- Associated Press - Wednesday, August 1, 2012

BERLIN (AP) - A German state is releasing $312 million to guarantee a loan for the financially troubled Nuerburgring circuit.

The budget committee in Rhineland-Palatinate’s state legislature approved the move Wednesday so the Nuerburgring can service a $406 million loan and stay afloat.

The circuit, which has hosted Formula One’s German Grand Prix every other year, launched insolvency proceedings last week.

The Nuerburgring’s troubles and the local government’s increasing financial involvement have become a political headache for state governor Kurt Beck, who backed efforts to build the circuit into a major tourist attraction.

Beck had repeatedly assured voters they wouldn’t be financially liable for the redevelopment of the circuit.

Beck, of Germany’s main opposition Social Democrats, on Wednesday rejected calls for his resignation.

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