By Jay Sekulow
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A German state is releasing $312 million to guarantee a loan for the financially troubled Nuerburgring circuit.
Germany's Nuerburgring circuit, which has hosted Formula One's German Grand Prix, is to launch insolvency proceedings amid fears it could run out of cash while the European Commission considers planned government aid.
State governor Kurt Beck said the reason was that the European Union's executive commission wasn't expected to approve planned government aid of $16 million by the end of this month.
He said his government decided to pre-empt that by choosing to launch "orderly insolvency proceedings."
