natgillin/translations-raw huggingface dataset:
Immediately after the due diligence process began, complainant 3 found out that the transaction structure proposed by the sellers did not accommodate the factual circumstances resulting from the operation of the Nürburgring and could thus not be implemented [120].
Navedena pogodbena kazen je prav tako zavarovana.
Throughout the process, the sellers delayed the finalisation of the asset purchase agreement.
Odbor upnikov se je oprl na oceno stečajnih upraviteljev.
Moreover, Capricorn was allegedly given a preferential treatment since it was allowed to provide its binding financing commitment after 17 February 2014 [121].
Preglednica 10
Material contracts such as the third party operational contracts of NBG were not provided at all or only with substantial delay.
Primerjava ponudb podjetja Capricorn in [drugega ponudnika]
Furthermore, the bidders were allegedly provided with decisive information on the key financial figures of NBG in the data room only in German only one working day before the expiry of the deadline for the submission of the final offer or even on that day.
Ponudba podjetja Capricorn
In particular, material information such as the audited annual accounts of NBG as at 31 December 2012 was allegedly only provided on the evening of the last working day before the date set for the submission of the final offer.
Ponudba [drugega ponudnika]
The sellers discriminated the other bidders by allegedly granting Capricorn preferential access to major third party suppliers.
Zneski v milijonih EUR
In particular, complainant 3 claims that there must have been negotiations between Capricorn, the sellers as well as the brewery Bitburger already weeks before the winning bidder was announced on 11 March 2014 [122].
obrok prodajne cene 31.3.2014
The notarisation of the asset purchase agreement between the sellers and Capricorn must have taken place before 11 March 2014.
[4,6–5,1]
The award of the contract was already communicated to Capricorn before a decision by the committee of creditors was made, and a press release by Capricorn dates from 9 March 2014 and was thus made 2 days before the decision of the committee of creditors on 11 March 2014.
[7,1–7,6]
Without informing the other bidders the sellers deviated from the process letter of 17 October 2013 by waiving the requirement to provide a financing guarantee for the entire purchase price to the sole benefit of Capricorn [123].
obrok prodajne cene 31.7.2014
The sellers violated the conditions of the process letter by not providing individual bidders with an agreed and internally approved mark-up of the asset purchase agreement prior to the submission date of the final offer thus rendering the finalisation of the financing significantly more difficult.
obrok prodajne cene 31.3.2014
Complainant 3 further claims that, subsequently to the above, the financing conditions for the acquisition of the Nürburgring assets were changed to the benefit of Capricorn and in clear deviation from the rules set by the sellers and the process letter given to the bidders, which may constitute further aid to the benefit of Capricorn.
plačilo iz dobička za leto 2015 leta 2016 [133]
Pursuant to the insolvency administrators, complainant 3 had not submitted any binding financing commitment for EUR 30 million neither along with its confirmatory bid of 17 February 2014 (that referred to a binding financing commitment of […] in the amount of EUR 30 million) nor along with the complaint, and the complainant 3's claim that the evidence of financing could be submitted at a later stage was even not demonstrated by non-binding statements of third parties.
obrok kupnine ob sklenitvi
In contrast to the confirmatory offers of Capricorn and [Bidder 2], the confirmatory offer of complainant 3 did not meet the financing requirements set in the process letter of 17 October 2013.
[41–49]
On 11 March 2014, the sellers had therefore no ground to award the contract to complainant 3.
plačilo iz dobička za leto 2016 leta 2017 [133]
For the sellers, the risk that waiting for complainant 3's evidence of financing may lead to the reduction of the bidders to one or zero was not acceptable, since:
Preostali znesek kupnine
[Bidder 2] consortium insisted on the implementation of the transfer of ownership as of 3 April 2014;
[10,5–11,5]
and (b) there was lack of progress in the substantiation of complainant 3's offer, despite the fact that the latter had handed in its expression of interest on 17 May 2013 and its indicative offer already on 30 September 2013, therefore the likelihood of closing the transaction with complainant 3 was reduced.
plačilo iz dobička za leto 2017 leta 2018 [133]
The alleged financing commitment of Jupiter Financial Group dated 26 March 2014 was not submitted to the sellers, while a later non-signed letter of investment bank and advisory firm […], dated 31 March 2014, is conditional on the satisfactory conclusion of the due diligence.
Skupna prodajna cena
The development fund for the municipalities surrounding Nürburgring, in the amount of EUR 200 million, was to no benefit of the sellers.
[47–52]
According to the insolvency administrators, the bidders were informed that the selection of the successful tenderer maybe carried out shortly after the deadline for the submission of offers on 17 February 2014.
Zmanjšanje števila zaposlenih/prestrukturiranje
The information provided by the sellers could not give an expectation that the process would be extended.
Prenehanje pogodb o upravljanju Lindner
The press release quoted by complainant 3 states that the insolvent administrators intend to conclude the contract in the first quarter of 2014.
neg. denarni tok NBG v 1. četrtletju 2014
The insolvency administrator states that it is not true that he had publically stated that it is aimed to take a decision at the end of March, that Capricorn was informed already before the meeting of the creditors' committee about the award of the contract and that a press release was published by Capricorn on 9 March 2014.
Plačila razlike
The insolvency administrators state that the transaction structure (sale of individual assets, asset clusters or all assets, without transfer of shares or liabilities) had not changed during the bidding process.
Gospodarski rezultat
According to the insolvency administrators, if complainant 3 became aware of the activity of NBG indeed only during the due diligence, as alleged, it can be concluded that complainant 3 dealt unsatisfactorily with the extensive information put at the disposal before the submission of indicative offers.
Dobri rezultati članov [drugega ponudnika] in dejstvo, da imajo več izkušenj s transakcijami na področju združitev in prevzemov, ne morejo upravičiti izbire ponudbe z bistveno nižjo prodajno ceno.
At no moment in time, the sellers had required that the buyer takes over the contracts of NBG.
Prodajalci niso oporekali zmožnostim članov [drugega ponudnika], vendar te zmožnosti niso bile merilo za dodelitev.
A take-over of the lease contract between the sellers and NBG by the buyer was not considered by the insolvency administrators, because of the special situation of NBG in view of the transfer of assets sought from the outset.
Znesek naložb v Nürburgring po prodaji prav tako ni bil merilo za dodelitev.
The insolvency administrators claim that complainant 3 had realised very late that in case of a take-over of the assets as of 1 January 2014, it would have a predominantly ‘empty’ Nürburgring, and the new contracts with customers and sponsors would lead to (increased) revenues only in the 2015 season due to the planning time of (racing) events.
Stečajna upravitelja trdita, da nista diskriminirala nobenega ponudnika in da iz pritožbe ni jasno, katero od njunih dejanj naj bi vodilo k domnevi, da je ponudba [drugega ponudnika] nižja od ponudbe podjetja Capricorn.
Moreover, the sellers had repetitively stressed that the bidders could define the subject of the purchase.
Zavračata trditve četrtega pritožnika, da vpletene osebe niso bile na voljo in da je bil postopek prodaje podaljšan, da bi se podjetju Capricorn omogočila oddaja ponudbe.
As regards the claims for damages of third parties, the sellers informed complainant 3 that it would be hardly possible for it to conclude new contracts with the customers of NBG under terms for the customer worse than the running contract, insofar as the issue of a compensation of damages for the non-fulfilment of the contracts with NBG is not clarified.
[Drugi ponudnik] je bil izrecno obveščen, da se bodo pogajanja z drugimi ponudniki nadaljevala do sestanka odbora upnikov 11. marca 2014.
It was necessary to address the risk that the buyer and the contractual partners conclude a new contract that leads to a situation where the contractual partner pays a high consideration, asks for a compensation of the difference with the old amount of consideration and pays in the later years, for which there was no contract with NBG, a substantial lower consideration.
Poleg tega stečajna upravitelja trdita, da njunih ukrepov ali odobritve odbora upnikov ni mogoče pripisati državi in da postopek prodaje ni vključeval prednosti, saj je bil skladen z ravnanjem udeležencev na trgu.
The requirement of the sellers for such exclusion is not unusual for asset deals that lead to business close-down and allows to guarantee the best sale in the interest of the creditors.
V zvezi s trditvijo četrtega pritožnika, da podjetje Capricorn ni imelo dogovora s […] o financiranju ponudbe podjetja, nemški organi navajajo, da je […] zajamčil svoje financiranje po obsežnem pravnem in finančnem skrbnem pregledu ter da ni nikoli preklical svojega jamstva glede financiranja.
Pursuant to the insolvency administrators, the deadline for the submission of the confirmatory offers was extended by letter of 17 December 2013 because also other bidders had not yet submitted a satisfactory offer.
V zvezi s trditvami četrtega pritožnika, da podjetje Capricorn ni plačalo drugega obroka kupnine, nemški organi ponavljajo argumente, navedene v uvodni izjavi 134.
It was repetitively made clear to the bidders that NBG took over the operative business only after the 2012 season, that it had therefore to fulfil largely the contracts of NAG and that a reliable accounting for the operational business did thus not (yet) exist.
OCENA UKREPOV
According to the insolvency administrators, it is up to the potential buyers to take account of the related risks.
Ta sklep uvodoma obravnava vprašanje, ali so bili podjetje NG ter njegovi hčerinski družbi MSR in CMHN podjetja v težavah v smislu Smernic Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [134] (v nadaljnjem besedilu: smernice za reševanje in prestrukturiranje) ob dodelitvi ukrepov 1 do 19.
The insolvency administrators indicate that on 6 March 2014, complainant 3 submitted a mark-up to the asset sale agreement to its confirmatory offer.
Nato bo Komisija presodila, ali obravnavani ukrepi pomenijo državno pomoč upravičencem v smislu člena 107(1) PDEU in, nazadnje, ali bi bila ta pomoč lahko združljiva s PDEU.
The draft asset purchase agreement negotiated on 13 February was from the sellers;
TEŽAVE PODJETIJ NG, MSR IN CMHN
it was therefore clear that the next draft would be produced by complainant 3.
Če ukrepi 1 do 19 pomenijo državno pomoč in če so bila podjetja NG, MSR in CMHN ob dodelitvi pomoči podjetja v težavah, bi bilo treba te ukrepe oceniti glede na njihovo združljivost v skladu s členom 107(3)(c) PDEU ter zlasti v skladu s smernicami za reševanje in prestrukturiranje.
According to the insolvency administrators, all the bidders that qualified to the respective phase of the selection process had the same documents at their disposal in the data room.
Zato je eno od glavnih vprašanj, ali so bila podjetja NG, MSR in CMHN podjetja v težavah.
The documents identified in the complaint were not available to the sellers and particularly to other bidders earlier, all tenderers had the same chance to view the documents in the data room, and other tenderers concluded the due diligence with the same documents.
Komisija ugotavlja, da so bila ob dodelitvi pomoči v gospodarskih težavah, zato ne bi imela dostopa do trga zasebnega kredita.
All the bidders were informed early enough that the accounting of the companies had deficiencies.
Naslednja ocena temelji na točkah 9–11 smernic za reševanje in prestrukturiranje.
Almost all documents of the sellers and NBG were put in German in the data room, and the sellers were not obliged to provide all documents in English.
Komisija opozarja na svoje ugotovitve v uvodnih izjavah 202 do 206 sklepa z dne 21. marca 2012, kjer predhodno ni izključila, da bi se lahko podjetje NG 1. julija 2008 štelo za podjetje v težavah v smislu smernic za reševanje in prestrukturiranje (glej tudi uvodni izjavi 46 in 47 sklepa z dne 7. avgusta 2012).
In addition, the insolvency administrators bring forward that the deadline for the submission of offers and evidence of financing was satisfactory.
Poleg tega je Komisija v uvodnih izjavah 6 do 13 sklepa z dne 7. avgusta 2012 ugotovila, da so podjetja NG, MSR in CMHN podjetja v težavah.
Complainant 3 had 10 months (8 April 2013, as the date of the first contact between [Bidder 3] and the sellers, until 17 February 2014) for the submission of evidence of financing and almost four months (23 October 2013 until 17 February 2014) for the due diligence.
Komisija meni, da mora vsako podjetje proučiti kot celoto in pri tem upoštevati vse dele njegovega poslovanja.
The negotiations for the new contract on the supply of beer and with ‘Rock am Ring’ were not negotiated by Capricorn but by NBG, and the corresponding documents were put in the data room.
Jasno je tudi, da podjetja niso imela dostopa do zunanjega financiranja.
There is no link to Capricorn claimed by complainant 3.
Ključni finančni podatki podjetja NG za obdobje 2001–2011 so prikazani v naslednji preglednici.
The sellers had not introduced any environmental criteria in the tender process for selecting the final offer.
Preglednica 11
The only criteria of the tender process for selecting the final offer were:
Ključni finančni podatki podjetja NG za obdobje 2001–2011 (v milijonih EUR)
the maximisation of the total proceeds for all of the assets;
Promet
and (b) the expected transaction security.
40,1 [136]
At the same time, the sellers carried out discussions with [Bidder 2] and the final stage of the purchase agreement's negotiation with [Bidder 2] and Capricorn, in view of [Bidder 2]'s offer of EUR [32-39] million (see Table 10 below) and the negotiation between Capricorn and […] resulting in the latter bank's financial commitment dated 10 March 2014.
Lastni kapital
Therefore, based on the absence of proof of financing with the confirmatory offer of complainant 3, there was a high risk of non-conclusion of the contract with complainant 3.
Skupni dolg
Furthermore, the insolvency administrators tried to estimate the chances of complainant 3 to secure the financing by assessing further indicators of complainant 3's business model that could speak for the implementation of the transaction.
Razmerje med dolgovi in lastnim kapitalom (%)
The business model of complainant 3 was based on […] and on the.
Razmerje med dolgovi in prometom (%)
[…].
Točka 10(a) smernic za reševanje in prestrukturiranje določa, da je podjetje v težavah, če je družba z omejeno odgovornostjo, „pri kateri je izgubljena več kot polovica njenega osnovnega kapitala […] in je bila v preteklih 12 mesecih izgubljena več kot četrtina tega kapitala“.
As the noise requirements valid for Nürburgring do not allow for […] and a […] does not exist, the implementation of the concept in a short term could not be expected.
S to določbo je izražena predpostavka, da podjetje, ki ima ogromne izgube osnovnega kapitala, ne bo moglo preprečiti izgub, ki bi kratkoročno ali srednjeročno skoraj zagotovo ogrozile obstoj podjetja (kot je določeno v točki 9 smernic za reševanje in prestrukturiranje).
The concept of complainant 3 was therefore evaluated as an indicator for a substantial risk in view of the conclusion of the contract or at least for a substantial time and negotiation requirements.
Glede na računovodske izkaze podjetja NG za obdobje 2001–2011 se osnovni kapital podjetja ni zmanjšal za več kot polovico.
The compliance of the concept with the noise requirements at Nürburgring was not an award criterion.
V primeru podjetja NG Komisija meni, da je dejstvo, da podjetje ni sprejelo ustreznih ukrepov, edini razlog za to, da se osnovni kapital očitno ni zmanjšal za več kot polovico.
With regards to complainant 3's claim that Capricorn's offer was not unconditional, since it was subject to a non-contestable decision by the Commission making clear that there is no extension of the recovery order, the insolvency administrators and Germany argue that complainant 3 had conditions in its mark-up contract with a similar effect.
Cilj takih ustreznih ukrepov bi bil spremeniti lastni kapital podjetja iz negativnega v pozitivnega in ga hkrati povečati na ustrezno raven.
According to the provisions included in the relevant parts of those mark-up contracts, as submitted by the insolvency administrators and Germany, the purchaser and/or the seller had the right to withdraw from the contract if no positive decision of the Commission had been issued by 15 July 2014 (as stipulated in draft contract of 14 January 2014) or 31 December 2014 (as stipulated in draft mark-up contract of 14 February 2014).
Taki ustrezni ukrepi bi lahko bili kapitalizacija izgub ali dokapitalizacija ali oboje.
According to the insolvency administrators, the fact that none of the two bidders that submitted a qualified confirmatory offer met fully the requirement of a secured financing (guarantee regarding the price amount or payment of that amount to an escrow account), and that the sellers had therefore allegedly waived that requirement de facto, without having informed complainant 3, is no proof of an non-transparent process.
V zvezi s tem Komisija meni, da bi kapitalizacija izgub povzročila izgubo celotnega osnovnega kapitala podjetja, saj so bile nakopičene izgube večje od osnovnega kapitala.
Complainant 3 was not affected because it did not submit any confirmatory offer with proof of financing.
Zato Komisija meni, da so v tem primeru merila iz točke 10(a) smernic za reševanje in prestrukturiranje izpolnjena od leta 2006.
Informing all bidders about the alleged waiver would not influence the tender process.
Poleg tega Komisija na podlagi točke 11 smernic za reševanje in prestrukturiranje meni, da je bilo podjetje NG v težavah že od leta 2002, saj:
Moreover, the waiver is not a causal for the non-submission of financing confirmations by complainant 3, and it corresponds to the behaviour of a hypothetical private seller.
se je letni promet podjetja NG v navedenem obdobju zmanjšal za 80 % na skupni znesek 89,4 milijona EUR in da je podjetje ustvarjalo letne izgube v večjem delu istega obdobja;
The insolvency administrators argue that the measures taken by the insolvency administrators or the committee of creditors are not imputable to the State, and that no advantage to Capricorn is evident as the sellers implemented the selection process according to the standard of an operator acting on market conditions.
je imelo podjetje NG v celotnem obdobju prekomerne dolgove, ki so se povečali s 119 % prometa leta 2002 na 4150 % prometa leta 2011;
Finally, as regards the claim that Capricorn did not provide a fully financed offer because it failed to pay the second instalment of the purchase price, and that there may be further aid to Capricorn because, subsequently to the above, the financing conditions for the acquisition of the Nürburgring assets were changed to the benefit of Capricorn, the German authorities argue:
Ključni finančni podatki podjetja MSR za obdobje 2007–2011 so prikazani v naslednji preglednici.
there was no benefit for Capricorn, since the second instalment was rescheduled with interest of 8 % and pledges (see footnote 72);
Preglednica 12
there is no State aid involved in the second payment's rescheduling since the decision for the latter is not imputable to the State, because the second payment's rescheduling was decided solely by the insolvency administrator, without the involvement of the Land;
Ključni finančni podatki podjetja MSR za obdobje 2007–2011 (v milijonih EUR)
and (c) there was no deviation from the rules set by the sellers and the process letter given to the bidders, because in the bidding procedure the sellers made no fixed requirements to the bidders regarding purchase price instalments before closing, therefore also a possible request of a bidder to replace cash collaterals by other valuable collaterals to secure the purchase price would have had no impact on the evaluation of the bids.
Ključni finančni podatki podjetja CMHN za obdobje 2008–2011 so prikazani v naslednji preglednici.
According to the insolvency administrators, the complaint should be refused as unjustified.
Preglednica 13
The unsubstantiated hints of complainant 3 regarding financing are not compatible with the behaviour of a prudent market player or insolvency administrator.
Ključni finančni podatki podjetja CMHN za obdobje 2008–2011 (v milijonih EUR)
COMPLAINT FROM MR MEYRICK COX (COMPLAINANT 4)
Komisija ugotavlja, da ni prejela nobenih dokumentov podjetij MSR in CMHN, ki bi prikazovali možnosti teh podjetij za preživetje.
Complainant 4 claims that Capricorn was awarded the contract not for the most economically advantageous offer, but because it is a German undertaking and the sellers did not want to sell to a private equity led consortium.
Na podlagi točke 11 smernic za reševanje in prestrukturiranje Komisija meni, da sta bili podjetji MSR in CMHN v težavah že od leta 2007 oziroma 2008, saj sta imeli zelo nizke prihodke, znatne letne izgube in naraščajoče dolgove, ki so občutno presegli njun letni promet.
It further alleges that the offer from Capricorn was lower than the offer from [Bidder 2] across multiple criteria.
Komisija se ne strinja s trditvijo Nemčije, da podjetja NG, MSR in CMHN zaradi dejstva, da sta bili izgradnja infrastrukture ter organizacija dirk formule 1 in Superbike opravljeni v imenu javnega sektorja in se ju zato ne sme upoštevati pri analizi finančnega stanja podjetij, niso bila v težavah.
Specifically, complainant 4 claims that:
Komisija najprej ugotavlja, da izgradnja infrastrukture za moto šport, prostočasne dejavnosti, nastanitev in gostinstvo ter organizacija moto športnih dogodkov ne pomenita posebnih učinkov zunaj okvirja rednega poslovanja podjetij NG, MSR in CMHN.
The financing of the offer from Capricorn was less secure than that of [Bidder 2] [128].
Navedeni dejavnosti sta bili osrednji dejavnosti teh podjetij.
[Bidder 2]'s offer foresaw higher up-front payments [129].
Tudi če so delničarji in vodstveni delavci podjetij NG, MSR in CMHN ta podjetja dojemali kot sredstva za zagotovitev, da športna infrastruktura ostane v javni lasti, in za organizacijo nedonosnih športnih dogodkov, ki se ne bi organizirali brez kritja izgub z javnimi sredstvi, ti delničarji in vodstveni delavci brez razumnega in realnega poslovnega načrta ne bi smeli dovoliti takega neučinkovitega razvoja obveznosti v smeri izgub, ki je razviden iz zgoraj navedenih finančnih podatkov teh podjetij.
The execution risk was higher in case of Capricorn than in case [Bidder 2]'s offer would be accepted [130].
Zato se bodo navedene dejavnosti vključile v finančno oceno.
[Bidder 2] has more experience and capability than Capricorn [131].
Poleg tega Komisija meni, da dejstvo, da sta izgradnja infrastrukture za navedeni namen in organizacija moto športnih dogodkov morda prispevali k težavam podjetij NG, MSR in CMHN, samo po sebi ne spodkopava ugotovitve, da je podjetje NG kazalo običajne znake podjetja v težavah že pred začetkom projekta „Nürburgring 2009“.
[Bidder 2] will invest further EUR 25 million in the Nürburgring with a higher probability than Capricorn.
Zdravo podjetje bi moralo svoje stroške prilagoditi takim dejavnostim, da bi preživelo.