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SBD Global/July 18, 2012/Finance

German State Has To Sell Bankrupt Nurburgring Racetrack After EU Commission Denies Aid

German racetrack Nurburgring "is bankrupt" as the European Union commission will not approve the requested public rescue aid, according to Lindner & Brück of RHEIN ZEITUNG. The EU commission's decision means that the racetrack's owner association "has ultimately collapsed," marking the end of public ownership for the racetrack in Germany's Eifel region. The state government of Rheinland-Pfalz, where the track is located, asked the EU to provide about €13M ($16M) in order to "save it from bankruptcy." In addition interest payments of €330M ($406M), which track owner Nurburgring GmbH owes to the state-owned Investment and Structure Bank, would "have been deferred." The future of the racetrack will lay in the hands of a bankruptcy trustee (RHEIN ZEITUNG, 7/17).
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