I. introduction
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| 30 “Will Germany Buy Opel Time With Trusteeship,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-625064,00.html. 31 “Opel to Become Battleground in Election Campaign,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,625578,00.html. 32 Id. 33 “What Opel’s Suitors Really Want,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,626662,00.html. 34 Ingrassia, p. 267 35 “Germans Angry with US Role in Opel Negotiations,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,627380,00.html. 36 See the extensive discussion of the bankruptcy asset sale in In re General Motors Corp., 407 B.R. 463 (Bankr. S.D.N.Y. 2009). 37 “Fight Erupts in Berlin Over State Aid for Private Firms,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-628115,00.html. 38 Id. 39 Id. 40 ‘If the Opel Deal Destructs, Merkel Will be Disgraced,” Spiegel Online, http://www.spiegel.de/international/germany/0,1518,druck-644654,00.html. 41 Id. 42 Id. 43 “GM Reconsidering Sale of Opel,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-644808,00.html. 44 Id. 45 “German Angry with U.S. Role in Opel Negotiations,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-627380,00.html. 46 “If Opel Deal Destructs, Merkel Will Be Disgraced,” Spiegel Online, http://www.spiegel.de/international/germany/0,1518,druck-644654,00.html. 47 “How Merkel’s Attempt to Save Opel Went Awry,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-646370,00.html. 48 “End in Sight for Opel Odyssey,” Spiegel Online, http://www.spiegel.de/international/germany/0,1518,druck-648268,00.html. 49 Id. 50 Id. 51 Id. 52 “Why GAZ is Pinning its Hopes on Opel,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-632375,00.html. 53 “International Reactions From Joy to Anger to Legal Threats,” Spiegel Online, http://www.spiegel.de/international/germany/0,1518,druck-648517,00.html. 54 “End in Sight for Opel Odyssey,” Spiegel Online, http://www.spiegel.de/international/germany/0,1518,648268,00.html. 55 “International Reactions From Joy to Anger to Legal Threats,” Spiegel Online, http://www.spiegel.de/international/germany/0,1518,druck-648517,00.html. 56 Id. 57 Id. 58 Id. 59 Id. 60 “Unfair, Uncompetitive and Upsets the Neighbors,” Spiegel Online, http://www.spiegel.de/international/germany/0,1518,druck-648866,00.html. 61 Id. 62 Id. 63 Id. 64 “A Shift in Gear,” FT.com, http://www.ft.com/cms/s/165970be-a487-11de-92d4-00144feabdc0,dwp_uuid=03d100e8-2fff-11. 65 Id. 66 Id. 67 “Germany Retreats to Old Certainties,” Financial Times, September 22, 2009, p. 11, col. 1. 68 “Magna’s European Cuts Face Further Scrutiny,” Financial Times, September 26-27, 2009, p. 9, col. 1; “Threatened Opel Plants Still Shine,” Financial Times, September 26-27, 2009, p. 9, col. 3. 69 Id. 70 Id. 71 Id. 72 “European Commission Sharpens Criticism of Opel Deal,” Spiegel Online, http://www.spiegel.de/international/germany/0,1518,druck-650781,00.html. 73 Id. 74 “GM Close on Deal to Sell Opel,” www.detnews.com, http://detnews.com/article/20091014/AUTO01/910140336/GM-close-on-deal-to-sell-Opel. 75 “Magna Said to be Nearing Agreement to Purchase Opel from GM,” Bloomberg.com, http://www.bloomberg.com/apps/news?pid=20670001&sid=a.8aCaB_lbiY. 76 “Magna, Sperbank Poised to Finalize Opel Deal,” The Deal Pipeline, http://www.thedeal.com/dealscape/2009/10/magna_sperbank_poised_to_final.php. 77 “Agreement on Opel Faces Delay,” FT.com, http://www.ft.com/cms/s/19bbee1a-b9ab-11de-a747-00144feab49a,dwp_uuid=b30de674-2ffb-11. 78 “Opel’s German Aid May Break Rules,” BBC News, http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/8311770.stm. 79 Id., “How the Opel Deal Went Sour,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-660149,00.html. 80 Id. 81 “How the Opel Deal Went Sour,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-660149,00.html. 82 Id. 83 Id. 84 Id. 85 Id. 86 Id. 87 “New Delay Throws Opel Deal Into Doubt,” Deutsche Welle, http://www.dw-world.de/dw/article/0,,4820521,00.html. 88 “EU Lets Germany Off the Hook,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-657036,00.html. 89 Id. 90 “GM Makes Shock Decision to Keep Opel,” Der Spiegel, http://www.spiegel.de/international/germany/0,1518,druck-659241,00.html. 91 Id. 92 Id. 93 Id. 94 Id. 95 Id. See also “GM Management ‘Reminds One of Socialism,’” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-659721,00.html, where Opel board member, Armin Schild, lashed out at GM for its about-face on the Opel sale, charging that Opel’s workers were “being strung along and cheated out of their futures.” 96 “Berlin Divided Over State Aid to Carmaker Opel,” Reuters.com, http://reuters.com/article/GCA-Autos/idUSTRE5AE16x20091115. 97 Id. 98 “German Taxpayers Should Not Bear Opel’s Burden,” Financial Times, November 17, 2009, p. 13, col. 6. 99 Id. 100 Id. 101 Id. 102 “GM Set to Trim Capacity in Europe,” Financial Times, November 18, 2009, p. 15, col. 1. 103 Id. 104 Id. 105 Id. 106 “Europe Moves to Avoid Bidding War Over Opel Jobs,” Deutsche Welle, http://www.dw-world.de/dw/article/0,,4919976,00.html. 107 “GM Boss Quits Following Opel Row,” Deutsche Welle, http://www.dw-world.de/dw/article/0,,4956150,00.html; “The Battle Raging Inside GM,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-664934,00.html; “Why General Motors Ditched Fritz,” Popular Mechanics, http://www.popularmechanics.com/automtive/new_cars/4338691.html?do=print. 108 Id. 109 “Sperbank Demands Compensation from GM Over Failed Opel Deal,” Deutsche Welle, http://www.dw-world.de/popups/popup_printcontent/0,,5058380,00.html. 110 Id. 111 “GM Confirms Belgian Plant Closure,” BBC News, http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/8472115.stm. 112 “Opel Unions Threaten Widespread Strikes,” just-auto.com, http://www.just-auto.com/articleprint.aspx?id=102926. 113 “Opel Slashes Jobs and Demands State Money,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-676860,00.html; “Opel Plans 11Bn Euro Investment,” BBC News, http://news.bbc.co.uk/go/fr/-/2/hi/business/8505729.stm. 114 Id. 115 “Opel Restructuring Plan Offers ‘Far Too Little,’” Spiegel Online, http://www.spiegel.de/international/germany/0,1518,677021,00.html. 116 see https://www.ebundesanzeiger.de/ebanzwww/wexsservlet?session.sessionid=7eb4b32aaeb8b158daf5473a0c3da2a7&page.navid=detailsearchlisttodetailsearchdetail&fts_search_list.selected=acf73e8257cdf8f1&fts_search_list.destHistoryId=1. 117 “Opel droht Abfuhr bei Staatshilfe,” http://www.handelsblatt.com/unternehmen/industrie/autobauer-opel-droht-abfuhr-bei-staatshilfe;2535188. 118 “Opel Restructuring Plan Offers ‘Far Too Little,’” Spiegel Online, http://www.spiegel.de/international/germany/0,1518,677021,00.html. 119 “Opel droht Abfuhr bei Staatshilfe,” http://www.handelsblatt.com/unternehmen/industrie/autobauer-opel-droht-abfuhr-bei-staatshilfe;2535188. 120 “GM pledges more money for Opel restructuring,” http://news.bbc.co.uk/2/hi/business/8544753.stm. 121 “GM – ungewöhnlich spendabel” (GM exceptionally generous), http://www.sueddeutsche.de/wirtschaft/557/504766/text/. 122 Id. 123 Id. 124 Id. 125 “State Aid Action Plan – frequently asked questions,” MEMO/05/195, 07/06/2005 http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/05/195&format=HTML&aged=1&language=DE&guiLanguage=de. 127 See below IV. B. 128 European Commission, State Aid Control, Overview http://ec.europa.eu/competition/state_aid/overview/index_en.html. 129 Heidenhain/Schwede, European State Aid Law, § 14, Para 2. 130 All relevant regulations, communications, notices, frameworks and guidelines are available on the DG Competition web site: http://ec.europa.eu/competition/state_aid/legislation/legislation.html. 131 Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 83, 27.3.1999, p. 1) http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:1999R0659:20070101:EN:PDF 132 Notice from the Commission — Towards an effective implementation of Commission decisions ordering Member States to recover unlawful and incompatible State aid (OJ C 272, 15.11.2007, p. 4), Para 17) http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2007:272:0004:0017:EN:PDF 133 European Commission, State Aid Scoreboard, Report on State aid granted by the EU Member States - Autumn 2009 Update -, page 4, see: http://ec.europa.eu/competition/state_aid/studies_reports/2009_autumn_en.pdf. 134 European Commission, State Aid Scoreboard, Report on State aid granted by the EU Member States, Spring 2009 Update – Special Edition on State Aid Interventions in the Current Financial and Economic Crises, page 6 http://ec.europa.eu/competition/state_aid/studies_reports/archive/scoreboard_arch.html. 135 See Communication from the Commission – The application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis, OJ C 270, 25.10.2008, p. 8 ("the Banking Communication"); Communication from the Commission – The recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition, OJ C 10, 15.01.2009, p. 2 (“the Recapitalisation Communication”); Communication from the Commission on the Treatment of Impaired assets in the Community Banking Sector, OJ 72, 26.03.2009 ("the Impaired Assets Communication"); Commission Communication "The return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules", OJ C 195, 19.8.2009, p. 9. 136 European Commission, Communication “A European Economic Recovery Plan,” COM(2008) 800. 137 European Commission, Temporary framework for State aid measures to support access to finance in the current financial and economic crisis (consolidated version), Official Journal C 83, 7.4.2009, p.1, http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2009:083:0001:0015:EN:PDF. 138 Parliamentary questions, P-5392-2009, 4 December 2009, Answer given by Ms Kroes on behalf of the Commission, http://www.europarl.europa.eu/sides/getAllAnswers.do?reference=P-2009-5392&language=DE. 139 European Commission, Press release “Commission statement on aid for Opel,” Memo/09/411, 23 September 2009, http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/411. 140 European Commission, Press release “Commission adopts temporary framework for Member States to tackle effects of credit squeeze on real economy – frequently asked questions,” Memo/08/795, 17 December 2008, http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/08/795&format=HTML&aged=0&language=EN&guiLanguage=en. 141 European Commission, State aid N 661/2008, KfW-run Special Programme 2009, 30.12.2008, C(2008)9026 endgültig, http://ec.europa.eu/community_law/state_aids/comp-2008/n661-08.pdf; State aid N 38/2009, Federal Framework for low interest loans, 19.2.2009, C(2009) 1217 final, http://ec.europa.eu/community_law/state_aids/comp-2009/n038-09.pdf; State aid N 27/2009, Guarantee scheme under the Temporary Framework (“Befristete Regelungen Bürgschaften”), 27.2.2009, C(2009) 1470 final, http://ec.europa.eu/community_law/state_aids/comp-2009/n027-09.pdf. 142 Press release “German government considers state guarantee for Opel,” http://www.bundeskanzlerin.de/nn_704284/Content/EN/Artikel/2008/11/2008-11-15-merkel-opel__en.html. 143 “Will Germany Buy Opel Time With Trusteeship,” Spiegel Online, http://www.spiegel.de/international/business/0,1518,druck-625064,00.html. 144 State aid N 38/2009, Federal Framework for low interest loans, 19.2.2009, C(2009) 1217 final, http://ec.europa.eu/community_law/state_aids/comp-2009/n038-09.pdf; State aid N 27/2009. 145 Parliamentary questions, 14 December 2009, E-5298/2009, answer given by Ms Kroes on behalf of the Commission, http://www.europarl.europa.eu/sides/getAllAnswers.do?reference=E-2009-5298&language=DE. 146 European Commission, Press release “Vice-President Verheugen and Commissioners Kroes and Špidla call for co-ordinated action and full respect of EU state aid and internal market rules in GM Europe restructuring,” http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/233&format=HTML&aged=0&language=EN&guiLanguage=de. 147 “GM Has Repaid German Loan, Merkel Says”, The Wall Street Journal/Europe http://online.wsj.com/article/SB10001424052748704779704574555261927452996.html 148 European Commission, Press release “Vice-President Verheugen and Commissioners Kroes and Špidla call for co-ordinated action and full respect of EU state aid and internal market rules in GM Europe restructuring,” http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/233&format=HTML&aged=0&language=EN&guiLanguage=de. 149 European Commission, Press release “Commissioner Kroes expresses concerns that New Opel aid is conditional on choice of Magna/Sberbank,” http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/460. 150 European Commission, Press Release “The Commission obtains guarantees from the French government on the absence of protectionist measures in the French plan for aid to the automotive sector,” Memo/09/90, 28 February 2009, http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/90&format=HTML&aged=0&language=EN&guiLanguage=en. 151 Germany ‘irritated’ by EU approach to Opel restructuring plan, EarthTimes, http://www.earthtimes.org/articles/show/310210,germany-irritated-by-eu-approach-to-opel-restructuring-plan.html#ixzz0hcgLvGDf. 152 Commission to remind EU governments of state aid rules over Opel, EarthTimes, http://www.earthtimes.org/articles/show/310588,commission-to-remind-eu-governments-of-state-aid-rules-over-opel.html#ixzz0hchvjnjV. 153 Community guidelines on state aid for rescuing and restructuring firms in difficulty, Official Journal C 244 of 1.10.2004, http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52004XC1001(01):EN:HTML. 154 Id. 155 Community guidelines on state aid for rescuing and restructuring firms in difficulty, Official Journal C 244 of 1.10.2004, points 38 – 42, http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52004XC1001(01):EN:HTML. 156 Cabinet Draft, BT-Drucks. 16/10600, p. 21. 157 Gesetz zur Umsetzung eines Maßnahmenpakets zur Stabilisierung des Finanzmarkts (Finanzmarktstabilisierungsgesetz vom 17.10.2008, FMStG, BGBl. I 2008, 1982). 158 Art. 1 Gesetz zur Erleichterung der Sanierung von Unternehmen vom 24.09.2009, BGBl. I 2009, 3151 (Act on the Facilitation of Reorganizations of Enterprises). 159 This is sometimes regarded as a main disadvantage of German Insolvency Law; cf. Westfal/Janjuah, ZIP 2008, Issue 3 (Supplement), page 13 et seq. 160 e.g. in the insolvencies of “Herlitz,” “Senator Entertainment,” “Ihr Platz,” “Sinn Leffers,” “Babcock Borsig” and “Kirch Media.” 161 Ferndinand Dudenföffer, professor at the University of Duisburg-Essen, predicted that Opel car sales could drop by 30-40% due to insolvency, cf. http://www.sueddeutsche.de/wirtschaft/173/469726/text/print.html. 162 Id. 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