1999/275/EC: Commission Decision of 25 November 1998 on State aid granted by Germany to Draiswerke GmbH (Text with EEA relevance) (notified under document number C(1998) 3800)

• Articles: 3

Article 1

The State aid which Germany granted to Draiswerke in the form of a DEM 0,8 million (ECU 0,4 million) loan provided by the Mannheim city authorities and the 50 % guarantee provided by LAKRA is compatible with the common market.

Article 2

Germany shall submit detailed annual reports to the Commission in order to demonstrate that the restructuring plan is being implemented properly.

Article 3

This Decision is addressed to the Federal Republic of Germany.

Done at Brussels, 25 November 1998.

For the Commission

Karel VAN MIERT

Member of the Commission

(1) OJ C 207, 3.7.1998, p. 14.

(2) OJ C 368, 23.12.1994, p. 12.

(3) OJ L 107, 30.4.1996, p. 4.

(4) OJ C 68, 6.3.1996, p. 9.

(5) In their letters, Draiswerke's banks gave a favourable opinion on the firm's prospects.

(6) As is explained later, the Commission considers that the restructuring plan is a feasible, coherent and far-reaching plan and that it is designed to restore the firm's long-term viability within a reasonable time scale.

(7) See footnote 2.