22. 6. 91 Official Journal of the European Communities No L 158/71 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 12 December 1990 concerning two aid projects of the German Government in favour of a shipyard in financial difficulties C 54/89 (ex NN 27/89, N 140/89) {Only the German text is authentic) (91/306/EEC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular the first subpara- graph of Article 93 (2) thereof, Having given the parties concerned notice to submit their comments in accordance with that provision, Having regard to Council Directive 87/167/EEC of 26 January 1987 on aid to shipbuilding (%), Whereas : Pursuant to- Article 4 (7) of Directive 87/167/EEC, the Commission approved by letter of 9 March 1988 a devel- opment aid project by the German Government for Senegal. The aid project concerned the granting of a loan with soft conditions (15 year 100 % loan, one year grace period and 3,375 % interest per year) for the purchase of a special-purpose ferry with a contract value of DM 23 million to be built by Schiffswerft Germersheim. According to the German Government’s notification of the aid the credit conditions represent a grant equivalent () OJ No L 69, 12. 3. 1987, p. 5. under OECD (Organization for Economic Cooperation and Development) terms of 33,4 %. Pursuant to Article 10 (2) of Directive 87/167/EEC the German Government by verbal note of 20 March 1989 notified the Commission of an aid project by the Federal Minister of Finance at the request of the Land Rheinland- Pfalz for the Schiffswerft Germersheim. This aid project of 7 December 1988 concerned a 90 % guarantee on a loan of DM 1,8 million to keep the company in opera- tion. This loan eventually appeared to be connected with the completion of the construction of a gravel silo vessel for inland waters. Pursuant to the same Article of Directive 87/167/EEC the German Government by verbal note of 9 May 1989 noti- fied the Commission of an aid project by the Land Rheinland-Pfalz for the Schiffswerft Germersheim GmbH im Konkurs. This aid project of spring 1989 concerned a 95 % guarantee on a loan of DM 20,7 million for the in-between financing of the construction of the Senegal contract, made necessary by the financial difficulties which the yard in the meantime had met. As it appeared that the Schiffswerft Germersheim was in a state of bankruptcy the Commission asked the German Government to confirm this legal situation and to specify details concerning the bankruptcy, the future prospects of the Germersheimer Werft and a breakdown of the yard’s turnover figures for 1988 and 1989 to enable the Commission to calculate an aid equivalent.