December 18, 2014
Weil's restructuring team in Germany successfully advised in the restructuring of Germany’s fabled Formula One Nürburgring racetrack by way of a sale to Russian entrepreneur Viktor Kharitonin. Weil's outstanding contribution to finding a stable and long-term solution for the bankrupt racetrack has now been recognized by the leading German legal publication JUVE, which in its most recent edition broadly featured the transaction as its “Deal of the Month.”
Capricorn Nürburgring Besitzgesellschaft mbH, a company owned in its majority by Düsseldorf automotive supplier Robertino Wild, originally bought the bankrupt Nürburgring property in March 2014. After it became apparent that Capricorn would not be able to meet its payment obligations, the Weil restructuring team became instrumental in bringing Viktor Kharitonin, a well-known and financially strong Russian investor, on board, thereby realizing a solution that took into account the interests of all parties and met the mandatory requirements under E.U. law.