Nürburgring Officially Bankrupt Says State Governor

Nürburgring Officially Bankrupt Says State Governor
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Nürburgring GmbH, the company that currently runs the facility, officially declared bankruptcy this morning in a press conference. 

Yesterday, details that the European Commission would not help the ‘ring surfaced, and impending bankruptcy was imminent. And today, German website rhein-zeitung is reporting that Kurt Beck, the state governor, said this morning that the company was going to begin insolvency proceedings, and is indeed bankrupt.

Government liquidators are being appointed to handle the finances, and will start by selling some assets off, to try and net some type of return to the creditors who are owed money. The principal creditor is the state of Rhineland-Palatinate, which is one of the reasons why the Nordschleife will not be closing down.

While the hotel, amusement park and shopping center have been nothing but a burden to the ‘ring, the racetrack remains as strong as ever. The state will likely look to liquidate all of the extra’s, and strictly keep the main money maker, the track.

The regular season of race events is still scheduled for the remainder of 2012, while the 2013 season still remains up in the air.

[Source: rhein-zeitung]