Will Lotus F1 survive?

[habanero]

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?

Edited by habanero on Sunday 14th June 14:15

Edited by habanero on Sunday 14th June 16:16

[habanero]

They wouldn't buy the book debt. I suppose they could let them go into Administration and but the assets cheap without any debt.

[habanero]

This is not the first adjournment. Petitions are only usually adjourned if the debtor can show they are close to resolving the matter either by paying or by a structured rescue procedure, like Administration.

[habanero]

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

Edited by habanero on Monday 20th July 11:23

[habanero]

You'd imagine that that is the case but of they are looking to restructure/refinance then it will probably be overlooked.

[habanero]

The security of assets in debentures is only called upon if it is crystalised, which can be prompted by enforcement against goods or by insolvency proceedings. In truth, most debentures are not crystalised in such circumstances.