natgillin/translations-raw huggingface dataset:
The business concept of the sellers will not be taken over by the acquirer.
Hotell- och restaurangverksamheten drevs av Lindner Hotels AG på grundval av ett avtal med NAG.
The two existing race tracks (Grand-Prix track, Northern track) shall be used […] in the future, allowing […].
Uppförandet av hotell- och restaurangverksamheten genomfördes av Weber.
To this end, Capricorn intends to construct additional facilities and to equip the […].
Den 23 november 2010 inleddes Webers avveckling.
Part of facilities build under Part II of the Nürburgring 2009 project will be turned down (e.g. […]).
CST:s verksamhetssyfte var att driva ett kontantlöst betalningssystem med vilket kunderna vid besöket betalade alla attraktioner från komplexet Nürburgring med ett kort (ringocard).
The ring card as payment system will be dropped.
Den 19 december 2012 inledde NG som ensam ägare avvecklingen av bolaget.
In the ring boulevard, the […].
Tillgångarna överläts till NG.
Furthermore, according to the plans of the acquirer, Nürburgring will be transformed from a touristic attraction to a technology cluster and industry pool.
Enligt de uppgifter som Tyskland har lämnat avregistrerades företaget från handelsregistret den 22 maj 2014.
[…] should become one of the core activities at the race tracks.
Mediinvests verksamhetssyfte är att förmedla ingåendet av avtal för fastigheter och byggnader, projektutveckling samt uppförande av fastigheter, semesteranläggningar och resorter.
Through […] should be established.
Herr Kai Richter är ensam ägare till Mediinvest.
[…] should be […] at Nürburgring.
Den 18 juni 2013 bytte Mediinvest namn till Return Projektmanagement GmbH.
Moreover, the operation of some of the assets has been structurally deficit making and it could therefore require further restructuring and optimisation.
MAN:s verksamhetssyfte var att främja den tyska motorsporten genom att driva en träningsanläggning.
The afore-mentioned elements demonstrate that the economic logic of the Capricorn's offer does not consist in a continuation of an economic activity of the Nürburgring group, but in an integration of certain assets and a part of the workforce of the Nürburgring group in a group which pursuits its own economic logic.
NG var ensam ägare.
Thus, the Commission concludes that the economic logic of the operation is to allow the new owner to use the assets of NG, MSR and CMHN under different conditions and not to continue the strategy of these companies.
TTI:s verksamhetssyfte var att främja, lansera, uppföra och driva center för körsäkerhet.
Conclusion on the economic continuity of NG, MSR and CMHN through the sale of assets
NG ägde 26 % av företaget, medan återstående 74 % ägdes av Brands Hatch Leisure Group Limited, Fawkham Longfield, Kent/Förenade kungariket (26 %), Test & Training Gesellschaft mbH, Teesdorf/Österrike (26 %) och Tilke GmbH, Aachen (22 %).
The assets have been sold at their market price, as established through an open, transparent, non-discriminatory and non-conditional tender process, to the bidder submitting the highest bid including its guaranteed financing.
Företaget avvecklades.
Germany has informed the Commission that the buyer has not an economic or corporate link to NG, MSR or CMHN.
Den 4 december 2007 avregistrerades företaget från handelsregistret.
The decision on the sale was taken prior to any potential negative Commission decision regarding the formal investigation procedure.
BWN:s verksamhetssyfte var handel med nya och begagnade motorcyklar samt främjande av motorcykelturism i Eifel.
the beneficiaries irreversibly exit the market and will not have any activity or receive any stream of money.
En utförlig beskrivning av delområdena I och II i Nürburgring-projektet återfinns i avsnitt 2.2 i beslutet av den 21 mars 2012.
They will be liquidated as soon as their claims and obligations are settled and the necessary formalities are performed (see recital 55).
Kapitalreserven utgörs av inbetalningar från delägare i det egna kapitalet som inte utgör tecknat kapital.
Also, the Commission notes that other bidders who reached the final stage of the tender procedure or close to it had similar conditions in their offers [179].
Begreppet anges i balansräkningen ofta som en del av det egna kapitalet i ett aktiebolag.
On the basis of the above, the Commission concludes that there is no purpose or risk of circumvention of recovery and that the construction in question merely exists with the purpose of an orderly liquidation of the business.
Syftet med kapitalreserven är att beakta den del av det egna kapitalet som vid en ökning av kapitalet överstiger aktiernas nominella värde (stamaktier).
Complaints from complainant 1 and 2
De utgivna och inbetalade stamaktierna plus kapitalreserven utgör tillsammans det totala belopp som investerarna har betalat för aktierna vid utgivningen.
Based on the information provided by the insolvency administrators and complainants 1 to 4, the Commission does not consider the claims raised by complainant 1 and complainant 2 to be justified.
Inbetalning av 2179000 euro i kapitalreserven genom ett avstående från ränta som förföll 1999 för ett lån som delstaten övertagit från Förbundsrepubliken Tyskland år 1981 (gammalt statligt lån).
The Nürburgring assets were split in eleven individual assets.
Inbetalning av 22839241 euro i kapitalreserven genom ett avstående från fordringar för ett lån som delstaten övertagit från Förbundsrepubliken Tyskland år 1981 (gammalt statligt lån).
Based on the evidence submitted by the insolvency administrators and complainants 1 to 4, the Commission has found that in an open, transparent and non-discriminatory selection process, the bidders could make offers for one, more or all assets.
Beloppet 4887000 euro utgörs av ett bidrag från delstaten genom ett avstående från fordringar för ett lån som delstaten övertagit från Förbundsrepubliken Tyskland år 1981 (gammalt statligt lån) på 4398300 euro och ett bidrag från distriktet Ahrweiler genom kapitaltillskott på 488700 euro.
Even the fact that all of the assets were eventually awarded to Capricorn as the buyer submitting the highest bid including its secure financing, this does not as such demonstrate economic continuity (see also Section 6.2.7 above).
Sedan 2002 har lånen till EWN på 722264,49 euro betalats tillbaka.
The Commission also assumes that the underlying aim of complainants 1 and 2 was to avoid a transfer of the racetrack to a private investor.
Sedan 2002 har lånen till FSZ betalats tillbaka förutom ett belopp på […] euro som har kompenserats genom en ersättning på […] euro i samband med att NG uteslöts från Fahrsicherheitszentrum am Nürburgring Verwaltungs GmbH och upphörandet av NG:s delägande i FSZ.
The bidders that tendered only for individual asset clusters such as complainant 2 were not notified of the extension of the deadline for the submission of binding offers until 17 February 2014, because their indicative bids did not qualify to the second stage of the selection process in view of their low price offers;
MAN betalade tillbaka hela lånet den 28 november 2005.
however, the Commission does not consider this to be a breach of the principle of transparency, since such bidders had been informed that they could increase their indicative offer any time before the award of the contract, and if they went for such a price increase, it can be presumed that the insolvency administrators would notify them of the extension of the deadline concerned in compliance with the principle of equal treatment.
Camp4Fun betalade tillbaka hela lånet den 18 december 2003.
The Commission finds it reasonable and efficient that only the bidders that made a sufficiently high price bid were allowed access to the detailed information about the assets (on the basis of which among others the need for future investment could be assessed by the bidders).
Beträffande problemen med förvaltningen och finansieringen av likviditetspoolen, se årsrapporten från delstaten Rheinland-Pfalz revisionsrätt 2011, del II, s. 7–15, tillgänglig under http://www.rechnungshof-rlp.de/Jahresberichte/.
In view of the information given to them in the various stages, the Commission also considers that the bidders were provided with information sufficient for making their offers.
Lånen ur likviditetspoolen har återbetalats i sin helhet (se tabell 6).
On top of this, complainants 1 and 2 have identified no concrete piece of information that would hinder them from bidding.
En ränta på sammanlagt 5059174,46 euro har betalats.
As regards the long-term contractual relationships allegedly implied in the tender documentation, the Commission notes that in the present case of an asset deal, the employment and lease contracts are transferred only in the cases foreseen by law, that the contracts for the organisation of events can in principle be maintained only if both contractual parties agree so, and that the latter contracts do not necessarily have a major economic significance for the asset deal.
Räntorna omräknades varje dag (aktuell räntesats/360).
As regards the question whether new aid was granted by the operation of NBG, the Commission notes that NBG was established by the insolvency administrators on a temporary basis, until the end of 2014, as a vehicle for the operation of the assets only during the insolvency and the tender process.
Lånet hade betalats tillbaka i sin helhet den 22 januari 2009, jämte ränta på 48500 euro.
Running the operational business through a temporary subsidiary of an insolvent company during the insolvency proceedings is allowed by national law and cannot be forbidden to insolvency administrators.
Tyskland uppgav emellertid att lånet från Geisler & Trimmel betalades tillbaka till NG och inte från MSR till PNG och från PNG till NG.
In the present case, the insolvency administrators also justified the economic rationale of the existence of NBG for NG, MSR and CMHN, since, according to them, the creation of NBG increased the value of the assets of NG, MSR and CMHN, thus increasing the liquidation subject-matter.
1450000 euro jämte 26830,88 euro i ränta.
However, the Commission notes the circumstances of NBG's establishment, i.e. that NBG is a subsidiary of the aid beneficiaries NG, MSR and CMHN, is their economic successor since it has received their full assets and liabilities, it has received those assets and liabilities without consideration and outside the scope of any tender or valuation report, employs the exact same personnel as they did and carries on their own business.
Den 25 maj 2008 beviljade Bank für Tirol und Vorarlberg AG ett lån till CMHN på […] euro.
On this basis, the Commission concludes that there is economic continuity between NBG and the beneficiaries NG, MSR and CMHN, therefore any incompatible State aid in favour of NG, MSR and CMHN is to be recovered also from NBG.
Den 18 januari 2010 beviljade Kreissparkasse Ahrweiler ett lån till MSR på […] euro.
The Commission considers that also the contract between NBG and the trade union ver.di was concluded in order to enable the operational business of NBG until the sale of assets, and not to maintain the economic continuity of the Nürburgring after that sale.
I enlighet med det kredituppdrag som delstaten hade gett genomförde ISB inte någon sedvanlig kreditprövning.
The employment contracts are transferred from NBG to Capricorn by force of German labour law, and not due to the contract with the trade union.
Vad gäller del 2 utnyttjade NG inte 4735000 miljoner euro av det tecknade lånet på 118325800 euro, vilket innebar att delstaten betalade ut 113590800 euro till NG.
For the lack of economic continuity between the sellers and Capricorn, the Commission considers only relevant that Capricorn itself has the full discretion to decide which of the employment contracts of NBG it will not take over, and that Capricorn plans not to take over around 20 % of these employment contracts.
I samband med detta betalade NG en ersättning på 141835,54 euro till ISB.
The Commission therefore rejects the complaints from complainants 1 and 2 as unjustified because the assets in question have been sold to the bidder who submitted the highest bid including a proof of its financing, following an open transparent, non-discriminatory and unconditional tender process.
Avseende den genomsnittliga EONIA-räntan den 28 juli 2010 se www.global-rates.com/interest-rates/eonia/2010.aspx
Complaint from complainant 3
När det aktuella arrendeavtalet undertecknades var Nürburgring GmbH ensam ägare till Nürburgring Adventure GmbH.
The Commission notes that the indicative and the final offers from complainant 3 were not supported by evidence of its financing;
Den 25 oktober 2010 fusionerade Nürburgring Adventure GmbH med NG.
this was communicated by the sellers to complainant 3 by letters dated 17 October 2013, 11, 17 and 18 December 2013 and by e-mails dated 18 February 2014 and 9 April 2014.
Med en ensidig möjlighet för NAG att förlänga arrendeavtalet två gånger med fem år.
Indeed, until the award of the sales contract by the committee of creditors on 11 March 2014, and even after that date, complainant 3 did not provide evidence for the financing of its offer, which could justify that the sellers do not award the contract to either of both bids for which there was evidence of their financing, but that they wait for the submission of evidence for the offer from complainant 3.
När arrendeavtalet undertecknades den 25 mars 2010 hette NAG fortfarande GrundKapital Management GmbH.
In particular:
I arrendeavtalet föreskrevs följande:
in its e-mail of 21 February 2014, complainant 3 stated its confidence to have all binding financial commitments within the next two to five weeks;
en minimihyra och b) en hyra som var kopplad till arrendatorns resultat före ränta, skatt, avskrivningar och amorteringar (EBITDA):
in its letter dated 11 March 2014, complainant 3 indicated that it would be able to submit all binding financial commitments until 31 March 2014;
från den 1 maj 2010 till och med den 30 april 2011 90 % av arrendatorns EBITDA, från den 1 maj 2011 till och med den 30 april 2012 90 % av arrendatorns EBITDA, dock minst 5 miljoner euro, från den 1 maj 2012 till och med den 30 april 2013, såvida bristfälligt utförda arbeten åtgärdats till och med den 30 april 2012, 85 % av arrendatorns EBITDA, dock minst 11,5 miljoner euro, i annat fall 90 % av arrendatorns EBITDA, dock minst 10 miljoner euro, och från den 1 maj 2013 årligen 85 % av arrendatorns EBITDA, dock minst 15 miljoner euro.
and (c) in a non-signed letter dated 31 March 2014 by the investment bank and advisory firm […], submitted by complainant 3 to KPMG on 2 April 2014, it is stated that one prospective investor will provide financing of EUR […] million to complainant 3 for the purchase of the Nürburgring assets;
En kritisk betraktelse av hyrans omfattning återfinns i årsrapporten från delstaten Rheinland-Pfalz revisionsrätt 2012, s. 98–102, tillgänglig under http://www.rechnungshof-rlp.de/Jahresberichte/
however that alleged financing was subject to completion of satisfactory due diligence by all parties and execution and delivery of definitive documentation, and did not name the prospective buyer in question.
Hyra på […] euro jämte […] euro på grundval av förlikningsavtalet.
On the basis of the above, the Commission notes that, even after the award of the Nürburgring assets to Capricorn, complainant 3 did not provide the sellers with a first-hand commitment by a specific financial partner for the financing of the purchase of the Nürburgring assets.
Lånen i form av de passiva innehaven betalades tillbaka i sin helhet till RIM den 30 juli 2010.
Instead, complainant 3 only provided the sellers with:
Enligt uppgifter från delstatens revisionsrätt uppgår Mediinvests räntefördel genom de höjda räntesatserna sammanlagt till […] euro (sakkunnigutlåtande från delstaten Rheinland-Pfalz revisionsrätt av den 15 juni 2010, del II, s.
a final offer which made reference to a commitment for EUR 30 million but did not contain the proof of that commitment e.g. in the form of a binding financing commitment letter by the particular financial partner, and did not include details on the specific timing envisaged by complainant 3 for obtaining the outstanding financing commitments and for finalising the offer with regards to its commercial terms;
20).
a non-signed letter, referring to financing by an unnamed investor, still conditional on the satisfactory conclusion of the due diligence execution and the delivery of definitive documentation (letter of […] dated 31 March 2014).
Garantin på upp till 50 miljoner euro av den 28 augusti 2008 utökades den 17 december 2008 till 80 miljoner euro och därefter den 26 maj 2009 till 140 miljoner euro.
The Commission also notes that there is no demonstration that the alleged financing commitment of Jupiter Financial Group dated 26 March 2014 was ever submitted to the sellers.
Det angivna syftet med lånen av den 28 december 2010 och den 26 april 2011 var – såsom framgår av Ernst & Youngs rapport av den 9 september 2010 – att utjämna det negativa kassaflödet från planeringen på medellång sikt för perioden 2010–2030.
The Commission further notes that the sellers did not extend the deadline for the submission of a proof of the financing of the complainant 3's bid, because there was a high chance that [Bidder 2] would withdraw its bid in case of such extension.
NG äger således för närvarande 93,3 % och RIM 6,7 % av andelarna i MSR.
For example, with an e-mail of 13 January 2014, sent by the representative of [Bidder 2] to KPMG, [Bidder 2] declared that all requirements for the sale to be concluded should be fulfilled before 3 April 2014, otherwise [Bidder 2] would withdraw from the tender.
Säljarna har inte befriats från ansvar och varken NG eller RIM har övertagit några finansiella skyldigheter.
In addition, it was considered by the sellers that the value of the assets could drop later in time also in view of a decreasing buyer's influence on the business in the upcoming 2014 season and of the necessity to start the booking of contracts for 2015.
En kritisk betraktelse av ersättningens omfattning återfinns i årsrapporten från delstaten Rheinland-Pfalz revisionsrätt 2012, s. 103–107, tillgänglig under www.rechnungshof-rlp.de/Jahresberichte
The Commission points out that complainant 3 was not hindered to submit the proof of the financing of his confirmatory bid in the final stage in the process, as long as no definite asset purchase agreement had been signed.
Den avtalade kompensation som NAG erhöll innehöll ett schablonbelopp på […] euro för de sålda biljetterna, […] % av intäkterna från försäljningen av de biljetter som såldes efter de första […] biljetterna, samt intäkterna från […] sålda biljetter år 2011 och från […] sålda biljetter under efterföljande år.
In view of the above, the Commission considers the behaviour of the sellers as corresponding to the behaviour of a market economy vendor.
För genomförandet av formel 1-tävlingar år 2011 uppgick minimibeloppet i princip till […] euro.
The evaluation of the bid of complainant 3 is therefore market-conform.
NG stod i sin helhet för de avgifter som skulle betalas till organisatörerna och förarna i formel 1-tävlingarna samt för tjänster för underhåll av sträckan för licenstilldelning på högsta nivån från Féderation Internationale de l'Automobile (nedan kallad FIA) och detta omfattades inte av NAG:s åtaganden.
At the same time, the Commission notes that 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) and a confirmed negotiation between Capricorn and […] resulting in the latter bank's financial commitment dated 10 March 2014.
Skrivelse av den 19 juli 2013, ”Project RING – information and procedures for the submission of an indicative offer”, s.
Regarding the evaluation of the offer of Capricorn, the Commission notes that Capricorn submitted a commitment by its financial partner, […], for a loan in the amount of EUR [41-49] million.
3, avsnittet ”Indicative Offer”.
This commitment, dated 10 March 2014, was submitted to the sellers on 11 March 2014, i.e. on the date scheduled for the meeting of the Creditors' Committee, in which the latter intended to decide on the award of the Nürburgring assets.
Skrivelse av den 12 september 2013, ”Project RING – Project RING – Extension of the timeline for the submission of indicative offers”, s. 1, avsnittet ”Extension of the Deadline for the Indicative Offers”.
The commitment offered by Capricorn was higher than the one of [Bidder 2], since the latter amounted to EUR [32-39] million.
Skrivelse av den 17 december 2013, ”Project RING – Extension of the timeline for the submission of final offers”, s. 1, avsnittet ”Extension of the timeline for the final offers”.
The Commission also notes that Capricorn's total offer was equal to EUR 77 million, therefore higher than the one of [Bidder 2] which equalled to EUR [47-52] million.
Avsnitt ”Försäljning av tillgångarna vid Nürburgring” i uppmaningen att inkomma med en intresseanmälan.
EUR [30-33] million of [Bidder 2]'s total offer was foreseen to be paid in 2014, however with EUR [22-27] million foreseen to remain in a blocked account until March 2015 and the rest EUR [16,5-18] million foreseen to be paid in 2016, 2017 and 2018.
Skrivelse av den 19 juli 2013, ”Project RING – information and procedures for the submission of an indicative offer”, s.
Furthermore, as regards the condition in the sales contract between the sellers and Capricorn which foresees that the sale of the Nürburgring assets is final only upon the existence of a non-challengeable Commission decision declaring that the aid would not be recovered from the buyer of the assets, the Commission notes that, according to the provisions included in the relevant parts of complainant 3's 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).
1, avsnittet ”Indicative Offer”.
It is also noted that there was no time limit as to exercising such withdrawal right.
Urvalskriterierna anges på sidan 4 i skrivelsen av den 19 juli 2013, ”Project RING – information and procedures for the submission of an indicative offer”, och på sidan 6 i skrivelsen av den 17 oktober 2013, ”Project RING – procedures for the submission of a final offer”.
As regards further allegations made by complainant 3, the Commission notes the following:
Nio anbud avsåg samtliga användningsenheter, tre anbud avsåg tävlingsbanan och elva anbud avsåg andra användningsenheter eller enskilda tillgångar.
The Commission does not consider that complainant 3 was required to assume the existing contracts or obligations of NBG (with the exception of contracts that transfer automatically by operation of law, such as certain employment or rental contracts).
Det totala anbudet med det högsta priset värderades med 100 %.
This fact was indicated clearly to complainant 3 by the sellers in KPMG's letter dated 11 December 2013.
Sammanlagt lämnades sex indikativa totala anbud som bjöd mer än 25 % av det bästa anbudet.
The Commission also considers that to the extent complainant 3 would like to assume these contracts was in its own discretion and would be subject to its business and usage concept of the Nürburgring.
De totala anbud som inte uppnådde 25 % av det bästa anbudet beaktades inte vidare på grund av prisets storlek.
Moreover, the Commission has not found evidence that there had been an alteration in the transaction concept during the tender process, or that except for complainant 3 another bidder has complained about an alleged change of the transaction structure.
Detsamma gällde för anbuden på tävlingsbanan som tillsammans med de enskilda anbuden på övriga tillgångar sammantaget inte uppnådde 25 % av det bästa anbudet.