp kg parent compani köllmann ag grant prolong loan year show unjustifi risk addit inform loan back secur requir privat bank loan back secur group guarante konzernbürgschaft köllmann ag amount dem million eur million land charg köllmann ag dem million eur million directli enforc guarante space park kg amount dem million eur million commiss note space park kg own share holder degi own kanam euromal gmbh own köllmann ag own share space park kg mention degi subsidiari dresdner bank ag compani space park kg origin capit dem million eur million owner space park properti conclud loan swg space park develop gmbh amp kg back secur inform valuabl doubl amount loan eventu mention loan amount dem million eur million context invest project eur million appear limit involv risk final prospect leisur park market standpoint commiss remind similar leisur park project launch realis period instanc parco navi pompei tech world terra mítica commiss acknowledg instanc pompei tech world case larg scope expans market segment commiss find risk natur project commiss conclud base inform risk assum time loan grant time prolong refer rate floor rate increas cc risk assum swg prolong loan inform dispos commiss loan prolong condit open end period time principl privat bank market economi prolong loan open end period time schedul reimburs sens prolong bear element state aid mean articl ec march time bremen author swg inform inform financi situat köllmann worsen commiss reason prolong involv addit risk swg common huge project space park project delai prolong financ financi forecast reason chang loan back secur period refer rate floor rate increas opposit april bremen author swg inform financi situat köllmann worsen time disput privat bank prolong loan condit time presenc köllmann lead investor space park project start question sixth subparagraph indent mention commiss notic premium addit floor refer rate case undertak difficulti amount basi point privat bank agre prolong loan inform injunct german author provid commiss clear reason prolong present circumst loan secur commiss assum increas floor refer rate basi point order reflect risk increas swg commiss take note commit germani loan paid back short notic case increas floor refer rate mention loan amount oper aid space park develop gmbh amp kg parent compani köllmann ag dd compound interest order remov potenti distort competit deriv potenti aid commiss wish remind german author commiss commun interest rate appli aid grant unlawfulli recov modifi loan agreement retroact beneficiari forfeit unfair advantag enjoi competitor market condit competit exist prior payment loan restor retroact adjust loan agreement compar recoveri illeg aid principl stipul mention commun appli medium term interest bear loan grant space park develop gmbh amp kg addit mention abus exclud similar case commiss accept applic refer rate retroact present case compound interest member state circumv expect neg decis order refer rate basi compound interest modifi measur retroact applic refer rate basi simpl interest compound interest appear ensur financi advantag loan fulli neutralis compound interest calcul interest paid calcul refer rate adjust legal measur commiss regret germani grant prolong loan prior notif articl ec treati design loan aid begin compat measur ec treati commiss adopt partli neg decis measur compat ec treati basi assess made measur consid compat common market point german author invok exempt claus treati regard state aid element connect wit loan stake exempt claus articl ec treati applic aid social charact grant individu consum make good damag caus natur disast except occurr compens econom disadvantag caus divis germani aid region object design promot econom develop area standard live abnorm low underemploy facilit develop econom area articl ec treati region aid applic basi inform provid german author grant aid link condit region derog justif applic aid stake disturb german economi promot execut import project common european interest mean articl ec treati articl ec treati aid found compat common market facilit develop econom activ principl appli loan stake case hand condit applic exempt claus met grant aid link condit aid aim promot cultur heritag conserv mean articl ec treati exempt principl ban state aid pursuant articl ec treati appli conclus view period time execut decis incompat state aid loan abolish termin loan modifi mean germani elimin aid modifi loan increas interest rate basi point modifi loan paid back short notic period time execut decis commiss find loan involv state aid calcul basi differ interest rate charg relev refer rate increas basi point illeg incompat state aid recov germani beneficiari amount recov subject interest refer rate forc loan grant annual compound purpos calcul amount aid involv loan relev interest rate appli date grant date prolong relev interest rate appli dai loan prolong januari loan april loan ii march final relev interest rate increas basi point appli april date illeg incompat aid reimburs determin essenti consist conclus accept germani administr procedur undertak effect particip bremen köllmann ag commiss conclud measur object particip place adopt decis articl loan grant april germani swg grundstück gmbh amp kg beneficiari space park develop gmbh amp kg involv illeg incompat state aid calcul basi differ interest rate charg relev applic refer rate increas april basi point articl germani immedi step abolish forthwith illeg incompat state aid contain loan loan continu germani forthwith alter measur impos interest rate refer rate basi point insert provis pursuant loan paid back short notic articl germani immedi step recov beneficiari illeg incompat state aid aid recov subject interest refer rate forc loan grant annual compound articl germani inform commiss month notif decis measur compli articl decis address germani brussel septemb commiss mario monti member commiss oj footnot oj case franc commiss stardust marin ecr case stardust marin refer point commiss notic method set refer discount rate oj refer rate applic germani august http europa eu int comm competit state aid refer rate html state aid franc oj state aid itali oj state aid nn spain oj state aid itali oj state aid itali oj case stardust marin refer case compagni national air franc commiss ecr ii point case stardust marin refer point opinion advoc gener jacob case stardust marin refer point http www big bremen de brem gbl corrigendum brem gb constitution law word octob brem gbl confirm bremen constitut court rule januari case st busi report publish http www big bremen de drucksach region parliament bremisch bürgerschaft landtag http www bremisch buergerschaft de case itali sim multimedia spa commiss publish point case stardust refer point case belgium commiss boch ecr point case cityfly express ecr point oj instanc case stardust refer point state aid itali oj state aid itali oj state aid nn spain oj commiss receiv precis inform german author swg knew financi situat köllmann ag worsen bremen senat econom affair explain debat request local parliament bremisch bürgerschaft stadtbürgerschaft köllmann inform bremen author march financi difficulti record session bremisch bürgerschaft stadtbürgerschaft septemb plenarprotokollnr plpr http bremisch buergerschaft de exact date mention commiss consid bremen author swg act behalf bremen author inform march inform account april oj corrigendum oj subparagraph commiss commun interest rate appli aid grant unlawfulli recov oj oj state quot appear effect unlaw aid provid fund beneficiari similar condit medium term interest bear loan compound interest appear ensur financi advantag result situat fulli neutralis quot applic interest rate germani april loan open end relev refer rate period applic loan januari decemb januari novemb decemb decemb januari march loan ii april decemb januari novemb decemb decemb januari march loan open end increas refer rate period applic loan ii april decemb januari potenti futur modif relev refer rate date loan reimburs account