commiss decis june state aid implement germani herlitz group 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 regard council regul ec march lai detail rule applic articl ec treati articl thereof call interest parti submit comment pursuant provis regard comment procedur march complaint lodg herlitz ag main competitor indic herlitz ag receiv guarante land berlin letter date march commiss ask germani provid inform aid herlitz ag germani repli letter date april regist receiv april deni aid press articl appear april report loan eur million grant land brandenburg herlitz ag subsidiari falken offic product gmbh hereinaft refer fop commiss ask germani letter date provid inform aid herlitz ag germani repli letter date june regist receiv june deni aid grant final letter date juli regist receiv juli germani inform commiss invest bank land brandenburg investitionsbank de land brandenburg hereinaft refer ilb grant herlitz pb ag loan eur million inform provid germani measur put effect case regist commiss unnotifi aid case nn annex includ insolv plan submit letter date juli regist receiv juli letter date august regist receiv dai august commiss ask clarif aid grant germani addit inform letter date septemb regist receiv dai letter date januari regist receiv dai germani inform commiss loan grant herlitz pb ag fulli repaid invest bank land brandenburg germani inform commiss insolv proceed herlitz ag herlitz pb ag termin insolv plan accept carri letter date februari commiss inform germani decid initi procedur laid articl treati respect loan accompani measur case regist germani submit observ regist receiv april commiss decis initi formal investig procedur publish offici journal european union commiss call interest parti submit comment commiss receiv comment interest parti forward germani opportun react germani comment receiv letter date juli regist receiv juli germani addit inform letter date novemb januari march april meet held januari repres commiss german govern herlitz group administr insolv proceed ii measur relev undertak herlitz ag found stationeri shop berlin expand group quot stock exchang group herlitz ag hold compani own share subsidiari herlitz pb ag import insolv proceed herlitz ag hold compani herlitz pb ag diplomat gmbh diplomat time herlitz group herlitz pb ag hold compani falken offic product gmbh fop herlitz kunstoffverarbeitung gmbh hkv susi card papeteri gmbh susi hgg verwaltungsgesellschaft mbh hgg foreign subsidiari countri herlitz group acquir mercolin gmbh ecom verwaltung gmbh ecom logistik gmbh amp kg ecom herlitz group structur tiff part group includ liquid diplomatherlitz agherlitz pb agoth participationsforeign companiesdomest consolid compani fop hgg mercolin ecom liquid hkv susi fulli consolid particip herlitz group activ market product stationeri offic equip greet card herlitz ag herlitz pb ag base berlin product site herlitz group base berlin falkense brandenburg peitz brandenburg cunewald saxoni poznan poland czech republ fop group main produc offic suppli juli approxim share herlitz ag held bank consortium consist db industri hold deutsch bank landesbank berlin berlin bank hypovereinsbank bayerisch landesbank dz bank ag dresdner bank hsbc ikb deutsch industriebank ag west lb remain dispers sharehold econom develop group summaris tabl tabl total turnov eur million net incom loss eur million employe averag averag major chang capit eur million bank liabil eur million due prolong bank credit march herlitz ag herlitz pb ag group subsidiari diplomat hkv susi face immin insolv insolv april herlitz ag herlitz pb ag appli insolv proceed june insolv proceed open court compani separ insolv proceed place herlitz group subsidiari diplomat hkv susi appli bankruptci april liquid liquid creditor receiv equal percentag claim proce creditor waiv claim compani fop fop insolv avoid rescu aid loan grant herlitz pb ag insolv proceed herlitz ag herlitz pb ag termin septemb court approv insolv plan previous juli insolv plan herlitz ag herlitz pb ag approv unanim uncondition creditor fulfil insolv plan monitor insolv administr creditor march germani submit financi difficulti herlitz group result seri mistaken invest decis made core activ group german reunif due huge profit expect herlitz group decid enter real estat busi berlin brandenburg real estat price subsequ live expect herlitz group set reserv provid depreci amount eur million build construct herlitz group berlin tegel falkense prove larg suitabl extern found build vacanc cost eur million accru real estat invest main loss make factor compani effort sell real estat properti herlitz group divest end special purpos real estat compani found herlitz group ggb grundstückgesellschaft borsighafen mbh kg ggb build own group berlin tegel ggf grundstückgesellschaft falkense mbh kg ggf real estat properti falkense herlitz group exercis major control ggb ggf herlitz pb ag hgg herlitz pb ag major partner kommanditistin hgg minor partner komplementärin ggb ggf herlitz group plan reliev balanc sheet burden real estat invest januari sold properti emphyteusi ggb ggf subsequ leas back part real properti group ggb ggf separ herlitz group insolv proceed final agreement insolv administr septemb hgg minor partner ggb ggf herlitz group major partnership right herlitz pb ag turn minor ownership share eur million ggb ggf german law herlitz group longer major owner real estat compani invest misjudg herlitz group enter paper paper process busi acquisit russian paper factori due collaps paper market commonwealth independ state invest led loss eur million invest western europ distribut busi portug franc austria unsuccess result loss eur million total loss fail invest amount eur million worth note period core busi herlitz group produc posit result cover loss invest financi measur quot quot measur land berlin liegenschaftsfond berlin gmbh amp kg liegenschaftsfond offer herlitz ag real estat berlin tegel industri premis borsig liegenschaftsfond fulli own compani land berlin entrust administr state own real estat properti land berlin remain owner real estat grant emphyteut leas erbbaurecht land herlitz group undertook pai ground rent erbbauzinsen land berlin april ground rent amount land vari durat contract herlitz group built offic build product plant design meet group berlin tegel site build erect leas land properti herlitz group sold ggb emphyteusi land transfer contract liegenschaftsfond herlitz group contain claus increas ground rent event land chang form interest owner herlitz group sold emphyteusi berlin tegel properti ggb liegenschaftsfond increas ground rent ground rent paid agre herlitz group march ggb octob herlitz ag receiv unsecur interest free loan eur million dem million year land berlin link transfer plant berlin moabit berlin spandau berlin tegel site hereinaft refer loan move umzugsdarlehen novemb shortli deadlin repay loan move land berlin defer repay loan decemb return deferr land berlin appli interest rate loan amount base rate european central bank secur novemb herlitz ag sign notari deed acknowledg debt favour land berlin amount eur million dem million equal origin amount loan move expect amount cumul interest eur million dem million notari deed establish land charg grundschuld amount cumul interest emphyteusi herlitz ag enjoi land berlin tegel land charg lower rank land charg regist bank emphyteusi grant loan move deferr cover aid scheme measur notifi commiss rescu aid loan contract insolv administr herlitz pb ag ilb bank grant herlitz pb ag loan amount eur hereinaft refer rescu aid loan letter date amount increas eur rescu aid loan intend ensur fulfil sale contract herlitz pb ag fop fop deliv good herlitz pb ag receiv payment threaten liquid rescu aid loan grant annual interest rate reimburs month disburs full amount loan disburs juli loan secur assign claim abtretung der rückgewährungsansprüch fop amount eur million land charg auf dem betriebsgrundstück eingetragen grundschulden amount eur real estat fop loan fulli repaid interest ilb januari restructur insolv plan insolvenzplän gener descript insolv plan germani provid parallel insolv plan herlitz pb ag herlitz ag date juli insolv plan restructur recapitalis plan sanierungsplän herlitz group plan provid reduct capac hive compani properti close unprofit subsidiari reduct neg oper result measur reduc cost optimis distribut search strateg partner addit plan aim reduc compani pend debt partial full waiver secur debt contribut workforc insolv plan appli methodolog maintain concern insolv plan sanierung durch insolvenzplan accord german insolv statut insolv statut forc januari option rescu compani keep exist manag satisfi creditor incom creat insolv proceed termin herlitz ag herlitz pb ag proceed appear solut suit satisfi creditor insolv administr creditor reject option sell entir compani übertragend sanierung liquid compani sell asset separ zerschlagung plan similar methodolog appli solut due asset structur herlitz pb ag herlitz ag restructur insolv plan herlitz ag condit fulfil insolv plan herlitz pb ag plan divid creditor compani group suppos creditor compar claim articl insolv statut type creditor part insolv proceed creditor entitl separ satisfact right encroach plan lower rank creditor lower rank creditor claim deem waiv divid group creditor equal right group creat individu settlement place differenti part creditor group insolv proceed herlitz ag herlitz pb ag creditor separ satisfact particip claim satisfi extent cover germani submit insolv proceed herlitz ag herlitz pb ag insolv cost massekosten debt insolv asset masseverbindlichkeiten paid full part claim public sale tax claim umsatzsteu insolv proceed concern type payment privileg claim precondit success closur procedur debt insolv asset paid immedi aros separ list claim made hypothet list insolv cost debt insolv asset prepar illustr outcom liquid asset sale procedur creditor group insolv plan herlitz ag insolv proceed herlitz ag classif insolv claim creditor entitl separ satisfact formal group creditor drawn separ satisfact secur full claim mortgag bank hypovereinsbank eurohypo part claim group hag insolv cost debt insolv asset formal group creditor drawn claim paid full aros lower rank creditor group hag group bank separ satisfact part claim movabl properti sharehold herlitz ag group hag lower rank creditor belong group hag group hag tax author berlin group hag connect undertak lower rank creditor group hag interest cost fine lower rank claim group hag cancel insolv plan accord articl insolv statut lower rank group hag hag waiv claim effect juli claim amount waiv creditor set round figur tabl tabl group creditor herlitz ag public privat creditor descript claim secur claim claim eur million waiv claim eur million hag bank separ satisfact public privat credit date april separ satisfact movabl hag manag employe privat futur pension claim salari period april redund payment lessor ground spandau privat rent damag termin contract supplier privat claim suppli servic april damag termin contract mutual insur associ public futur pension claim feder employ agenc public claim compens insolv benefit paid employe januari june health insur fund public contribut period march june tax author alfeld public tax sale real estat sale ownership share liegenschaftsfond public rent interest berlin spandau waiver group hag eur million quota distribut size claim remain part claim waiv hag tax author berlin public trade tax corpor incom tax sale tax period end june waiver group hag claim waiv hag connect undertak privat claim herlitz ag hag lower rank creditor privat public interest cost fine creditor group insolv plan herlitz pb ag classif creditor insolv proceed herlitz pb ag creditor entitl separ satisfact group pb separ satisfact secur full claim supplier group pb bank separ satisfact part claim mortgag bank hypovereinsbank eurohypo right separ satisfact includ group pb insolv cost debt insolv asset formal group creditor drawn claim paid full aros lower rank creditor group pb employe group pb public creditor tax author feder employ agenc health insur fund krankenkassen land berlin group pb connect undertak group pb lower rank creditor manag execut employe employ liabil insur associ berufsgenossenschaft mutual insur associ pensionssicherungsverein privat leas bank austrian post main custom offic lower rank creditor group pb interest cost fine lower rank claim group pb cancel insolv plan accord articl insolv statut lower rank group pb pb waiv claim effect juli lower rank claim amount waiv creditor set round figur tabl tabl group creditor herlitz pb ag public privat creditor descript claim secur claim claim eur million waiv claim eur million pb supplier separ satisfact privat claim suppli servic april separ satisfact movabl pb employe privat futur salari claim year year pb tax author berlin public corpor incom tax march tax author berlin public real estat tax period januari march tax author berlin public real estat tax feder employ agenc public claim compens insolv benefit paid employe april june health insur fund public contribut period march june liegenschaftsfond public ground rent period april june lower rank land charg land berlin public claim repay loan move waiver group pb claim waiv pb connect undertak privat remain claim connect undertak herlitz group pb manag execut employe privat futur pension claim salari period april redund payment privat creditor public creditor mutual insur associ public futur pension claim privat leas bank privat unpaid capitalis futur leas payment austrian post privat case complaint credit note return bonu employ liabil insur associ public accid insur fee main custom offic public import sale tax custom duti dual system deutschland privat fee quot der grüne punkt quot recycl system health insur fund public contribut period march liegenschaftsfond public ground rent period juli septemb lower rank land charg privat supplier secur privat claim suppli servic april damag termin contract waiver group pb claim waiv pb bank separ satisfact privat public credit date april separ satisfact movabl waiv eur million pb lower rank creditor privat public interest cost fine addit inform debt public creditor public creditor declar claim group insolv proceed worth note public privat creditor group hag hag pb pb secur claim fact lower rank claim group hag pb waiv complet lower rank creditor group hag pb receiv proport share payment accord insolv plan creditor group hag receiv march share total amount eur million rel size claim creditor group pb receiv claim decemb tabl show amount public claim respect waiver addit inform financi institut cover settlement agreement insolv plan mention pend credit grant herlitz pb ag bank consortium hereinaft refer consortium credit composit consortium similar sharehold bank recit consortium credit grant consortium herlitz pb ag order enabl full repay convert loan eur million april eur million eur million consortium credit juli bank grant entir herlitz group credit line credit total eur million eur million april group pb bank uniformli waiv repay consortium credit line credit exceed total amount eur million respect herlitz pb ag credit claim uniformli waiv group hag regard herlitz ag amount exceed total eur million part credit waiv repres prolong credit herlitz group fact bank waiv credit respect herlitz pb ag herlitz ag liabil simultan assum real estat compani ggb ggf addit inform debt financi institut time approv insolv plan creditor bank liabil exist herlitz group cover consortium credit line credit firstli hypovereinsbank ireland bayerisch landesbank landesbank berlin bank fulli waiv repay secur credit order endang recoveri partli secur claim consortium credit herlitz group receiv credit fulli secur rank land charg berlin tegel properti credit eur million hypovereinsbank credit eur million eurohypo credit enter settlement agreement waiv herlitz ag herlitz pb ag secur berlin tegel properti sold ggb april consortium bank grant liquid loan herlitz group liquid loan liquid loan eur million grant order enabl continu group oper busi loan prolong renew novemb fulli repaid loan cover season liquid group grant june addit inform debt supplier herlitz ag debt supplier amount eur million group hag supplier herlitz pb ag divid secur group pb secur group pb supplier group pb separ satisfact herlitz pb ag current asset made waiver contrast unsecur supplier group pb relinquish claim lower rank creditor group addit inform debt workforc connect undertak german insolv law employe connect undertak particip receiv quota claim insolv proceed separ quot creditor quot group creat hag pb includ mix group hag pb altern insolv plan herlitz ag herlitz pb ag proceed insolv administr creditor opt maintain concern insolv plan explain recit concern procedur insolv cost debt insolv asset paid eur million distribut quota lower rank creditor herlitz ag lower rank creditor herlitz pb ag receiv claim quota explain recit expect insolv mass lower option liquid compani sell entir compani asset deal expect produc satisfact creditor investor total asset group evalu prepar firm roland berger opinion independ auction liquid reduc movabl asset eur million eur million amount satisfi claim separ satisfact leav free insolv asset eur million revenu herlitz group insolv proceed amount approxim eur million ad amount free asset result total free insolv asset eur million free insolv asset settl advanc insolv cost debt insolv asset creat administr disposit insolv asset deduct insolv cost final amount free asset eur million amount cover debt insolv asset compani insuffici proport satisfact lower rank creditor insolv plan restructur asset herlitz group sold asset deal owner practic offer made takeov area activ stock price offer correspond liquid option promis satisfact creditor concern restructur insolv plan decis initi proceed articl treati commiss decid februari initi proceed articl treati main reason base review compat measur commun guidelin rescu restructur aid firm difficulti hereinaft refer guidelin commiss found loan grant ilb herlitz pb ag contain element state aid mean articl treati need analys compat aid guidelin germani submit suffici inform establish real beneficiari aid commiss wonder waiver public creditor tax author employ institut social secur public financi institut insolv plan constitut aid herlitz group berlin tegel real estat belong land berlin commiss express doubt leas contract conclud market condit year pass contract grant leas regard exist aid commiss consid land berlin waiver ground rent claim erbbauzinsen fact rent increas constitut aid view grant subsequ waiver interest free loan dem million land berlin constitut state aid iii comment interest parti interest parti comment decis initi formal investig procedur herlitz pb ag behalf beneficiari herlitz group herlitz pb ag express support examin fact underli alleg unlaw state aid inform commiss provid relev document german author rescu aid loan herlitz pb ag submit repaid fulfil condit approv rescu aid respect waiver insolv proceed herlitz pb ag state public creditor act compar manner privat waiv claim worthless herlitz pb ag stress creditor vote unanim adopt insolv plan herlitz pb ag reiter aid element commiss find waiver claim elig approv restructur aid guidelin avoid repetit herlitz pb ag simpli support legal argument put forward germani iv comment germani respons decis initi formal investig procedur germani state measur consid state aid rescu aid loan grant ilb germani submit aid compat common market articl treati germani state remain measur waiver insolv proceed constitut state aid mean articl treati germani submit public creditor insolv proceed waiv worthless claim action compat privat creditor principl germani measur constitut aid elig approv restructur aid articl treati germani comment rescu aid loan respect rescu aid loan germani point decis grant loan preced final adopt insolv plan june fact loan paid juli due quot unresolv question quot settl ilb juli period contract disburs liquid loan ensur liquid herlitz pb ag liquid loan suffici cover increas liquid august aros start school term germani rescu aid loan cover period adopt insolv plan germani submit rescu aid loan limit minimum demonstr low liquid level herlitz pb ag august decemb germani state beneficiari rescu aid loan fop herlitz pb ag firstli credit agreement conclud insolv administr herlitz pb ag germani point fop regard de facto beneficiari fop receiv due payment accord suppli contract herlitz pb ag germani comment restructur insolv plan germani submit waiver public creditor lead loss revenu state relev claim worthless germani asset herlitz ag herlitz pb ag suffici cover claim creditor separ satisfact public creditor group secur lower rank land charg germani point liquid scenario payment result public creditor includ secur lower rank land charg paragraph judgment court instanc case hamsa commiss creditor unsecur claim worthless liquid scenario make real sacrific waiv substanti part claim germani state waiver public creditor repres servic leistung benefit express monetari term herlitz ag herlitz pb ag insolv liquid scenario asset suffici pai quota public claim herlitz ag herlitz pb ag freed claim insolv proceed germani argu waiver public claim consid servic consider herlitz group counterbalanc consider futur tax social secur revenu public creditor expect maintain oper compani germani submit analysi public creditor waiver carri accord privat creditor principl laid hamsa judgment principl public creditor compar privat creditor similar situat hypothet privat creditor germani public creditor insolv proceed herlitz group compani public bank tax author berlin feder employ agenc health insur fund land berlin creditor main custom offic tax author alfeld opinion germani accord judgment court justic case franc commiss analysi determin credit waiver imput state public bank germani submit consortium bank grant consortium credit line credit includ publicli control landesbank berlin bayerisch landesbank westlb bank act privat member bank consortium support fact waiver basi insolv plan undertaken collect consortium bank individu bank waiver unsecur claim undertaken individu bank insolv plan waiver carri privat public bank regard tax author berlin germani state reason fulli waiv claim group hag pb expect fulli compens futur tax revenu herlitz ag herlitz pb ag similarli full waiver feder employ agenc health insur fund group pb motiv futur revenu statutari social secur payment argument justifi full waiver land berlin liegenschaftsfond germani prospect futur ground rent revenu herlitz group reason waiver group pb germani claim public creditor waiv claim group hag pb act ration compar creditor group motiv waiver futur revenu tax social secur ground rent public creditor expect maintain oper compani germani view futur revenu import motiv creditor decid waiver claim public author higher chanc obtain futur revenu herlitz group privat higher proport public waiver justifi germani claim rule avoid confus role public author public investor appli market economi investor test privat creditor test public creditor account futur revenu write past claim tantamount discrimin creditor effect comparison creditor carri refer opinion insolv administr germani point full waiver public creditor group hag pb creditor approv insolv plan fact privat creditor demand bigger sacrific public creditor continu herlitz group ensur statutorili guarante revenu creditor privat creditor guarante futur incom firm justif full waiver creditor group public tax claim clear time creditor agreement elimin uncertainti plan agre germani submit public creditor undertook partial waiver group hag pb treat equal privat creditor group group contain claim feder employ agenc health insur fund main custom offic tax author alfeld land berlin liegenschaftsfond final germani argu altern commiss found state aid provid form waiver public claim herlitz ag herlitz pb ag measur fulfil condit approv restructur aid articl treati guidelin condit guidelin met germani effect genuin restructur plan viabil herlitz group restor capac reduct waiver public claim limit minimum excess liquid herlitz group group receiv restructur rescu aid past germani comment land berlin liegenschaftsfond emphyteusi real estat berlin tegel germani submit excerpt agreement establish germani state liegenschaftsfond increas ground rent emphyteusi sale berlin tegel build ggb chang land contrari interest owner loan move germani inform commiss deferr loan notifi land berlin act privat creditor support fact deferr accompani interest rate acknowledg debt land charg amount accru interest emphyteusi legal assess exist aid articl treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market pursuant establish case law european court criterion trade affect met recipi firm carri econom activ involv trade member state product herlitz group trade commun competit member state rescu aid loan defer loan move waiver public claim insolv proceed state measur deriv state resourc confer advantag distort competit affect trade exist advantag assess accord market economi investor privat creditor principl quot quot measur grant loan move decis initi proceed found cover year limit period constitut exist aid articl iv regul ec grant loan fell investig scope state aid element involv offer land herlitz group recov conform articl regul decis initi proceed mention possibl increas ground rent land berlin tegel involv aid prove case term ground rent contract contract provid possibl rent increas land chang chang place land build purpos herlitz group simpli leas build previous deferr loan move germani argu grant market condit deferr grant time herlitz group difficulti interest rate higher refer rate applic interest secur case regularli paid insolv proceed commiss consid deferr aid aid rescu aid loan waiver insolv proceed rescu aid loan herlitz group advantag compani difficulti obtain market germani agre shown insolv proceed herlitz ag herlitz pb ag disproportion waiver public creditor deriv state resourc confer advantag group constitut aid measur mean articl treati public creditor order establish measur concern state resourc imput state creditor analys commiss find group public creditor larger submit germani public bank tax author berlin tax author alfeld feder employ agenc health insur fund land berlin includ liegenschaftsfond main custom offic public creditor mutual insur associ pensionssicherungsverein employ liabil insur associ berufsgenossenschaft mutual insur associ design paragraph occup pension scheme act gesetz zur verbesserung der betrieblichen altersversorgung betravg institut charg insolv insur accord paragraph act mutual insur associ receiv ausgleichfond compulsori contribut public law employ employ liabil insur associ design paragraph sgb german social code seventh book statutori accid insur institut charg statutori accid insur accord paragraph sgb act employ liabil insur associ receiv compulsori contribut made public law employ situat mutual insur associ employ liabil insur associ correspond envisag paragraph judgment court justic case preussenelektra case associ waiver grant directli state public privat bodi design establish state waiver forego state resourc form statutari contribut fund design state waiver imput state accord judgment court justic case spain commiss independ social secur associ supervis state financ contribut paid undertak applic privat creditor principl accord case law european court justic commiss compar public creditor insolv proceed herlitz group similar privat creditor public creditor compar privat creditor perform comparison hypothet privat creditor privat creditor principl satisfi liquid procedur herlitz group subsidiari diplomat hkv susi creditor receiv equal share liquid proce privat public creditor behav similar regard debt insolv asset claim fulli satisfi similarli privat creditor principl respect regard lower rank claim public privat creditor concern waiv comparison lower rank creditor produc similar result procedur herlitz ag herlitz pb ag group contain creditor equal rank order satisfact creditor ident compar right group consequ public creditor made disproportion waiver creditor group hag pb except group creditor group establish insolv proceed correspond compar creditor purpos analys privat creditor principl set paragraph hamsa judgment factor determin similar creditor type amount secur privileg natur claim creditor evalu chanc recapitalis compani share liquid revenu expect judg criteria creditor group hag hag similar belong singl group equal satisfact creditor pb pb group compris unsecur lower rank claim privileg receiv equal share event liquid lower rank land charg liegenschaftsfond repres secur insolv scenario bank rank mortgag separ satisfact fulli cover secur creditor group equal interest avoid liquid obtain quota concern settlement creditor group pb hag quota basi exist insolv claim contrari germani submiss public creditor group hag pb account futur statutori tax social secur revenu justifi proportion larger waiver case law court instanc european court justic prevent public author take account futur tax social secur revenu decid proport claim waiv debtor consider allow role public author investor confus avoid confus role public author investor appli market economi investor principl privat creditor principl principl essenti purpos establish public investor behav compar privat effect principl impair public author account futur statutori incom make decis investor insolv creat except situat past statutori public claim tax social secur compar civil claim privat creditor comparison perform regard past exist claim futur revenu expect plai role decid waiver main consider state driven profit consider levi tax argument germani privat creditor requir waiv public waiver deduct tax base germani explain creditor group public creditor type grant quota similar claim hag pb reason public statutori ground rent claim liegenschaftsfond group pb waiv larger extent privat public claim group pb final paragraph hamsa judgment court instanc reiter public creditor debt write situat compar privat investor pursu global sector structur polici privat creditor seek recov claim firm financi difficulti bear privat public creditor equal interest obtain quota exist insolv claim amount rescu restructur aid amount rescu aid correspond rescu aid loan eur aid herlitz group form waiver insolv proceed correspond proport differ waiver made hand pubic creditor group pb hag hand waiver creditor group pb hag insolv proceed herlitz ag public creditor group hag behav compar privat creditor group hag waiver state aid amount higher differ waiv proport claim waiv proport privat claim instanc privat bodi waiv extent higher waiver public creditor similarli waiv proport claim absolut amount class creditor relev circumst aid amount waiver present case calcul amount precis event reach waiver aid compat common market reason appli state aid insolv proceed herlitz pb ag result proport claim waiv group pb compar privat creditor pb assess light guidelin rescu aid loan disproportion waiver confer advantag herlitz group reduc cost bear facilit restructur process commiss assess measur consid compat common market aid measur grant scheme approv commiss aid fall assess ad hoc aid articl treati set condit aid compat consid compat common market articl relev case purpos aid measur enabl rescu restructur recipi derog mention articl invok appli guidelin commiss set condit posit exercis discret articl treati inform submit germani aid assess grant recipi entri forc guidelin appli measur question aid beneficiari commiss consid beneficiari aid measur cover investig entir herlitz group individu compani group conclus close intertwin structur herlitz group systemat alloc task asset main compani herlitz ag herlitz pb ag subsidiari herlitz group appear act market singl firm herlitz ag conclud agreement emphyteusi land berlin site berlin tegel ground rent claim regist waiv insolv proceed herlitz pb ag herlitz group publish consolid financi statement accord articl german commerci code final creditor herlitz group treat singl firm adopt uniform manner parallel interrel insolv plan herlitz ag herlitz pb ag herlitz ag herlitz pb ag fop locat assist area berlin object cover articl brandenburg cover articl herlitz group receiv restructur aid year period insolv proceed firm difficulti section guidelin defin firm difficulti herlitz group consid firm difficulti accord point guidelin limit compani half regist capit disappear month period decemb decemb amount group regist capit set tabl tabl sourc herlitz group annual report year eur million regist capit herlitz group difficulti april pursuant point guidelin fulfil criteria german law subject collect insolv proceed recit insolv proceed request april main compani herlitz group herlitz group difficulti decemb half regist capit disappear month preced date firm difficulti herlitz group elig rescu restructur aid analysi rescu aid loan rescu aid loan grant ilb ilb institut incorpor public law creat task support land brandenburg activ promot local industri commerci bank german commerci code profit make main purpos oper act develop structur bank land brandenburg close supervis land state supervis bank perform ministri financ brandenburg promot committe form advis individu project commiss consid measur issu imput state rescu aid loan confer herlitz group advantag compani difficulti obtain market germani recognis loan aid commiss appli market economi investor principl rescu aid loan includ state aid element mean articl treati assess guidelin set clear condit aid firstli aid consist liquid form loan guarante loan bear normal commerci interest rate rescu aid loan conform requir interest rate exceed commiss refer rate aid warrant ground social difficulti undu advers effect industri situat member state commiss account fact herlitz group larg employ assist area berlin brandenburg disorderli insolv led social difficulti bridg period rescu aid loan commiss consid advers effect industri situat member state limit undu thirdli grant rescu aid loan initi notifi commiss formal investig procedur germani submit proof loan reimburs full fourthli aid restrict amount need firm busi commiss find condit fulfil rescu aid loan liquid loan longer cover increas liquid due routin suppli start school term autumn receiv rescu aid loan liquid level herlitz pb ag remain low august decemb final aid paid time need devis feasibl restructur plan time exce month warrant circumst present case decis grant rescu aid loan actual disburs place juli repay month disburs repay place commiss decis measur involv insolv plan conclus rescu aid loan fulfil criteria guidelin compat common market restructur insolv plan restor viabil insolv plan approv procedur herlitz ag herlitz pb ag contain oper measur restor group viabil reduct firm overcapac sale factori site close subsidiari improv neg financi result reduct optimis cost activ group reduc healthi core busi herlitz group develop accord financi plan form part insolv plan result financi year group oper profit interest financ payment eur million total turnov eur million basi figur oper margin disregard interest financ payment umsatzrendit vor finanzierungsaufwendungen correspond averag sector oper cash flow interest financ cost approxim eur million expect herlitz group oper profit interest financ payment eur million output sale inventori finish product eur million lead oper margin disregard interest financ payment actual result born herlitz group expect base insolv plan laid foundat restor herlitz group viabil aid limit minimum herlitz group carri restructur measur insolv proceed estim cost restructur eur million consist eur million sever payment eur million depreci impair eur million move closur advisori cost cost directli relat restructur measur adopt insolv proceed amount eur million sever payment cost insolv proceed major restructur cost undertaken firm creditor sharehold group contribut take dividend posit cash flow reinvest group begin insolv proceed bank consortium provid group quot quot liquid loan eur million prolong renew novemb fulli repaid loan cover season liquid group grant june fresh loan bank prolong durat exist waiv credit year march accept restructur cost cover period insolv proceed contribut exce eur million altern account cost directli connect insolv proceed contribut amount eur million signific contribut case restructur aid consid limit minimum avoid undu distort competit definit compensatori measur form capac limit undertaken herlitz group close envelop machin sale offset print machin napkin machin abandon inject mould product area close sale subsidiari portug austria franc reduct storag capac reduct personnel employe restructur period group acquir control joint ventur ecom eur million compani mercolin eur million bought back asset liquid subsidiari eur million sum figur paragraph eur million amount paid small function compani asset fit aim reduc cost focus core busi concentr logist administr function commiss accept invest essenti restor viabil unduli distort competit overcapac relev market herlitz group approxim share germani eu small market share small amount state aid addit invest regard repres undu distort conclus restructur aid fulfil criteria guidelin compat common market vi conclus view commiss conclus rescu aid restructur aid compli condit set guidelin compat common market adopt decis articl state aid form rescu aid restructur aid germani implement herlitz group compat common market mean articl treati articl decis address feder republ germani brussel june commiss mario monti member commiss oj regul amend act access oj footnot juli berlin bank subsidiari landesbank berlin websit herlitz group http www herlitz de index php id amp backpid amp begin amp ps amp pl amp arc amp tt new paragraph german commerci code handelsgesetzbuch rgbl substant error insolvenzordnung octob bgb ii recit except herlitz pb ag receiv compens payment eur million termin affili agreement herlitz ag herlitz pb ag part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk oj judgment court instanc juli case hijo de andré molina sa hamsa commiss european commun ecr ii judgment court case french republ commiss european commun ecr gesetz zur verbesserung der betrieblichen altersversorgung betravg decemb bgbl bgbl judgment court march case preussenelektra ag schleswag ag presenc windpark reußenkög iii gmbh land schleswig holstein ecr paragraph judgment court april case kingdom spain commiss european commun ecr paragraph hamsa commiss loc cit paragraph spain commiss loc cit paragraph judgment court june case déménagement manutent transport sa dm ecr paragraph judgment court instanc march join case westdeutsch landesbank girozentral land nordrhein westfalen commiss european commun ecr ii paragraph judgment court januari case feder republ germani commiss european commun ecr paragraph judgment court septemb join case kingdom spain commiss european commun paragraph point guidelin ilb websit www ilb de refer rate adopt commiss germani http europa eu int comm competit state aid refer rate html substant error