| Steve_PPP |
17-07-2012 12:57 PM |
Nurburgring goes bust?
Found this posted up on Save The Ring's facebook page:
http://www.rhein-zeitung.de/regional...id,453923.html
Apparently the general message is the Nurburgring GMBH are going to be bankrupted? Google translate provides the following, although Kerstin would probably do a better job than Google!
Quote:
EU rejects help: Nürburgring goes bust
Nürburgring / Mainz - The European Commission of the nation's nearly Nürburgring GmbH will not allow rescue aid. Thus, the bankruptcy of the holding company in the Eifel region is inevitable. The Rhein-Zeitung reported, citing well-informed circles.
The world-famous Nurburgring must therefore be sold in part or in full in the sequel.
The country had asked Brussels, its highly indebted to and support of the bankrupt company threatened with around 13 million €. In addition, should the Nürburgring, which is part of the entire ring, the interest payments on the 330-million loan from the state-owned investment bank and structure (ISB) was deferred.
But this bailout plan refuses to EU competition authority in Brussels the agreement. This is the state government no longer master of the procedure. About the future of the Nürburgring will determine a receiver.
According to the Rhein-Zeitung, the EU classifies the requested relief be strapped national company again as illegal state aid. Brussels is currently suspected that unauthorized aid flowed in the total amount of 524 million € in racing and leisure complex are. The result of this test is still pending.
At the Nürburgring the current season is expected to continue as planned. As it goes after that is, must be in the hands of the liquidator, which satisfy the creditors. Principal creditor is the land.
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I guess they're being strangled by the payments on the loans they secured to built the NuroZone - loans which were based on massively inflated visitor projections, which just haven't happened.
Good in the long term??? Write off a load of debt and let someone new come in and run it properly? |
