The Skip Barker Racing School is reportedly filing for bankruptcy and has somewhere between $10-million to $50-million in outstanding liabilities.
The report comes from The Drive, saying the school filed a petition for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of New York earlier today. A copy was provided to the website, which claims Skip Barber Racing School owes Lime Rock Park of Connecticut $1.225-million for track rental fees. The irony, of course, is that Lime Rock Park is owned by Skip Barber himself, who founded the racing school. Barber, however, has distanced himself from the school since he sold off controlling interest in 1999.
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The documents report Skip Barber Racing School owes money to tracks all across the nation, including $239,617.19 to Road Atlanta, $169,568 to California’s Monterey County, which owns Mazda Raceway Laguna Seca, $112,000 to Mid-Ohio, $105,983 to Palm Beach International Raceway, $56,623.77 to Virginia International Raceway and $29,600 to Willow Springs. There are also unsecured claims to creditors.
The filing shows the school has assets valued at about $5.3-million, which includes nearly $1.5 million worth of vehicles and $1.6-million in auto parts. It is also placing a $2-million value on the Skip Barber Racing School name and training techniques.
[Source: The Drive]