Connect with us

F1 top news

Lotus F1 reaches agreement with supplier

Published

on

Lotus F1 reaches agreement with supplier
Lotus has swerved being ordered into administration by reaching an agreement with a disgruntled supplier.

Earlier in July, a spokesperson for London’s Companies Court confirmed reports that an order to ‘wind up’ the Enstone team had been brought by a creditor.

It was confirmed that the unpaid supplier is Xtrac, a transmission specialist.

The case was adjourned for two weeks until July 20, ostensibly so that Lotus and Xtrac could negotiate a solution out of court.

But as recently as last Friday, ‘Lotus F1 Team Limited’ was still appearing in Companies Court’s latest ‘winding-up list’.

But as the case resumed on Monday, it now emerges that the process to have the team placed into administration has been postponed again, Spain’s El Mundo Deportivo reports.

“Lotus has reached an agreement with Xtrac, with both sides avoiding the inevitably long, expensive and uncertain legal avenue,” correspondent Raymond Blancafort said.

“Lotus has also paid some bills to other creditors, as requested by the judge,” he added. (GMM)

Loading...

Advertisement
ThisisF1.com does not accept abusive behavior or harassing language in comments.
Please respect other users.
Click to comment

2018 F1 Launch







Most Popular

ThisisF1.com is not affiliated with Formula 1, Formula One Management, Formula One Administration, Formula One Licensing BV, Formula One World Championship Ltd or any other organization or entity associated with the official Formula One governing organizations or their shareholders. Copyrighted material used under Fair Use/Fair Comment. All Rights Reserved © 2017 Prime Sport Media