Lifeline for The ‘Ring as State Secures Loan for Operations

[d4rk]

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Under the cloud of troubles and misery shrouding the legendary German track, finally there is a ray of light bringing up hope for the Nurburgring to continue its legacy and provide the best experience for the motoring enthusiasts around the world. As a recap, last month was the toughest for the track operator, Nurburgring GmbH to ever have faced as they were forced into bankruptcy with a $490 million (RM 1.5 bil) debt to a Rhineland-Palatinate bank.

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But the worries can now be lifted off as the ‘Ring have just got a temporary reprieve from the Rhineland-Palatinate state legislature, whereas the budget committee has approved a $312 million (RM 977 mil) loan guarantee to allow the circuit to continue operating and also servicing its existing debt. Even so, this is just a temporary solution for the huge situation that the ‘Ring is in, as the long term problems from what had gotten them into this situation in the first place still could loom in the near future.

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As for the time being, the Nurburgring is pretty much safe. And with interests being poured in by a top gun like the F1 tycoon Bernie Ecclestone, it may only be a matter of time before more investors join in the effort and actually preserve this great and historical circuit for years to come.



Source:

http://www.autoguide.com/auto-news/2012/08/nurburgring-lives-for-now.html

http://www.djaphoto.co.uk/gallery/main.php?g2_itemId=1560

http://www.traveldestinations.co.uk/races/institute-of-advanced-motorists/drivers-experience/39/

http://blogs.automotive.com/aston-martin-v12-zagato-prototype-to-production-decision-in-only-one-week-39741.html/aston-martin-v12-zagato-zag-24-hours-nurburgring-race-front-view/

 

[zuruzuruz]

can somebody tell me, why is The Ring in jeopardy when it is only the operator, Nurburgring GmbH, that has debt problem? Y susah? change operatorlah... n y apply loan summore when u already in the brink of bankruptcy? y not issue shares to public or any corporatization method out there to get cash?