natgillin/translations-raw huggingface dataset:
В рамките на тръжната процедура KPMG, от името на прехвърлителите, поддържа контакт с близо 300 инвеститори.
By letters of 17 October 2013 and 17 December 2013, the bidders that submitted qualified offers were informed that: (a) indicative or final, respectively, offers would be considered even if submitted after the expiry of the respective deadlines, provided that the terms of the offers qualify for the further process;
Заинтересованите лица са приканени да представят заявление за изразяване на интерес (близо 70 предприятия изразяват интерес);
disadvantages caused by late submission would be fully borne by the bidder in question;
след като са им предоставени на разположение редица документи за Nürburgring, те биват приканени да представят примерна оферта до 26 септември 2013 г.
and (c) the sellers could choose the qualified bidders shortly after the expiry of the deadline.
С писмо от 19 юли 2013 г. прехвърлителите информират всички заинтересовани инвеститори за следното:
According to the insolvency administrators, the bidders were informed by the sellers that they could improve an offer or submit a new offer between the deadline and the conclusion of the sales contract.
„All parties that intend to participate in next stage of the process are invited to submit an Indicative Offer by 5:00 pm (CET) on 12 September 2013.
24 candidates [71] sent an indicative bid until the beginning of February 2014.
Offer handed in after the deadline will also be considered“ [64].
Of these candidates, 18 were allowed to proceed to the due diligence stage [72], and 13 bidders submitted confirmatory offers for all or individual asset clusters or individual assets, including offers for all assets from four bidders:
Посоченият срок 12 септември 2013 г. за представяне на примерна оферта е удължен до 26 септември 2013 г. с писмо от 12 септември 2013 г.:
Capricorn Automotive GmbH and Capricorn Holding GmbH (‘Capricorn’); (2) [Bidder 2]; (3) [Bidder 3]; (4) [Bidder 4].
„The Vendors have decided to extend the deadline for Indicative Offers, in order to enable potential investors to complete their analysis of the provided material.
The bids were considered on the basis of: (a) maximisation of the total proceeds for all of the assets;
The updated deadline now ends at 5 p.m.
and (b) the expected transaction security [73].
CET on 26 September 2013.
The bids which fulfilled these criteria were considered in the final stage of evaluation;
Offers handed in after the deadline will also be considered“ [65].
those were bids for all asset clusters.
С писмо от 17 декември 2013 г. срокът за изпращане на потвърдителни оферти е удължен от прехвърлителите от 11 декември 2013 г. до 17 февруари 2014 г. „In order to enable potential investors to complete their analysis of the provided information material and to provide a final offer that fully reflects the value potential of the Nürburgring, the timeline which used to end at 5 p.m.
Of those bidders, Capricorn and [Bidder 2] submitted confirmations of their access to the funding necessary for the purchase:
CET on 11 December 2013 now ends at 5 p.m.
on 7 March 2014, [Bidder 2] submitted a binding letter dated 24 February 2014, informing KPMG of its financial capabilities;
CET on 17 February 2014.
and on 11 March 2014, Capricorn submitted to the sellers a binding letter by […] dated 10 March 2014, addressed to Capricorn, informing the latter that […] was willing to underwrite a loan of EUR 45 million to Capricorn for the purpose of the acquisition of the assets in question.
For the sake of clarity, offers handed in after that timeline will, in principle, also be considered provided that the terms of the offer qualify for the further process.
On the basis of their offers, contracts were negotiated in parallel and notarised, with [Bidder 2] on 7 March 2014 and with Capricorn on 10 March 2014.
Any disadvantage caused by the delay will not be compensated for and will have to be fully borne by the investor.
On 11 March 2014, the Creditors' Committee of the insolvent companies approved the sale to Capricorn (specifically to capricorn NÜRBURGRING Besitzgesellschaft GmbH), as the one with the highest offer including a proof of financing.
Please note that the Vendors may choose the parties which will qualify for the further process shortly after the updated timeline ends“ [66].
In particular, the offer of Capricorn was at a price of EUR 77 million, whereas the offer of [Bidder 2] was at a price of EUR [47-52] million.
Относно продажбата на активите на NG, MSR и CMHN синдиците решават и изпълняват представеното по-долу структуриране.
The sales contract with Capricorn was signed by NG, MSR and CMHN on 11 March 2014 and by the insolvency administrator on 13 March 2014 [74].
За целите на тръжната процедура активите на NG, MSR и CMHN са разделени на 11 пакета от активи [67].
Following the tender process described above, the assets of NG, MSR and CMHN (all tangible and intangible assets including all land, buildings, trademarks and internet domain rights), but not any liabilities and financial assets, were bought by Capricorn.
В публикуваната покана за представяне на заявление за изразяване на интерес се казва:
The shareholders of Capricorn are capricorn HOLDING GmbH [75] with 67 % of the shares and GetSpeed GmbH & Co KG [76] with 33 % of the shares.
„The Vendors intend to sell the assets to one or more investors („Project RING“).
The transfer of the employment contracts associated with the tendered asset clusters follows from German law [77] and German labour courts jurisprudence [78], which foresee that the employees are automatically transferred to the buyer of the assets, but that in an insolvency context the buyer can request from the insolvency administrator to terminate employment contracts.
Investors will have the opportunity to acquire all assets, defined asset clusters („Proposed Asset Clusters“) or individual assets.
In the case at hand, the sales contract foresees that NBG (the current operator of the Nürburgring complex) would in 2014 terminate employment contracts upon request of Capricorn.
The Proposed Asset Clusters have been defined based on the separability of assets and related costs.
Indeed, the latter concluded that, in order to achieve an economically viable operation of the acquired assets, it would need 253 of the total 297 employees (as of beginning of 2014), and thus requested NBG to terminate the employment contracts of 44 employees.
It is intended that the transaction will be structured as an asset deal.
As a result, 85 % of the total staff of the insolvent companies will be transferred to Capricorn on 1 January 2015 (date when Capricorn will start operating the acquired assets).
All third party and financing liabilities will remain with the insolvent legal entities allowing a new start on a clean balance sheet.“ [„Прехвърлителите възнамеряват да продадат активите на Nürburgring на един или няколко инвеститора („Проект RING“).
The parties to the sales contract are obliged to implement it only upon the existence of a Commission decision declaring that neither the buyer nor its operational company are beneficiaries of the aid under assessment subject to recovery, and: (a) either the delays to bring a legal challenge against the Commission decision have expired without an appeal;
Инвеститорите имат възможността да придобият всички активи, дефинирани пакети от активи или отделни активи.
or (b) in case of an appeal, a not further challengeable court judgment has been rendered confirming the Commission decision.
Пакетите от активи са дефинирани съобразно делимостта на активите и свързаните с това разходи.
This condition aimed at covering the discrepancy between the assets' price of EUR 77 million and the financial risk they carried, stemming from the possible liability from a State aid recovery of EUR 456 million based on the Commission decisions of 21 May 2012 and 7 August 2012 to open and extent, respectively, the formal investigation procedure.
Сделката следва да се структурира като Asset Deal.
The business in the season 2014 will be run by NBG.
Всички задължения по финансиране и към трети лица остават при неплатежоспособните дружества.
Afterwards, a liquidation of this company is foreseen.
Така сделката позволява нов старт на базата на коригиран баланс.“] [68].
The 2014 cash flow of NBG (EUR 6 million) is cashed in by the seller.
Също така в писмото за участие от 19 юли 2013 г. до заинтересованите инвеститори се казва:
It represents, in form of a flat-fee, a part of the sales price in order to facilitate the handling of the contract.
„Investors will have the opportunity to acquire the assets of the Vendors in either their entirety, or in defined asset clusters („Proposed Asset Clusters“), or in individual assets.
As regards the beneficiaries NG, MSR and CMHN, in the context of their insolvency proceeding, they have definitely ceased all activities and do not employ any personnel.
Proposed Asset Clusters have been defined based on the severability of assets of the Nürburgring and related costs.“ [„Инвеститорите имат възможността да придобият всички активи на прехвърлителите, дефинирани пакети от активи („оферирани пакети от активи“) или отделни активи.“] Оферираните пакети от активи са дефинирани съобразно делимостта на активите на Nürburgring и свързаните с това разходи [69].
At the same time, the insolvency administrators are entrusted with legal proceedings under German bankruptcy law, aiming at the arrangement of all the claims and obligations of the companies in insolvency proceedings.
Синдиците не поставят условия с оглед на бъдещото ползване на активите.
Once those claims and obligations are settled, and the insolvency court approves the final liquidation, the companies can be erased from the company registries.
Евентуални ограничения в ползването са налице въз основа на правните разпоредби в областта на строителството и защитата от вредни емисии, както и на гарантирания с Landesgesetz публичен достъп до Nürburgring.
In order to run the business in the season of 2015, the buyer (Capricorn) will establish the operating company capricorn NÜRBURGRING GmbH (‘OpCo’) that will conclude contracts for the season 2015.
Съобразно изпратените на заинтересованите инвеститори Prozessbriefen от 19 юли 2013 г. и 17 октомври 2013 г. следва да се изберат инвеститори въз основа на следните критерии:
With a view to ensuring that the aid beneficiaries will definitively disappear from the market, the Commission was informed of the following measures.
максимално повишаване на стойността на всички активи;
If there is no non-challengeable Commission decision at the beginning of 2015, the sold assets will be transferred before 1 January 2015 to a new company (‘NewCo’) in which 95,1 % of the shares will be owned by the buyer and 4,9 % by an independent trustee.
и б) очаквана сигурност на сделката [70].
The trustee will be acting in the interests of the creditors and not of the insolvent beneficiaries of State aid, but will not be subject to instructions by the creditors.
Тези критерии за подбор са детайлно разяснени както следва:
Furthermore, a lease contract will be concluded between NewCo and OpCo, terminating on the date of entry into force of the sales contract.
„Value for the assets in scope of the respective offer; Potential value implications for those assets that are not included in the respective offer, if any; Costs for further separation of the assets in scope of the respective offer, if any; Costs to fulfil key assumptions and conditions of the respective offer; Closing probability“.
The business of the OpCo will be run under its name, on the basis of its own business plan and with the workforce of its own choice (see recital 53 above).
[„Предложена цена за включените в офертата активи; възможни заключения за стойността на всички онези активи, които не са неразделна част от офертата, доколкото е уместно; разходи за по-нататъшно разделяне на избраните в съответната оферта активи, доколкото е уместно; разходи за прилагането на съществени предположения и условия на съответната оферта, както и вероятност за сключване на договора.“] Също така е посочено следното: „the closing probability will be assessed by taking into consideration the (i) outstanding due diligence requirements, (ii) secured financing for the transaction, supported by confirmation of financing partners, (iii) required steps for the regulatory clearance, (iv) required internal approval steps until the transaction could be consummated and (v) strategic rationale for the acquisition or future plans for the assets of the NG, MSR and CMHN and the likelihood of their realisation“.
There will be a lease fee of totally EUR [4,6-5,1] per year to be paid to NewCo, which will serve the liquidation mass of the Nürburgring companies (all payments in favour of the insolvency estate are transferred to the trust accounts of the insolvency administrators, solely in order to be distributed to the creditors).
[„Оценката на вероятността за сключване на договор се прави въз основа на i) неизпълнени изисквания на надлежната проверка, ii) сигурност на финансирането, подкрепена с потвърждение от финансиращия партньор, iii) необходими стъпки за регулаторно одобрение, iv) изисквани вътрешни разрешителни до извършването на сделката и v) стратегическа рационалност на придобиването или бъдещите планове за активите на дружествата NG, MSR и CMHN и вероятността за реализирането им.“] Установява се, че не са включени екологични съображения като част от критериите за избор на окончателната оферта.
When the decision of the Commission becomes effective, the trustee will transfer all his shares in NewCo to the buyer.
С покани за участие от 17 октомври 2013 г. и от 17 декември 2013 г. оферентите, представили квалифицирана оферта, са информирани, че а) примерни, съответно окончателни оферти ще бъдат вземани под внимание и в случаите, в които постъпват след изтичане на крайния срок за представяне, ако офертите отговарят на условията за следващия етап;
On the other hand, if the buyer does not fulfil its contractual payment obligations, the trustee will be able to sell the assets.
негативите от отлагането се понасят изцяло от съответния оферент;
In addition, should an annulment of the Commission decision take place, the assets will return to the insolvency administrators in order to be sold immediately, since the liquidation obligation of German insolvency law continues to exist even in such case.
и в) прехвърлителите ще вземат решението за подбор възможно най-скоро след изтичане на крайния срок за представяне.
There is no option of continuing the business of the Nürburgring companies by NewCo.
Според синдиците всички оференти са били информирани, че в периода от изтичане на крайния срок за представяне на офертите до сключването на договора за покупко-продажба биха могли да подобрят своята оферта или да представят нова такава.
The Commission notes that this arrangement does not change the basic conditions of the sale, including the sales price and payment terms, which remain the same [79].
До началото на февруари 2014 г. примерна оферта представят 24 заинтересовани лица [71].
COMMENTS FROM GERMANY
От тях 18 се квалифицират за надлежна проверка [72] и 13 оферента представят потвърдителни оферти за всички или за отделни пакети от активи, като следните четири оференти изпращат оферти за всички активи:
FIRM IN DIFFICULTY
Capricorn Automotive GmbH и Capricorn Holding GmbH („Capricorn“), 2) [оферент 2] 3) [оферент 3] и 4) [оферент 4].
In their comments to the formal investigation procedure, Germany argued that NG was not a firm in difficulty as of 1 July 2008 [80] or at the moment of granting the ISB loan of EUR 325265000 on 28 July 2010 [81].
Основания за критериите за подбор са а) максималното повишаване на стойността на всички активи;
As regards the situation of NG, MSR and CMHN in the period from May 2012 to July 2012 and the extension of the formal investigation procedure, Germany claims that the Commission had not taken into account the insolvency of NG, MSR and CMHN as a non-reversible consequence of its decision not to approve the rescue aid in the preliminary proceedings [82] and it has thus breached the principle of proportionality [83].
и б) сигурността на сделката [73].
Germany also argues that NG carried out the construction of the infrastructure and particularly the organisation of Formula 1 and Superbike race events on behalf of the public sector [84], and that they therefore cannot be taken into account for analysis of its economic situation, the classification of an undertaking in difficulty and the application of the ‘one-time’ principle [85].
Офертите, които отговарят на тези критерии, са взети предвид в последния етап от процеса по продажба.
STATE RESOURCES AND IMPUTABILITY
При тях става въпрос за общи оферти за всички пакети от активи.
For the measures carried out by NG, Germany acknowledges that the resources are imputable to the state [86].
От тези оференти Capricorn и [оферент 2] представят доказателство за осъществимостта на финансирането:
ECONOMIC ACTIVITY
На 7 март 2014 г. [оферент 2] изпраща обвързващо писмо за потвърждаване от 24 февруари 2014 г., с което информира KPMG за своя капацитет за финансиране;
Pursuant to Germany, the construction of the tribune, the multifunctional halls, the access structures and the attractions offering education and entertainment (Part I [87] of the Nürburgring 2009 project) is no economic activity as the Leipzig/Halle judgment [88] cannot be applied to the construction of the general (regional and sport) infrastructure [89], the construction concerns facilities for which the criteria of the 2007 White Book on sport of the Commission (multifunctional use, non-discriminatory access, etc.) are met, no private investor would carry out such project and racetracks are regularly not privately constructed for insufficient profitability [90].
на 11 март 2014 г.
As regards the Formula 1 events, in the view of Germany, they are in principle structurally deficit making, these events cannot be considered as normal business of NG as they led even with the public support to a negative result for NG, this company would not organise these events without the expectation of public financing and the public authorities decided to finance the Formula 1 events through NG at arm's length for regional-policy grounds [91].
Capricorn представя на прехвърлителите изпратено до Capricorn обвързващо писмо на […] от 10 март 2014 г., в което […] се ангажира спрямо Capricorn да покрие придобиването на въпросните активи с кредит от [41—49] милиона евро.
Therefore, Germany claims that the organisation of these events cannot be considered as an economic activity of NG.
Въз основа на потвърдителните оферти протича паралелно договаряне с двамата горепосочени оференти.
If it was aid, Germany claims that the SGEI criteria are met.
Договорите са нотариално заверени, а именно на 7 март 2014 г. в случая с [оферент 2] и на 10 март 2014 г. в случая с Capricorn.
SELECTIVITY
На 11 март 2014 г. комитетът на кредиторите на дружествата в несъстоятелност одобрява продажба на Capricorn (по-специално на Capricorn NÜRBURGRING Besitzgesellschaft GmbH), тъй като Capricorn представя еднозначно най-добрата оферта, включително потвърждение на финансирането.
Germany argues that even if the financing of the measures was an economic activity, it is not selective because the criteria of the 2007 White Book on sport are met (no single user; non-discriminatory access; multifunctional use and lease under reasonable market-based prices; the infrastructure is not provided by the market because it would not be economical; responsibility of public authorities).
Офертата на Capricorn предвижда поемане на всички пакети от активи на цена от 77 милиона евро, офертата на [оферент 2] е на стойност [47—52] милиона евро.
ADVANTAGE
Договорът за покупко-продажба е подписан с Capricorn на 11 март 2014 г. от NG, MSR и CMHN, както и от синдика на 13 март 2014 г.
Germany admits that it had not found a long-term private investor who would invest in the Nürburgring 2009 project.
[74].
For measure 1 (payments in capital reserve and capital increases in August 2004, December 2004 and September 2007), Germany argues that the question of an advantage does not matter, because the target of the measure was not an economic activity.
Във връзка с описаната тръжна процедура активите на NG, MSR и CMHN (всички материални и нематериални активи, включително земи и друго недвижимо имущество, търговски марки, търговски наименования и права върху интернет домейни), но не и пасиви и финансови активи се придобиват от Capricorn.
As regards measure 2, Germany argues that the level of the interest of NG's loans granted to its subsidiaries (6 %) does not constitute an advantage to the subsidiaries as it is comparable to the interest of loans on the market.
Съдружниците на Capricorn са Capricorn HOLDING GmbH [75] с 67 % от дружествените дялове и GetSpeed GmbH & Co KG [76] с 33 % от дружествените дялове.
Regarding measure 3, pursuant to Germany, the measures financed by the liquidity pool in the amount of EUR 170 million [92] were carried out on market-based terms, since: (a) the pool is used by the Land similarly to a market-based holding [93]; (b) NG paid the interests ordinarily;
Съгласно германското законодателство [77] и съдебната практика на германските трудови съдилища [78] съществуващите трудови правоотношения, свързани с пакети от активи, се прехвърлят автоматично към приобретателя на активите, т.е. новия собственик;
and (c) the funds were fully paid back in connection with measure 8.
в случай на несъстоятелност обаче приобретателят може да помоли синдика да прекрати трудовите договори.
Germany also indicated that the loans granted by the liquidity pool of the Land to ISB served exclusively to the refinancing of ISB for its own loans to NG (see also recital 70) and that the market conditions of the Land from the transactions of the liquidity pool were not passed on to NG as debtor.
В настоящия случай в договора за покупко-продажба е предвидено, че NBG (настоящото оперативно дружество на комплекса Nürburgring) ще прекрати трудовите договори по молба на Capricorn през 2014 г.
For measure 4 (loan granted by NG to MSR), Germany states that the interest rate of 7 % seems to be market conform.
Capricorn стига именно до заключението, че за икономически рентабилна експлоатация на придобитите активи (от началото на 2014 г.) дружеството ще има нужда само от 253 от общо 297-те заети лица; Ето защо Capricorn моли NBG да прекрати трудовите договори на 44 заети лица.
Concerning measure 5 (support provided by NG to CST), Germany puts forward that it is market conform:
Вследствие на това от 1 януари 2015 г. (началото на експлоатацията на придобитите от Capricorn активи) Capricorn осигурява заетост на 85 % от работния колектив на дружествата в несъстоятелност.
after the initial financing of the project by NG and MIB under parity conditions, the MIB was later unable to provide the necessary shareholder loans in the same amount as NG.
Страните по договора за покупко-продажба са задължени да изпълнят договора само ако Комисията приеме решение, в което отбелязва, че нито приобретателят, нито неговото оперативно дружество следва да се разглеждат като бенефициери на помощите, представляващи предмет на процедурата по разследване, и следователно не носят отговорност за възстановяване на помощи, и ако a) или срокът за съдебно разглеждане на решението на Комисията е изтекъл без обжалване;
Since a withdrawal of NG from the project would compromise the timely provision of the ticket system, as well as make worthless in all probability the previous investment of NG, it was preferable for the NG to stick to the planned project under changed conditions, especially as the business plan allowed for expectations for a reasonable return and NG received collaterals from NG.
или б) в случай на обжалване е издадено окончателно съдебно решение, което потвърждава решението на Комисията.
In respect of measure 6 (consideration paid to IPC, and the loan to MSR through PNG as intermediary), Germany argues that the recipients received the respective payments as remuneration to services and as a loan to market equivalent conditions.