Nurburgring in administration
The company that manages Germany’s troubled Nurburgring circuit has petitioned to enter administration at a court in the town of Bad Neuenahr-Ahrweiler, an official source told AFP yesterday.
The Interior Minister of the state of Rhineland-Palatinate, which is the majority shareholder in the company that manages the iconic circuit, said that Nurburgring Automotive made the move on Friday.
A spokesman for the Interior Minister added that administrators will be appointed by the court tomorrow.
Nurburgring Automotive are €13 million in debt and had been counting on financial aid from the EU after extensive renovation work. However, no decision on a bail-out would be made until at least July 30.