The world's most famous racetrack and home to Germany's F1 circuit (alternating with Hockenheim), the Nürburgring, has fallen into insolvency as the state-owned firm that owns it cannot pay its bills.
The German state of Rhineland-Palatinate, which owns 90 percent of Nürburgring GmbH, said it was forced to file for bankruptcy after the European Commission refused to grant it the right to pump another €13 million (US$16 million) into the project, which would have allowed the circuit to survive six more months.
Read more »
