The decision comes after a €13 million (roughly $16 million) emergency rescue package from the European Commission in Brussels, Belgium, failed to come through. The Commission has not yet made an official announcement about the package but several sources claim that it has simply stopped dealing with the matter.
Unrelated to the bankruptcy procedure, the company is under fire from the European Commission because a multi-million euro loan that it recently received to make improvements to the track and its adjacent shopping center are believed to be in violation of several free trade laws.
Nürburgring GmbH has announced that the 2012 season will "probably" go on as planned. However, whether or not the track will continue to hold races in 2013 will be decided by the court-appointed bankruptcy administrators.
Apart from endurance races of all kinds, the track also hosts a big annual rock festival called Rock am Ring.
