Will Lotus F1 survive?
Discussion
I notice Lotus F1 Team Ltd were in the High Court on Monday again with a Winding Up Petition issued against them.
A quick company check shows that as of today they have 19 court judgments against them totaling £401,394.
And the financial figures say:
Turnover £92,684,000
Pre Tax Profit -£64,904,000
Shareholder funds -£110,890,000
That's not good, clearly.
Will they go the same way as Caterham?
A quick company check shows that as of today they have 19 court judgments against them totaling £401,394.
And the financial figures say:
Turnover £92,684,000
Pre Tax Profit -£64,904,000
Shareholder funds -£110,890,000
That's not good, clearly.
Will they go the same way as Caterham?
Edited by habanero on Sunday 14th June 14:15
Edited by habanero on Sunday 14th June 16:16
Some more articles floating around about this today http://www.forbes.com/sites/csylt/2015/07/19/lotus... and http://www.express.co.uk/finance/city/592246/Lotus... although I do ponder the motives of one of the writers on many occasions.
Seems a lot of the issues are intercompany loans and the interest rate. Presumably ultimately Gerald Lopez will just chuck some more money in.
Seems a lot of the issues are intercompany loans and the interest rate. Presumably ultimately Gerald Lopez will just chuck some more money in.
The fact that their Winding Up petition keeps being adjourned asuggest that they are up to something. It could be Administration, sale or funding.
I hope they survive personally but they need to start paying their suppliers. It's not fair that many of these small family run engineering firms get stiffed while they sort their house out.
They currently have 35 CCJ'S for £640,483
I hope they survive personally but they need to start paying their suppliers. It's not fair that many of these small family run engineering firms get stiffed while they sort their house out.
They currently have 35 CCJ'S for £640,483
Edited by habanero on Monday 20th July 11:23
If my memory serves me correctly, Proton parent company DRB-Hicom own the assets of the team, as they took a Debenture to secure a loan, which was itself a "sponsorship" payment a few years ago.
Effectively, if this remains in place, the Team doesn't have much in the way of assets which might be available to liquidate and pay creditors, unless DRB-Hicom are prepared to postpone their charge.
Effectively, if this remains in place, the Team doesn't have much in the way of assets which might be available to liquidate and pay creditors, unless DRB-Hicom are prepared to postpone their charge.
Dermot O'Logical said:
If my memory serves me correctly, Proton parent company DRB-Hicom own the assets of the team, as they took a Debenture to secure a loan, which was itself a "sponsorship" payment a few years ago.
Effectively, if this remains in place, the Team doesn't have much in the way of assets which might be available to liquidate and pay creditors, unless DRB-Hicom are prepared to postpone their charge.
I'm not sure that's still in effect. Knowing the way Genii act, I would be very surprised if that arrangement wasn't concluded as soon as Genii could. Anything that cedes control outside of their influence short of the sale of the entire team would damage the value of their investment. Besides, didn't they sell a stake to the guy,who is the current CEO..,I forget his name right now...Effectively, if this remains in place, the Team doesn't have much in the way of assets which might be available to liquidate and pay creditors, unless DRB-Hicom are prepared to postpone their charge.
Gassing Station | Formula 1 | Top of Page | What's New | My Stuff