commiss decis octob aid grant netherland truck produc daf dutch text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement establish european econom area point articl thereof parti concern opportun submit comment accord abovement articl letter date novemb commiss inform dutch govern decis initi procedur provid articl ec treati respect public intervent dutch govern daf compani daf truck nv aid element contain dissolut daf compani daf nv request submit comment month date letter open procedur commiss express doubt compat aid reason public intervent concern compani difficulti oper sector suffer surplu capac reschedul tok technisch ontwikkelingskrediet loan result quantifi import save compani justif moment grant latest tok loan grant part notifi research subsidi prior approv commiss postpon nib repay loan fl million grant bridg loan public particip daf compani includ equiti particip risk bear loan possibl conform standard compani practic market economi sale asset compani compani role public author impli financi advantag form lower purchas price asset confer compani guidelin state aid motor vehicl industri appli commiss ad aid subject strict condit condit impos final decis procedur ii open procedur dutch govern submit comment letter date februari letter date septemb commiss receiv supplementari inform netherland respons commiss detail questionnair june order prepar visit daf plant eindhoven westerlo commiss request addit inform letter novemb address belgian dutch govern letter date januari dutch govern repli question compani visit place januari final meet commiss author member state daf manag eindhoven februari fax date februari commiss rais final question dutch belgian author repli meet commiss staff februari march meet held commiss dutch belgian author focus circumst receivership daf nv daf truck nv discuss question relat bankruptci procedur rais commiss answer drawn legal advis dutch state date march fax commiss dai april dutch author bilater contact march provid commiss inform circumst bankruptci daf nv april commiss ask dutch author provid inform circumst order formul draft decis letter date dutch author answer request inform letter date june dutch author suppli inform aid provid daf nv receivership iii letter date februari commiss request dutch govern submit comment observ made klesch amp compani limit commiss receiv novemb compani argu submit offer subject contract receiv februari asset purchas daf truck nv offer rebuf view receiv wish sell asset govern led group market price dutch govern repli letter juli basic argu offer late februari nib submit comment initi procedur februari sharehold daf truck nv vdl groep national nederlanden daf truck nv evicar submit comment dai commiss receiv comment daf truck nv dutch receiv daf nv public open procedur state readi send inform letter date june commiss address request inform receiv answer august dutch author reaction comment abovement interest parti support opinion contain fax date march commiss receiv comment member state interest parti public open articl procedur offici journal european commun iv regard reschedul tok loan ntg nieuw truck generati tok dutch govern argu notif requir fact act conform standard commerci practic tok loan reschedul loan view secur repay agre parallel drawn open procedur volvo car case case concern loan state sharehold tok loan grant basi approv scheme tok loan repay depend commerci success product develop aid project instrument approv commiss project fail aid product distort competit project succe question aid interest charg loan fulli repaid fact part tok loan relat cost made fail remit rule tok loan compani repai repai entir loan relat profit relat repay profit offer control possibl decid long discuss daf nv secur unusu secur tok loan involv riski project commerci borrow reluct financ project compani appli tok loan regard latest tok loan nml nieuw medium line tok award increas tranch dutch govern argu tok loan concern innov product detail inform provid prove medium truck seri daf innov product truck market compani suffer loss time daf list stock exchang effect success share issu loan increas juli concern netherland argu time doubt continu compani long term prospect good novemb signal emerg daf solvenc problem event move fast dutch author argu recov amount paid fl million interest charg regist unsecur debt receiv daf nv regard research subsidi fl million dutch govern argu payment made subject approv notifi aid commiss correspond aid propos respect research expenditur effect prior mid research realiz receivership daf receiv advanc notifi aid compat guidelin motor vehicl industri genuin amp aid support develop technolog cleaner energi consum diesel engin dutch govern argu recov amount regist unsecur debt receiv daf nv regard postpon nib repay fl million loan fl million dutch author argu term suspend daf award suspens payment redempt relev part loan longer subordin unsecur debt unsecur debt commerci loan time repaid daf nv differ behaviour lender daf nv posit dutch state conform commerci practic state aid regard bridg loan fl million fl million guarante state compani continu activ week order reduc loss occur activ dutch govern state similar abovement reason suffici secur provid receiv express expect credit fulli repaid meantim author confirm loan fulli reimburs includ interest charg regard state particip fl million daf truck nv equiti capit dutch govern argu aid element involv base busi plan restructur plan made suspens payment feasibl assess extern consult privat investor particip basi particip equal condit prove confid daf truck nv distinct share concern dutch govern claim holder stock dividend right extent potenti arrear share januari distinct laps econom argument great import attach impact compani object area south east brabant daf locat legal success chang daf nv daf truck nv refer open procedur dutch author state sharehold compani daf truck nv product plan busi plan restructur plan daf nv sharehold unknown particip flemish region dutch state separ decis author flemish region held particip daf compani dutch govern particip limit maintain compani legal successor prepar plant visit visit dutch author compani provid lot evid support view busi plan form basi particip duli execut produc level profit forecast plan dividend paid sharehold invest daf truck nv profit reflect normal busi attitud final public particip daf truck nv fallen sale dutch flemish author million share achiev combin level sharehold reflect sharehold agreement purchas asset role public author dutch govern argu interest parti opportun bid daili public januari candid sharehold daf truck nv bid februari date agreement principl reach receiv secur bank price asset offer klesch februari late interest compani receiv act fast case sale concern continu uncertainti damag commerci posit compani fix settlement price million higher liquid million lower fair market concern basi million sell price fair price independ receiv sold price judg approv transfer dutch legal system dutch state exert influenc receiv price obtain fair price obtain commerci negoti account daf posit deterior secur creditor agre purchas price receiv decid interest secur creditor valuat report independ apprais assess made receiv purchas price light valuat exclud possibl aid element posit dutch state reinforc legal advis receiv daf nv argu dutch bankruptci law wind daf nv relat asset transact place accord current dutch law compani wind dutch law afford receiv freedom method sale privat sale gener prefer take initi find buyer receiv daf nv act law secur unsecur creditor give consent sale agreement dutch state unsecur creditor block sale agreement compani creation legitim parti sale agreement agreement oral fulli complet approv supervisori judg legal bind effect parti concern dutch state time inform higher offer withdrawn agreement receiv bound agreement februari longer free enter negoti offer klesch amp compani simpli late subject contract hypothesi receiv accept altern higher bid differ paid ofasec secur asset daf group indirectli benefit privileg privileg creditor uk asset dutch state grant credit uk compani daf benefit higher price initi articl procedur commiss cite public intervent dutch govern favour daf requir analysi regard articl ec treati reason notifi reschedul develop credit tok award daf fl million outstand reschedul earlier develop credit effect quantifi constitut illeg grant state aid incompat provis guidelin state aid motor vehicl industri held research subsidi fl million evid daf financi difficulti dutch govern omit secur interest compani mean requir suffici collater reschedul financi arrang fl million postpon repay earlier nib loan dutch govern recov daf constitut state aid bridg loan time proport involv dutch govern daf sharehold secur creditor fl million repaid constitut state aid sale asset daf compani role public author impli financi advantag form lower purchas price asset includ technolog larg stock unsold truck price lower obtain competit bid confer compani made legal entiti essenti compani continu compet burden past term particip dutch state risk capit compani fl million equiti capit fl million risk bear loan dutch govern examin light privat investor principl compar term privat investor particip compani extent measur contain state aid element compani busi plan examin light provis guidelin state aid motor vehicl industri restructur aid detail examin inform receiv procedur procedur regard aid grant belgian author daf commiss final view regard reschedul tok loan ntg tok fact origin loan award basi approv aid scheme reschedul loan motor vehicl guidelin oper notifi time commiss deal notif case develop loan award dutch state volvo car corp volvo car bv concern modif repay scheme notifi commiss dutch govern reschedul notifi identifi tok loan similar reschedul place circumst doubt exist state aid element loan revis reschedul addit state aid consist make repay year profit moment compani suffer heavi loss provid addit financi support compani commiss valu financi advantag fl date receivership februari assum optimist scenario year loss period suffici profit year reimburs instal calcul take account interest advantag obtain daf nv award aid date receivership refer rate net grant equival region aid netherland calcul revis repay schedul loan fulli repaid year reschedul permit convers reimburs cover year due octob loan postpon januari increas aid reschedul amount equal fl ntg tok loan grant develop heavi truck rang dutch govern argu part tok loan develop truck seri fail remit stricto sensu normal tok rule claim compani repai entir loan turnov aid contract project gener truck repay legitim base revenu singl truck develop aid project dutch govern secur knew financi situat sharehold compani commiss recogn except measur equal convinc agre reschedul except dutch author provid similar long histori tok loan regard latest tok loan nml tok award increas tranch commiss view illeg aid award tok loan notifi tok loan enabl compani renew model rang time financ expenditur resourc extern borrow tok loan repres approv aid system state aid case failur case success award interest rate market rate interest compound capit charg compound interest commiss valu aid date receivership fl constitut fl princip fl interest charg includ interest advantag obtain compani award aid date receivership refer rate net grant equival region aid netherland calcul fact dutch state request reimburs bankrupt compani daf nv fl leav amount fl constitut abovement addit aid element loan grant tok loan econom justifi daf face difficulti repay tok loan repay older loan made year profit compani reimburs tok loan necessarili affect profit futur jeopard recoveri loan increas nml tok loan juli concern question grant time sever financi difficulti compani receivership half year research subsidi fl million amount paid advanc aid approv system notifi commiss approv constitut state aid allevi compani part normal amp expenditur regard postpon nib repay fl million loan fl million commiss share point view dutch author dutch state act differ unsecur creditor daf nv instal public loan reimburs daf nv receivership constitut state aid regard outstand amount bridg loan fl million guarante dutch state commiss receiv confirm dutch author entir sum loan includ interest charg meantim reimburs unnotifi state aid disappear regard state particip fl million sharehold compani presumpt mention open procedur state particip constitut state aid commiss maintain state provid capit condit privat sharehold hold real econom signific examin busi plan proven reason return sharehold capit expect conclud sharehold correspond market investor principl state aid sale asset daf compani compani role public author commiss view oral agreement februari bind parti involv dutch state unilater withdrawn agreement inform attract offer legal advis dutch state receiv demonstr higher sale price paid daf truck nv benefit dutch state unsecur creditor daf nv creditor uk subsidiari daf conclud public author creditor daf nv act privat investor bankruptci proceed stress dutch law receiv daf act independ state posit issu instruct receiv econom argu daf truck nv obtain financi advantag form purchas price asset lower obtain competit bid mandatori receiv organ bid inform dispos time pressur impos lender bridg loan fair conclud receiv compli law final confirm compani daf nv daf truck nv legal entiti fulli independ remain element state aid daf nv refer conclud fall provis articl ec treati articl eea agreement high level intra commun trade european van truck market daf nv activ particip captur market year exist vi notifi abovement remain aid measur relat tok loan advanc fl million notifi research loan approv commiss grant daf nv bankruptci dutch govern infring articl ec treati dutch govern notifi aid measur good time commiss submit comment measur implement aid grant breach articl ec treati unlaw vii articl lai principl provid aid distort threaten distort competit favour undertak product good affect trade member state incompat common market articl set circumst aid allow articl specifi type aid compat common market charact locat purpos aid question applic articl add aid compat common market compat determin context commun singl member state order safeguard proper function common market take account principl articl ec treati except principl set articl found articl constru narrowli scrutin aid scheme individu award commiss motor vehicl industri adopt commun guidelin set criteria assess compat common market state aid industri limit scope discret point articl explain open procedur commiss convinc aid measur notifi motor vehicl industri guidelin oper time aid award commiss aid measur compat assess criteria guidelin region south east brabant plant daf locat netherland recent consid commiss object area area time aid grant region assist area mean point articl ec treati aid measur consid region object fl million advanc notifi approv amp aid commiss obtain evid daf nv receivership spent fl million project volem acceler develop low emiss engin motor expert suffici element pre competit research justifi level aid paid concern research relat studi air flow engin mathemat comput model visual displai air flow rig grant conform guidelin assess amp aid guidelin state aid motor vehicl industri satisfi condit applic except provid point articl reschedul ntg tok loan provis guidelin relat rescu restructur aid relev provis compani obtain maximum aid approv tok aid scheme increas aid intens deem attain origin object aid reschedul tok loan decemb enabl daf nv reimburs part loan difficult year compani made accumul consolid loss fl million rescu aid element approv except circumst guidelin aid link satisfactori restructur plan grant demonstr commun interest serv keep manufactur busi reestablish viabil ensur aid beneficiari increas market share expens unaid competitor case compani excess capac commerci vehicl sector commiss requir reduct capac order contribut recoveri sector daf nv suffer time excess capac compani develop implement restructur plan includ reduct surplu capac end financi situat deterior point bank threaten cut credit line daf nv draft radic restructur plan includ reduct part surplu capac plan put oper compani enter receivership februari fail secur financ plan regard award nml tok loan provis guidelin relev aid amp framework stipul commiss continu posit attitud aid pre competit amp commiss ensur keep framework state aid amp time clear distinct establish genuin research develop introduct technolog inher product invest modern oj aid modern innov guidelin stipul context genuin intern market motor vehicl competit produc intens distort impact aid greater commiss strict attitud aid modern innov activ undertaken compani financ resourc commerci loan part normal compani oper competit market environ propos aid innov examin order determin relat introduct genuin innov product process commun level aid environment energi save guidelin state develop pollut energi save vehicl standard requir industri partli impos commun legisl financ compani resourc take account advic motor industri expert commiss view activ aid tok loan constitut pre competit research classifi basic appli research aid project concern develop stage medium size truck model engin cost relat industri model relat develop pre industri phase amp cycl aid activ place januari juli shortli daf seri introduc market autumn pre competit research part document provid dutch author place earli stage project aid tok loan object volem project separ notifi amp aid supra analysi materi provid dutch author review compar test model seri competitor view expert consult commiss model seri repres innov design concept perform term fuel effici oper cost output noic exhaust emiss impli neg view merit product systemat classifi market survei market segment medium truck europ prescrib guidelin develop model pollut fuel effici predecessor standard requir truck compani order remain competit european truck market normal busi activ principl aid aid measur condit satisfi order appli except provid point articl motor vehicl industri guidelin met view forego consider aid measur support daf nv illeg dutch govern fulfil oblig articl incompat common market meet condit satisfi order appli except set articl incompat function eea agreement viii explain open procedur commiss check assess case confirm illeg incompat state aid grant daf compani recov liquid compani aid reimburs daf compani daf truck nv earlier conclus daf nv daf truck nv legal compani asset daf nv sold complianc dutch bankruptci procedur commiss requir recoveri aid measur daf truck nv aid measur reimburs compani liquid daf nv adopt decis articl fl million aid paid dutch govern daf nv advanc commiss approv notifi amp aid project illeg compat common market virtu point articl ec treati compat function eea agreement articl aid measur award dutch govern daf nv context tok aid scheme valu fl fl date receivership compani calcul basi refer rate calcul net grant equival region aid netherland illeg incompat common market mean articl ec treati incompat function eea agreement articl dutch govern recov daf nv amount aid refer articl includ interest date award rate equal percentag date refer rate calcul net grant equival region aid netherland articl dutch govern inform commiss month date notif decis measur compli articl decis address kingdom netherland brussel octob commiss karel van miert member commiss oj oj commiss commun financi relat member state public undertak oj