commiss decis octob 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 commiss decis ecsc novemb establish commun rule aid steel industri notic accord articl decis member state parti concern submit comment regard comment receiv novemb commiss decid initi procedur provid articl decis ecsc steel aid code respect seri loan total dm million ecu million bavaria grant march august neue maxhütt stahlwerk gmbh hereinaft refer nmh commiss conclud basi inform provid german govern loan grant compani regard genuin provis risk capit usual invest practic market economi repres state aid incompat provis steel aid code treati establish european coal steel commun hereinaft refer ecsc treati commiss inform german govern letter date decemb decis initi proceed request comment addit inform relev case repli german author date januari contain addit inform bavaria reason grant loan sharehold reason particip complet financ compani loan full descript german govern posit section iii german govern refer commun juli septemb decemb submit framework procedur intend financi measur assist nmh lech stahlwerk gmbh hereinaft refer lsw privat plan bavaria stress loan sole relat plan 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 plan connect intend privat sale share bavaria nmh share lsw aicher group german govern file applic annul decis court justic european commun case nmh file applic annul decis court instanc european commun case letter commiss inform german author decis initi current procedur invit member state interest parti submit comment publish offici journal recal commiss decid juli initi procedur cover sharehold loan total dm million ecu million bavaria grant nmh tranch juli march time present procedur initi commiss awar loan loan constitut illeg state aid sharehold compani particip financ compani behaviour state consid line normal market investor behaviour part present proceed commiss receiv comment govern member state state consid loan repres state aid distort competit commun direct detriment competitor nmh territori point behaviour privat sharehold nmh financi situat nmh strongli state loan consist normal invest practic market economi constitut state aid govern member state consid loan grant nmh liabl favour tube produc rohrwerk neue maxhütt gmbh hereinaft refer rnm nmh hold share point european market tube suffer sever overcapac european steel produc associ express opinion privat investor prepar grant liquid compani financi situat compar nmh conclud loan constitut state aid ask commiss issu final decis requir recoveri aid nation steel produc associ point basic tenet commun state aid case law case undertak mix state privat ownership nmh action privat investor kei indic state involv constru normal market practic market economi underlin particip aicher group lend unusu characterist time loan group negoti bavaria acquisit nmh final agreement subsequ announc march provid import financi support bavaria favour nmh aicher view associ signific motiv particip directli loan normal privat investor loan effect redeem bavarian govern dispos nmh lsw made commerci sens aicher opinion associ particip indic privat investor principl major european steel compani stress prudent lender fact financi result steel compani cyclic natur requir assur payment profit cash flow econom cycl compani regard condit loan requir repay nmh achiev profit normal invest practic market economi urg commiss investig conclud loan fact made order sustain unprofit oper nmh issu decis requir bavaria recov aid european steel compani point loan grant state nmh distort competit sector compet nmh nation steel tube associ support initi view commiss loan grant bavaria nmh constitut state aid contrari ecsc treati steel aid code request commiss issu decis requir bavaria recov aid result compani liquid privat busi aid law firm act behalf produc steel tube compet nmh subsidiari rnm analys financi measur bavaria basi inform public offici journal european commun conclud measur repres state aid incompat steel aid code point aid indirectli favour rnm direct competitor client unduli subsid produc steel tube point possibl competitor rnm benefit financi assist nmh stress loan grant condit nmh repai made profit preced year nmh made profit establish state expect receiv repay loan regard aid incompat common market comment commun german govern letter date august request submit reaction letter date septemb german author submit remark comment member state parti 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 prohibit illeg state aid privat plan implement annul decis court justic german govern order jeopard privat share bavaria nmh lsw expect annul commiss decis german author request commiss conclud loan repres state aid postpon decis recoveri loan final decis court justic ii basi inform receiv relev fact april formal bankruptci proceed eisenwerk gesellschaft maximilianshütt mbh maxhütt initi administr bankruptci decid continu oper order prepar restruct plan mid newli creat compani nmh cover ecsc product rang maxhütt liquid rnm cover tube product activ maxhütt nmh sharehold rnm remain held kühnlein nuremberg main sale agenc tube produc initi sharehold nmh bavaria thyssen edelstahlwerk ag thyssen stahl ag lsw 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 bavaria act privat sharehold compani german author inform decis reason underli 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 german govern inform commiss letter date decemb transfer share effect creditor agre letter date septemb german author inform commiss transfer share sharehold compani aicher group formal valid march bavarian govern assent partnership agreement present sharehold situat appear gt tabl gt lsw annahütt control entrepreneur mr aicher nmh produc kilotonn year kt crude steel capac kt kt semi finish product kt light heavi section capac kt subsidiari rnm produc kt tube capac kt nmh emploi person 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 dm million ecu million turnov dm million ecu million loss relat profit loss transfer agreement 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 mar group fourteen 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 govern 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 bavaria sell share nmh max aicher gmbh amp dm ecu agre bavaria pai loss accumul nmh end loss final fix dm million ecu million payment bavaria contract amount dm million ecu million sharehold loan grant bavaria contract set 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 bavaria 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 constitut state aid grant contract enter forc conclud condit commiss approv german govern inform commiss bavaria grant loan neue maxhütt stahlwerk gmbh gt tabl gt loan grant ten year interest rate annum nmh suppos make annual repay achiev profit preced year loan list accompani loan grant sharehold nmh rnm condit loan accompani dm loan grant lsw time held share nmh dm loan grant kühnlein sharehold rnm loan accompani dm million loan grant lsw time formal held share nmh agre june addit thyssen krupp dm loan grant kühnlein loan accompani dm million loan annahütt time agre contract conclud march share klöckner stahl gmbh call stahlwerk bremen gmbh formal sharehold time sharehold nmh particip financ compani sharehold loan februari remain loan grant bavaria grant parallel loan sharehold compani iii german govern submit comment commiss decis initi procedur repli comment receiv member state parti 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 loss make nmh surviv period liquid provid sharehold loan made bavaria grant hedg intend privat share bavaria 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 govern refer commun procedur cover intend financi measur connect privat restructur plan report case consid support opinion privat investor behav compar refer privat schörghuber group case heilit amp woerner bau ag behaviour sharehold nmh period march august german author opinion indic normal market investor behaviour march thyssen krupp klöckner decid withdraw particip nmh grant final sharehold loan dm million ecu million decis oblig particip financ loss make oper nmh sharehold kühnlein aicher group termin particip financ nmh august decemb german govern 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 focus behaviour privat investor situat state establish public provis capit correspond normal market practic privat sharehold relev compani econom situat compani assess provis financi resourc econom respons privat sharehold prepar provid financi liquid compani difficulti fellow sharehold prepar contribut line particip equiti german law 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 due legal situat sharehold loan grant avoid illiquid subsequ bankruptci compani gener consid compar inject risk capit gmbhg refer paragraph 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 march august bavaria sharehold nmh provid liquid sharehold maintain loss make nmh oper period march decemb sharehold nmh lsw sharehold subsidiari rnm kühnlein annahütt grant loan condit bavaria kühnlein sharehold rnm grant total loan made end march total loan made august lsw annahütt compani aicher group provid total loan grant march august loan grant decemb time lsw formal sharehold annahütt formal sharehold assent bavarian govern transfer share klöckner thyssen krupp march kühnlein aicher group time grant loan negoti plan takeov major share nmh submit plan bavaria inter alia cover past loss nmh provid aid dm million aicher plan notifi commiss provid loss compens cover total loss accumul nmh outset bavaria waiv claim base sharehold loan grant addit liquid inter alia allow compani pai back loan sharehold bavaria made clear negoti repay sharehold loan expect order contribut surviv compani situat kühnlein aicher signific reason particip grant loan march august decemb expect major sharehold nmh loan effect redeem bavarian govern dispos share nmh aicher group lsw annahütt grant march august decemb total amount loan decis lsw annahütt contribut financ nmh relat actual expect percentag share compani nmh reflect posit aicher group debt nmh accumul privat born bavaria led calcul expect loss compens framework privat restructur plan ratio explain propos loss compens nmh reject commiss decis april loan march august grant lsw formal sharehold time loan agre krupp thyssen addit share nmh loan grant decemb annahütt formal sharehold nmh relat compani agre klöckner share nmh appear behaviour aicher group motiv expect futur implement plan takeov major nmh show negoti bavarian govern readi provid liquid nmh extent reflect propos futur share state loss coverag nmh aicher group termin particip financ nmh begin immedi bavarian govern final decid implement aicher plan provis liquid chosen futur major sharehold nmh reli sate readi maintain nmh oper await commiss approv inject public resourc bavaria kühnlein termin particip financ nmh evid plan final implement conclud behaviour kühnlein compani aicher group motiv sharehold nmh negoti bavaria view subsid takeov major share nmh behaviour consid normal behaviour privat investor market economi assess behaviour state financ nmh march decemb privat sharehold nmh krupp klöckner thyssen decid march termin particip nmh provid liquid dispos share prepar inject addit capit top agre behaviour normal oper termin loss make commit lowest econom disadvantag mannesmann röhrenwerk ag sharehold nmh prepar grant financi contribut restructur nmh desir retain industri leadership rnm explain fact behav krupp thyssen klöckner prove behaviour state line normal investor behaviour market economi sharehold loan nmh econom reason profit privat compani mannesmann grant sharehold nmh privat steel compani longer particip financ loss make nmh march kühnlein aicher group compet subsid takeov major nmh grant loan small amount period march august decemb basi conclud bavaria expect receiv repay loan total dm million ecu million event bankruptci nmh loan treat similarli inject risk capit state receiv repay pai creditor highli prospect bavaria addit prepar waiv claim base loan privat share nmh safeguard job structur weak region oberpfalz german govern opinion loan grant bavaria nmh intend draft implement privat restructur plan final sustain viabl futur compani financ consid normal behaviour solvent sharehold act social market economi point view entrepeneuri social respons transfer compani sole privat respons commiss consid aspect light decis court justic case cite case judgment court point inter alia inject public capit disregard prospect profit long term inject regard aid aspect privat investor behaviour address decis court justic case inject capit bavaria incompat normal privat investor behaviour prospect futur econom advantag indirect intang aris inject circumst present case show prospect profit short term long term financ bavaria loan intend cover oper loss avoid illiquid insolv period subsid privat prepar regard intend claim back contribut maintain nmh oper period march august commiss act scope applic ec treati assess case contribut maintain compani oper draft negoti restructur plan commun guidelin state aid rescu restructur firm difficulti note guidelin applic compani fall articl ecsc treati rescu restructur aid deem compat common market steel aid code behaviour bavaria loan question normal behaviour privat investor market economi exampl privat compani refer german govern contrari commiss explain detail decis april exampl show privat investor readi provid liquid reason chanc receiv econom advantag return context recal court justic case refer state inject capit public investor disregard prospect profit long term provis capit regard aid 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 chose dispos financ benevol charit public spirit behaviour behaviour investor privat market economi relev comparison behaviour state typic behaviour privat investor market economi behaviour bavaria case issu motiv govern avoid social difficulti structur weak region avoid held respons public opinion bankruptci compani aim allow ail compani restor viabil motiv typic motiv state grant subsidi prove financi support made base motiv repres aid mean articl ecsc treati articl steel aid code conclud sharehold loan total dm million ecu million grant bavaria neue maxhütt stahlwerk gmbh march august constitut state aid aid element loan inher preferenti treatment level interest capit provid loan regard compar direct inject risk capit lender bavaria receiv redempt paid annual compani made profit preced year normal result inject risk capit 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 aid environment protect articl aid closur articl aid gener region invest aid scheme territori commun articl aid grant nmh fall categori rescu restructur aid deem compat common market provis steel aid code commiss conclud amount dm million ecu million grant loan bavaria ecsc steel undertak neue maxhütt stahlwerk gmbh march august 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 due 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 breach oblig articl steel aid code reason suspend order recov aid grant unlawfulli present case decis court justic court instanc case action commiss decis intend financi measur favour steel compani repres aid grant suspens effect compani beneficiari financi measur receiv state aid continu oper final decis court fact commiss member state opinion question 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 ten tranch march august ecsc steel undertak neue maxhütt stahlwerk gmbh sulzbach rosenberg constitut state aid incompat common market prohibit provis ecsc treati 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 start run date aid grant articl germani inform commiss month notifi decis measur compli therewith articl decis address feder republ germani brussel octob commiss karel van miert member commiss oj bulletin ec point oj oj oj publish offici journal ip report competit polici point commiss decis decemb bulletin ec point detail descript case commiss decis decemb bulletin ec point court justic case belgium commiss ecr case itali commiss ecr commiss decis ecsc novemb oj paragraph ii commiss commun member state public undertak oj paragraph itali commiss ecr alfa romeo oj