commiss decis novemb germani implement favour steel compani georgsmarienhütt hold gmbh notifi document number german text authent text eea relev ec ecsc commiss european commun regard treati establish european commun subparagraph articl thereof regard treati establish european coal steel commun articl thereof regard agreement european econom area articl thereof read conjunct protocol regard commiss decis ecsc decemb establish commun rule state aid steel industri call interest parti submit comment pursuant provis cite procedur letter date juli germani inform commiss manag servic contract conclud german public author quot bundesanstalt für vereinigungsbedingt sonderaufgaben quot bv compani gröditzer stahlwerk gmbh subsidiari georgsmarienhütt hold gmbh letter date juli commiss inform germani decid initi procedur laid articl ec treati articl commiss decis ecsc hereinaft refer steel aid code respect aforement measur commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment measur commiss receiv comment parti octob februari june august germani respond open procedur letter commiss decemb april juli detail descript measur gröditzer stahlwerk gmbh subsidiari gröditzer locat saxoni gröditzer own treuhandanstalt tha public successor erel verwaltung gmbh und manag kg erel beteiligung manag gesellschaft mbh bmgb lastli bv februari bmgb enter agreement quot kauf und abtretungsvertrag über geschäftsanteil quot privatis agreement georgsmariënhütt group order privatis gröditzer year privatis gröditzer receiv import amount state aid tha successor form guarante sharehold loan aid paid privatis agreement privatis agreement provid gmh obtain legal ownership gröditzer approv commiss state aid paid paid gröditzer articl privatis agreement provid gmh entitl manag affair gröditzer await transfer legal ownership articl privatis agreement gmh receiv annual concern fee dem manag servic fee includ cost second manag gröditzer juli commiss adopt decis ec ecsc respect state aid gröditzer stahlwerk gmbh subsidiari walzwerk burg gmbh commiss decid inter alia state aid dem million incompat ecsc ec treati recov consequ decis gmh bv legal successor initi contractor bmgb termin privatis agreement ceas exist time bv undertook step recov incompat aid gröditzer led heavi indebted gröditzer insolv appli bv largest creditor gröditzer stahlwerk gmbh declar provision insolv dresden bankruptci court septemb insolv januari date subsidiari stahlwerk gröditz gmbh edelstahl gröditz gmbh declar provision insolv juli german author inform commiss view termin privatis agreement left gröditzer manag group infrastructur manag servic contract manag contract conclud bv gröditzer gmh manag contract enter forc retroact juli manag contract gmh provid number manag servic incorpor gmh sale purchas distribut network insur avail gmh second manag gröditzer involv dem month personnel cost dem month cost consist total fee manag servic gmh addit element paragraph manag contract gmh receiv fee turnov gröditzer ii gmh receiv fee calcul basi improv oper result gröditzer paragraph manag contract gmh receiv improv dem million improv dem million bv agre number complementari oblig agre jointli individu respons payment fee gröditzer pai manag contract gmh paragraph contract paragraph manag contract foresaw bv pai fee month case receiv exercis termin contract paragraph german insolv act bv undertook offer receiv insolv gröditzer insolv loan order continu manag contract case receiv termin contract financi reason paragraph contract juli decemb total fee paid gröditzer amount dem million consist dem second manag fee base turnov amount dem result relat fee amount dem januari march total fee amount dem consist dem second manag fee base turnov amount dem receiv gmh agre result relat fee paid period insolv fee paragraph sgb iii paid manag contract gröditzer stahlwerk gmbh termin open insolv procedur januari respect subsidiari april insolv proceed open time receiv conclud manag servic agreement gmh involv total fee dem second manag agreement valid june meantim extend decemb investig procedur formal investig procedur initi commiss doubt bv gröditzer conclud term manag contract market condit doubt appli fee appear comparison time high fee paid gröditzer gmh privatis contract commiss doubt term manag contract state aid gmh aid compat ec treati ecsc treati comment germani interest parti repli open procedur germani reiter posit transmit preliminari investig bv agre term manag contract market condit conclus manag contract tender procedur interim manag justifi circumst urgent action requir compani found due termin privatis agreement manag difficult find interim manag provid compar servic altern conclud contract close compani liquid insolv proceed altern result reduct turnov consequ lower return creditor includ bv germani submit inform indic comparison term manag contract privatis agreement privatis agreement sign perspect gmh obtain legal ownership gröditzer includ cost second manag pre exist fee base actual cost addit return expect materialis improv oper result gröditzer manag contract conclud privatis agreement ceas exist gmh forese acquir gröditzer stage fee negoti arm length interest parti fee includ bonu improv result turnov expert apprais conduct request gmh submit question privat investor agre manag agreement compar condit expert confirm apprais privatis agreement ceas exist interim manag order reduc compani conclud manag agreement gmh solut bv fee accessori oblig expert found total remuner gmh includ result relat fee compar remuner interim manag sector accessori bv oblig expert confirm case compani face insolv proceed interim manag request guarante sharehold creditor compani risk default receiv payment servic due immin insolv high germani state accessori oblig agre bv form loan receiv payment fee month termin contract implement favour gmh inform commiss gmh decid octob make joint individu liabil provid paragraph manag contract accessori bv oblig provid manag contract comment interest parti receiv assess measur commiss consid gmh hold gmbh ecsc steel compani mere hold compani group major turnov gener ecsc steel compani exclud ultim beneficiari measur ecsc steel compani measur assess articl ec treati articl steel aid code bv public institut part german administr sign manag servic contract qualiti public sharehold repres gröditzer moment signatur largest creditor gröditzer oblig recov debt gröditzer pursuant decis ec ecsc fee manag servic provid gmh manag contract paid gröditzer commiss note fee deriv state resourc repres transfer state resourc gmh view commiss assess term manag servic contract compar term contract market economi involv state aid favour gmh appli fee accessori bv oblig individu liabil bv bv commit month payment case insolv bv commit insolv loan continu manag contract reason enter contract concern german author contend due termin privatis contract adopt decis ec ecsc urgent solut need found order continu gröditzer busi interim manag readili decid short notic necessit enter manag servic contract altern conclud contract close compani liquid insolv proceed commiss note conclud manag contract favour altern bv gröditzer comparison option close liquid compani absenc call tender manag contract commiss scrutinis manag contract conform market condit fee accessori bv oblig examin state aid rule fee agre bv manag contract remuner gmh manag servic commiss note open procedur fee appear time higher pre exist fee privatis agreement doubt fee compli market condit doubt commiss appli cost second manag paragraph manag contract take account size compani servic provid manag part fee appear market conform fee confirm inform submit investig procedur receiv gröditzer confirm conclud april manag contract gmh involv fee second manag commiss note fee second manag appear conform market inform submit germani investig procedur appear fix fee turnov compar fee compani pai sale agent sector paragraph manag contract forese gmh provid gröditzer manag task excess purchas distribut sale servic gmh task sale agent gröditzer result relat fee paragraph manag contract appear inform submit rate annual improv result conform market total rate paid gröditzer juli decemb amount dem repres improv result period commiss note result relat fee base ebitda earn interest tax depreci amortis cash flow case pure improv result fee payabl sole basi increas turnov commiss note result relat fee amount exceed fee paid altern interim manag difficulti compani point time contract conclud improv cash flow ebitda manag gmh account commiss note pre exist situat privatis agreement situat manag contract privatis agreement gmh obtain legal ownership gröditzer fee provid manag includ cost second manag gmh gröditzer appear concern fee base full cost contrari manag contract conclud insolv gröditzer immin gmh forese acquir gröditzer stage expect addit return obtain legal ownership gröditzer manag contract pre exist fee benchmark fee paid gröditzer manag contract assess market conform total remuner gmh commiss compar total remuner gmh remuner interim manag similar compani compar situat commiss note submit expert apprais interim manag typic reimburs daili fee manag total fix fee compar remuner receiv case combin turnov result relat fee expert establish remuner gmh basi daili fee led annual fee dem million remuner basi fix fee led annual fee dem million remuner gmh basi conclud manag contract amount period juli decemb dem million amount annual fee dem million commiss note fee sole base daili fee amount costli gröditzer note fix fee involv bonu improv result turnov commiss note gmh number addit respons order manag gröditzer provid gröditzer manag task plan budget control provid access purchas network condit gröditzer market support act sale agent gröditzer take account manag servic provid immin insolv gröditzer improv result commiss consid total remuner gmh manag contract conform market accessori oblig agre bv manag agreement open procedur commiss express doubt accessori bv oblig privatis agreement compris oblig bv guarante fee concern fee doubt commiss oner accessori oblig grant market condit reason appli bv oblig articl manag contract pai fee month termin agreement receiv pursuant paragraph german insolv act accessori bv oblig paragraph manag contract offer insolv loan receiv order financ continu contract receiv decid termin contract financi reason individu bv liabil commiss note gmh renounc entir claim individu bv liabil state gmh hold bv liabl unpaid amount result manag contract commiss note basi submit inform payment made individu bv liabil germani guarante bv request gmh order make final remuner servic provid manag agreement guarante effect decis gmh manag contract basi submit inform commiss note claim gmh manag contract need secur risk default due immin insolv gröditzer time manag contract conclud high compani secur claim situat incur risk provid manag payment commiss note accessori bv oblig final implement favour gmh take account total remuner specif circumst contract commiss conclus accessori bv oblig favour gmh conclus commiss find measur assess constitut state aid mean articl ec treati articl ecsc treati adopt decis articl measur germani implement georgsmarienhütt hold gmbh relat manag contract gröditzer stahlwerk gmbh subsidiari constitut aid mean articl ec treati articl ecsc treati articl decis address feder republ germani brussel novemb commiss mario monti member commiss oj oj footnot april gröditzer stahlwerk gmbh sold asset liabil econom oper newli creat edelstahl gröditz gmbh stahlwerk gröditz gmbh subsidiari stahl gröditz hold gmbh sole sharehold stahl gröditz hold gmbh bv meantim stahl gröditz gmbh sold share subsidiari gröditzer stahlwerk gmbh legal parti agreement georgsmariënhütt gmbh georgsmariënhütt verwaltungsgesellschaft mbh georgsmarienhütt bladenhorst grundstückverwaltungsgesellschaft mbh castrop rauxel gmh hold gmbh creat hold compani intern restructur georgsmariënhütt group gener coordin task georgsmariënhütt group context manag servic contract term gmh appli georgsmariënhütt hold gmbh oj germani insolv fee improv result unduli favour gmh support expert apprais conduct behalf receiv decid sell compani concern part asset estim dem million concern sale dem million mckinsei amp compani august fee paid gmh insolv proceed gröditzer open fee regist gmh claim insolv proceed