Mr Morlock wrote:If it were just a bent valve its repairable and you certainly do not need to spend $5K.
In the case of a bent valve though it's often more than simply replacing the valve that's needed, often bits of the valve break off and rattle around the combustion chamber, the pieces often ruin the cylinder walls, the head, and the piston crown.
An engine rebuild can quite easily reach $5,000 once you cater for replacement parts, and more importantly, machining.
Luckily though, for the OP, there's a pretty low chance of the valve being bent since as said above, the B6 and BP are non interference engines.
Most likely it's just a snapped timing belt, and an engine rebuild won't be necessary.
It should be a matter of simply replacing the belt, and making sure to set the cam timing correctly.