natgillin/translations-raw huggingface dataset:
De private kreditorers krav blev indfriet i henholdsvis april 2003 (banken […]) og november 2006 (Bank […]).
The private creditors’ claims were settled in April 2003 (Bank […]) and November 2006 (Bank […]) respectively.
Til trods for sin gode sikkerhed indgik banken […] forlig om PZL Hydrals gæld på 51,6 mio. PLN mod betaling af 4 mio. PLN, og banken […] indgik forlig om PZL Hydrals gæld på 86,4 mio. PLN mod betaling af 11,5 mio. PLN (jf. betragtning 31 og 33).
Despite the good quality of their collateral, Bank […] accepted the settlement of PZL Hydral's debts of PLN 51,6 million against a payment of PLN 4 million and Bank […] accepted the settlement of PZL Hydral's debts of PLN 86,4 million against a payment of PLN 11,5 million respectively (see points 31 and 33).
PLZ Hydral betaler alle nye skatter, afgifter og bidrag til tiden
PLZ Hydral would pay all new taxes, charges and contributions on time,
PZL Hydral indfrier en del af sine ikke indfriede forpligtelser i rater; betalingerne for den resterende del udsættes, indtil PZL Hydral har solgt sine datterselskaber og sine aktiver
PZL Hydral would pay off part of its outstanding liabilities in instalments; payment for the remainder would be deferred until PZL Hydral had sold off its subsidiaries and assets,
PLZ Hydral sælger alle sine datterselskaber og sine aktiver og anvender indtægterne herfra til at betale sin gæld
PLZ Hydral would sell all its subsidiaries and assets, and use the proceeds to pay its debt arrears,
PZL Hydrals luftfarts- og forsvarsaktiviteter udskilles i datterselskabet PZL Wrocław, som efterfølgende privatiseres, og de offentlige kreditorer betales med indtægterne herfra.
the aviation and defence business of PZL Hydral would be hived off into the subsidiary PZL Wrocław, which would subsequently be privatised and public creditors would be repaid from the proceeds.
PZL Hydral ville herefter kun være en tom skal, der skulle likvideres.
This would leave PZL Hydral as an empty shell, which would be liquidated.
I overensstemmelse med de skønnede indtægter fra salget i 2007-2010 skulle de opkrævende myndigheder i henhold til planen kunne inddrive 120,8 mio. PLN (jf. betragtning 61).
In accordance with the estimated proceeds from sales in 2007-2010, the Plan provided for the public collecting bodies to recover PLN 120,8 million (see point 61).
Dette har efterfølgende vist sig at være et rigtigt skøn, idet det beløb, man kom frem til i 2010, var på 122,3 mio. PLN (jf. betragtning 133).
Ex post, this turned out to be a good estimate, as the amount established in 2010 is PLN 122,3 million (see point 133).
Kommissionen bemærker, at planen også omfatter to kapitaltilførsler til PZL Hydral, som havde til formål at øge den pengemængde, der var til rådighed til indfrielse af tidligere forpligtelser.
The Commission notes that the Plan also provided for two capital injections to PZL Hydral, which were designed to increase the amount of money available for settling past liabilities.
At disse to kapitaltilførsler skulle være en del af planen afhang af Kommissionens forudgående godkendelse; derfor stod det, på det tidspunkt hvor der var enighed om planen, klart for de offentlige kreditorer, at de ikke kunne betragte inddragelsen af disse supplerende beløb som sikker.
The inclusion of these capital injections in the Plan was to be subject to the Commission's prior authorisation; therefore, it was clear to the public creditors when agreement was reached on the Plan that they could not view the inclusion of these additional amounts in the Plan as acquired and certain.
Kommissionen bemærker også, at planen ikke omfatter en endelig beslutning om, hvordan indtægterne skal fordeles mellem de forskellige offentlige kreditorer.
The Commission also notes that the Plan does not include a final decision on how the proceeds will be divided between the different public creditors.
Denne fordeling skulle finde sted efter salget af datterselskaber og aktiver på basis af indtægterne fra salget under hensyntagen til de offentlige kreditorers sikkerhed i disse aktiver.
This division was to be done after the process of selling the subsidiaries and assets had been carried out on the basis of the actual proceeds of the sale, taking account of the collateral of the different public creditors on these assets.
Med hensyn til vurderingen af offentlige kreditorers adfærd fra 2007 til 2010 finder Kommissionen, at to forskellige beslutninger truffet af de offentlige kreditorer bør vurderes: først of fremmest beslutningen i 2007 om at indvillige i planen og dernæst beslutningen i 2010 om at acceptere den endelige afgørelse, jf. tabel 26 i denne afgørelse.
With regard to the assessment of the conduct of public creditors from 2007 to 2010, the Commission considers that two different decisions on the part of the public creditors need to be assessed: first, the decision in 2007 to agree to the Plan, and second, the decision in 2010 to accept the final settlement as detailed in Table 26 of this Decision.
I henhold til Domstolens praksis skal Kommissionen i sådanne tilfælde anvende princippet vedrørende private kreditorers adfærd; dvs. at den med henblik på at vurdere, om en offentlig kreditors eftergivelse af en del af sine tilgodehavender hos en kriseramt virksomhed udgør statsstøtte, bør sammenligne denne offentlige kreditor med en privat kreditor, der søger at få dækket sine tilgodehavender hos en kriseramt debitor [40].
According to Court case-law, in such situations the Commission must apply the private creditor rule, i.e. in order to determine whether the reduction of some of the debts owed by a firm in difficulty to a public-law body constitutes state aid, it must compare that body to a private creditor seeking to recover amounts owed to it by a debtor in financial difficulty [40].
Når en virksomhed, som står over for en væsentlig forringelse af sin økonomiske situation, foreslår en aftale eller en række aftaler om omstrukturering af sin gæld til sine kreditorer med henblik på at genoprette sin økonomiske situation og undgå konkurs, må hver enkelt kreditor i henhold til Domstolens praksis træffe et valg dels med hensyn til det beløb, der bliver tilbudt ham i den foreslåede aftale, dels med hensyn til det beløb, som han forventer at kunne opnå i forbindelse med virksomhedens eventuelle likvidation.
However, according to case-law, when a company facing a significant deterioration in its financial situation proposes an agreement or series of agreements for debt restructuring to its creditors with a view to remedying the situation and avoiding bankruptcy, each creditor must take its decision in the light of the amount offered to it under the proposed agreement on the one hand, and the amount it expects to be able to recover in the event of the company's liquidation on the other.
Hvis det eksempelvis viser sig, at værdien af virksomhedens realiserede aktiver i forbindelse med likvidation af virksomheden alene dækker de pantesikrede og privilegerede fordringer, vil de simple fordringer ikke have nogen værdi I en sådan situation er det ikke noget reelt offer for en simpel kreditor at give afkald på en væsentlig del af sin fordring [41].
In these circumstances, acceptance by an ordinary creditor of the cancellation of a major part of its claim would not really be a sacrifice [41].
Godkendelsen af planen i 2007
Agreement to the Plan in 2007
Kommissionen bemærker, at vilkårene i det indgåede forlig med de offentlige opkrævende myndigheder er forskellige fra vilkårene i forliget med de to private banker.
The Commission notes that the terms of the settlement with the public collecting bodies are different from the terms of the settlement with the two private banks.
For det første foretrak de private banker omgående udbetaling af deres tilgodehavender, mens de opkrævende myndigheder indvilligede i at afvente resultaterne af salget af PLZ Hydrals aktiver og datterselskaber.
First of all, the private banks opted for an immediate payout, whereas the public collecting authorities agreed to await the results of the sale of PLZ Hydral's assets and subsidiaries.
For det andet var den forventede inddrivelsesrate for de offentlige myndigheders vedkommende langt højere end inddrivelsesraten for de private banker: banken […] fik inddrevet 7 %, og banken […] fik inddrevet 13 %, mens de offentlige opkrævende myndigheder kunne forvente at få inddrevet 38,5 % fra et salg for 122,3 mio. PLN.
Second, the expected recovery rate of the public collecting authorities by far exceeds the recovery rate of the private banks: Bank […] recovered 7 %, Bank […] recovered 13 %, whereas the public collecting authorities could expect to recover 38,5 % on the basis of sale proceedings of PLN 122,3 million.
Kommissionen skal vurdere, om de offentlige kreditorers beslutning om samtykke i 2007-planen, som har en anden karakter end den indfrielse, de private kreditorer opnåede, kunne være taget af en privat kreditor i deres sted ud fra de i betragtning 188 og 189 ovenfor beskrevne principper.
The Commission must assess whether the decision of the public creditors to agree in 2007 to the Plan, which is different in nature to the settlement obtained by the private creditors, would have been taken by a private creditor in their place, applying the principles set out in points 188 and 189 above.
Kommissionen bemærker først og fremmest, at de offentlige kreditorer kun havde begrænset sikkerhed, og at deres sikkerhed var af ringere beskaffenhed end de private bankers (jf. tabel 16-20 ovenfor).
First, the Commission notes that the public creditors had only limited collateral, and that their collateral was of an inferior quality to that of the private banks (see Tables 16 to 20 above).
Deres forhandlingsposition var derfor svagere.
They were therefore in a weaker negotiating position.
Samtidig forbedredes kvaliteten af deres sikkerhed betragteligt efter forliget med de private kreditorer, hvilket gav dem yderligere sikkerhed, som - selv hvis planen ikke virkede som forventet - ville sikre dem en acceptabel inddrivelsesprocent fra aktiverne.
At the same time, following the settlement with the private creditors, the quality of their collateral increased significantly, giving them additional security that, even in the event of the Plan not working out as predicted, they would still obtain an acceptable recovery rate from the assets.
For det andet bemærker Kommissionen, at de offentlige kreditorer på basis af de antagelser, der ligger til grund for planen, kunne forvente en betragteligt højere inddrivelsesrate end de private kreditorer, som havde valgt en hurtig indfrielse af deres krav.
Second, the Commission notes that the public creditors could expect, on the basis of the assumptions underpinning the Plan, a substantially higher recovery rate than the private creditors, which had opted for a quick settlement.
For det tredje bemærker Kommissionen, at de private kreditorer modtog forsikringer fra PZL Hydral og PZL Wrocław om, at de nye udestående ville blive betalt til tiden.
Third, the Commission notes that the private creditors obtained assurances from PZL Hydral and PZL Wrocław that all new liabilities would be paid on time.
For det fjerde bemærker Kommissionen, at PZL Hydral, hvad angår virksomhedens uindfriede forpligtelser, indvilligede i en betalingsplan, ifølge hvilken en del af gælden skulle betales i rater, og resten betales, så snart indtægterne fra salget af aktiver og datterselskaber var bekendt.
Fourth, the Commission observes that as regards outstanding liabilities, PZL Hydral agreed to a payment schedule which provided for part of the debt to be repaid in instalments and for the remainder to be repaid once the proceeds of the sale of assets and subsidiaries were known.
Disse betalinger udgjorde en betydelig forbedring i sammenligning med indfrielsen af forpligtelser i årene, før planen blev vedtaget: i 2008, det første år omfattet af aftalen i planen, betalte PZL Hydral 54,6 mio. PLN mod kun 9,5 mio. PLN i 2007 (jf. tabel 21).
These payments constituted a substantial improvement in comparison with recovery in the years before the Plan was agreed: in 2008, the first year of the Plan, PZL Hydral repaid PLN 54,6 million, against only PLN 9,5 million in 2007 (see Table 21).
Kommissionen konstaterer, at de offentlige myndigheder på grundlag af denne sikkerhed og de garantier, de modtog fra PZL Hydral, havde handlet, som en privat kreditor ville have handlet i en lignende situation.
The Commission concludes that on the basis of these guarantees and the assurances received from PZL Hydral, the public creditors acted as a private creditor placed in a comparable situation would have acted.
Kommissionen bemærker desuden, at den egentlige gennemførelse af planen på grund af sammenbruddet i forhandlingerne med […] og […] (jf. betragtning 94), varede længere end oprindeligt forventet.
The Commission also observes that due to the failure of negotiations with […] and […] (see point 94), the actual realisation of the Plan took longer than initially envisaged.
Kommissionen finder, at denne risiko var uløseligt forbundet med de offentlige myndigheders godkendelse af planen.
The Commission considers that this was a risk inherent to the agreement given to the Plan by the public collecting bodies.
Godkendelsen af den endelige indfrielse i 2010
Agreement to the final settlement in 2010
Den endelige afregning mellem PZL Hydral og virksomhedens kreditorer er beskrevet i tabel 26.
The final settlement between PZL Hydral and its public creditors is described in Table 26.
Da salgsprisen for PZL Wrocław var blevet fastlagt, efter at […] havde afgivet tilbud, indvilligede de offentlige myndigheder i indfrielse af deres krav fra PZL Hydrals aktiver, uden gennemførelse af kapitaltilførsler, i overensstemmelse med princippet om private kreditorers adfærd, ud fra en vurdering af værdien af deres krav og kvaliteten af deres sikkerhed (jf. punkt 96).
Once the sale price for PZL Wrocław had been established following an offer made by […], the public creditors agreed to settlement from the sale of PZL Hydral's assets, without any capital injections, in accordance with the private creditor rule, taking into account the value of their claims and the quality of their collateral (see point 96).
Kommissionen skal derfor fastslå, om hver af de offentligretlige kreditorer i tilfælde af salgsscenariet uden kapitaltilførsler befandt sig i en bedre situation, end tilfældet ville have været i forbindelse med konkursscenariet, og om et salg til […] var det bedste salgsscenario, de offentligretlige kreditorer kunne forvente.
The Commission must therefore determine whether, in the event of a sale without capital injections, each of the public creditors is better off than in the event of bankruptcy, and whether a sale to […] is the best sale scenario the public creditors could expect.
Alle de offentligretlige kreditorer ville kunne inddrive mere end de private kreditorer (jf. punkt 134), undtagen finansministeriet, som ikke havde nogen sikkerhed og derfor ikke kan sammenlignes med private investorer, der er i besiddelse af sikkerhed med første prioritet (jf. punkt 32 og 34).
All the public creditors will recover more than the private creditors (see point 134), except the Ministry of Finance, which, however, did not hold any collateral and thus cannot be compared with private creditors holding first-rank collateral (see points 32 and 34).
Det bør også bemærkes, at Ernst & Young-undersøgelsen, som var bestilt af ARP, sammenlignede de beløb, hver offentligretlig kreditor kunne forvente at modtage i tilfælde af konkurs og i tilfælde af et salg (som fandt sted i 2010) (jf. betragtning 137).
It should also be noted that the Ernst&Young study commissioned by the IDA compared the amounts each public creditor could expect to receive in the event of bankruptcy and in the event of a sale (which took place in 2010) (see point 137).
Det konkluderes i undersøgelsen, at et salg er det bedste scenario for hver af de offentligretlige kreditorer.
The study concludes that each public creditor is better off in the event of a sale.
Kommissionen vurderede Ernst & Young-undersøgelsen kritisk for at fastslå, om dens resultater tåler en kritisk gennemgang, og om de viser, at hver enkelt offentlig kreditor ved at indgå forliget udviste samme adfærd som en privat kreditor i en lignende situation ville have udvist, og inddrog den i betragtning 188 og 189 ovenfor citerede retspraksis.
The Commission has critically assessed the Ernst&Young study in order to determine whether its findings withstand scrutiny and demonstrate that by agreeing to the settlement, each public creditor behaved like a private creditor in a comparable situation, relying on the case-law cited in points 188 and 189 above.
Kommissionen bemærkede først og fremmest, at Ernst & Young-undersøgelsen ved vurderingen af, om princippet vedrørende private investorers adfærd var blevet anvendt, anvendte relevant praksis ved Domstolen og Retten som metode, samtidig med at undersøgelsen tog hensyn til hver enkelt offentlig kreditors situation, sikkerhed, prioritetsorden og det beløb, den ville kunne inddrive i tilfælde af likvidation.
First, the Commission notes that the Ernst&Young study used as methodology the relevant case-law of the European courts to assess the private creditor rule and took into consideration the status of each public creditor, the collateral it held, its ranking and the amount it would recover in the event of liquidation.
Af tabel 26 i denne afgørelse fremgår det, at hver enkelt offentlig kreditor (socialsikringsmyndigheden, skattekontoret i Dolny Śląsk, skattekontoret i Wrocław-Psie Pole, Wrocław by, den statslige fond til rehabilitering af funktionshæmmede, voivodskabet Dolny Śląsk og finansministeriet) ud fra denne vurdering er bedre stillet ved salg af PZL Hydrals aktiver, dvs. at hver enkelt kreditor får inddrevet en større del af sit tilgodehavende, end tilfældet ville have været ved et konkursscenario med efterfølgende likvidation, idet der tages hensyn til de offentlige kreditorers prioritetsorden og respektive sikkerhed (jf. punkt 134).
Table 26 of the present decision shows that on the basis of this assessment, each public creditor (the Social Security Office, the Lower Silesia Region Tax Office, Wrocław Psie Pole Tax Office, Wrocław City Council, the State Fund for the Rehabilitation of the Disabled, the Lower Silesia Regional Office and the Ministry of Finance) is better off in the event of the sale of all PZL Hydral's assets, i.e. each recuperates a higher proportion of its outstanding liabilities, than in a bankruptcy scenario leading to liquidation, taking into consideration the ranking and the respective collateral of the public creditors (see point 134).
Dernæst verificerede Kommissionen sandsynligheden af det konkursscenario, Ernst & Young havde udviklet.
The Commission then verified the plausibility of the bankruptcy scenario developed by Ernst&Young.
Udgangspunktet for vurderingen var, at værdien af PZL Hydral var nul, idet virksomhedens gæld langt oversteg værdien af dens aktiver og datterselskaber.
The starting point of the assessment is that the value of PZL Hydral is nil, as its liabilities by far exceed the value of its assets and subsidiaries.
Derfor ville en kreditor i tilfælde af konkurs kun kunne inddrive den del af sine tilgodehavender, der var sikret ved pant, i det omfang dennes prioritering tillod adgang til likvidationsværdien af de pantsatte aktiver.
Therefore any creditor in a bankruptcy scenario would only be able to recoup the portion of its outstanding liabilities that was secured by collateral, in so far as its rank enabled it to benefit from the liquidation value of the secured assets.
Af tabel 16-20 fremgår det, hvilken sikkerhed hver enkelt offentlig kreditor er i besiddelse af.
Tables 16 to 20 show the collateral for each public creditor.
Det fremgår af betragtning 131, i hvilken udstrækning hver enkelt offentlig kreditor vil kunne få inddrevet sine tilgodehavender under hensyntagen til prioritetsorden i tilfælde af PZL Hydrals konkurs.
The extent to which each public creditor is to be satisfied from its collateral, taking its ranking into account, in the event of PZL Hydral being declared bankrupt is shown in point 131.
Med henblik på at vurdere nødsalgsværdien for ejendommene anvendte Ernst & Young den nuværende »fair value« for aktiver, der er en del af virksomheden, jf. betragtning 30, og »International Accounting Standard 16 on property, plant and equipment« [42].
With a view to estimating the fire sale value of the real estate, Ernst&Young took the current fair value of assets forming part of the company in accordance with point 30 and international accounting standard (IAS) 16 on property, plant and equipment [42].
Kommissionen bemærker, at anvendelsen af denne IAS er obligatorisk i EU og derfor er et passende udgangspunkt for vurderingen af likvidationsværdien.
The Commission notes that the use of this IAS is mandatory in the EU and is therefore an appropriate starting point for assessing the liquidation value.
Kommissionen finder det rimeligt at værdien af disse aktiver ved konkurs ved nødsalg reduceres med 50 %, da disse aktiver sælges separat, idet det ikke er muligt at anvende »going concern«-reglen som følge af faldende efterspørgsel på industrielle aktiver som følge af den økonomiske krise, og da denne værdi ligger over de gennemsnitlige indtægter fra salget af konkursaktiver Polen, som ligger på 26,86 % i forhold til »fair value«.
The Commission regards it as reasonable that the bankruptcy value of these assets is reduced in the fire sale by 50 % due to the fact that these assets will be sold separately, that it will not be possible to apply the ‘going concern’ rule due to decreased demand for industrial assets in the economic crisis and that this value is above the average revenue from the sale of assets in bankruptcy in Poland, which is 26,86 % compared to their fair value.
Kommissionen konstaterer, at scenariet med salg af […] er mere fordelagtigt for hver eneste offentlig kreditor end konkursscenariet.
The Commission concludes that each public creditor is better off under the scenario of a sale to […] than under a bankruptcy scenario.
Det henstår stadig at vurdere, om tilbuddet fra […] er det bedste tilbud, de offentlige kreditorer kunne forvente.
It remains to be determined whether the offer from […] is the best offer the public creditors could expect.
Kommissionen bemærker, at da det i første halvdel af 2009 blev klart, at betingelserne i tilbuddet fra […] ikke var opfyldt, var […] den eneste interesserede køber af PZL Wrocławs aktier.
The Commission notes that when it became clear in the first of half of 2009 that the conditions contained in the offer from […] had not been met, […] was the only buyer interested in purchasing the PZL Wrocław shares.
Til trods for en indkaldelse af tilbud og en aktiv søgning efter mulige investorer fra maj 2008 (jf. betragtning 90 ff.), har ingen investorer vist interesse for købet.
Despite the publication of an invitation to express interest and an active search for possible investors as of May 2008 (see point 90 et seq.), no other investors came forward.
De offentlige kreditorer havde derfor ikke grund til at tro, at der i fremtiden ville dukke en ny investor op med et bedre tilbud.
Therefore the public creditors did not have reasonable grounds to believe that any other investor would offer a better price in the future.
På denne baggrund mener Kommissionen, at de offentlige kreditorer ved i 2010 at indvillige i den i tabel 26 viste struktur for indfrielse udviste en adfærd som en privat kreditor, der søger at få dækket sine tilgodehavender hos en kriseramt debitor.
On this basis, the Commission considers that by agreeing in 2010 to the settlement structure shown in Table 26, the public creditors behaved like a private creditor seeking to recover amounts owed to it by a debtor in financial difficulty.
De offentlige kreditorer gav derfor ikke PZL Hydral en fordel.
Therefore the public creditors did not confer an advantage on PZL Hydral.