ANNOUNCED AS TEMPORARYNo
On 8 October 2009, the German government agreed to support a restructuring plan of Hapag-Lloyd with loan guarantees. According to the agreement, the German shipping company will receive guarantees of 90 percent on new credit facilities worth a total of EUR 1.2 billion.
Under the agreement with the leading shareholders Albert Ballin and TUI AG, the Hamburg-based shipping company must undergo a restructuring plan. This plan includes a total capital injection from Albert Ballin and TUI of EUR923 million. Also, loans and stakes to assets formerly owned by Hapag-Lloyd will be transformed into hybrid capital. Interest payments on loans of the investors to Hapag-Lloyd are suspended for the duration of the public guarantee scheme.
A state measure in the GTA database is assessed solely in terms of the extent to which its implementation affects the extent of discrimination against foreign commercial interests. (The recipient of state aid in this case directly competes with foreign shipping lines.) On this metric, the state aid proposed here is discriminatory.
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