According to a report received from Dunn & Bradstreet, Parkalgar, the founding company of the Algarve International Circuit near Portimão, was officially registered as insolvent earlier this month.
It is not yet known how this effects the recent agreement with some of the race track's major creditors, primarily the consortium made up of Siemens, Ensul Meci and SPIE, but importantly excluding Bernie Ecclestone's GP2 Ltd, which is owed "in excess of €3.2 million."
Parkalgar, 'Parques Tecnologicos e Desportivos S.A.' has struggled with debts and running costs that the company's management has found hard to reduce since the 'Autódromo Internacional do Algarve' opened.
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