Lotus aim for new financial accord

The Lotus racing chief said he is confident that the Formula One team can reach a new accord with creditors after new court action started, media reports said on Tuesday.

AFP| Last Updated: Jul 07, 2015, 20:40 PM IST
Lotus aim for new financial accord

London: The Lotus racing chief said he is confident that the Formula One team can reach a new accord with creditors after new court action started, media reports said on Tuesday.

The Lotus name was on a list of companies for a winding-up order at a London commercial court on Monday. But the case was adjourned until July 20 to give time for an accord.

Lotus have scored 29 points and are sixth in the constructors` rankings so far and chief executive Matthew Carter told Autosport magazine the team`s future was not threatened.

"A number of suppliers are feeling a little negative because of what happened to Caterham and Marussia, and they felt they had to go down this process," he said, adding that some creditors had already made agreements.

"There are a couple of suppliers using it to try and claim monies that aren`t owed, and that`s obviously being dealt with as well."

"A resolution has already been found," he said. "That`s why the process has been adjourned. Things are being dealt with."

Several smaller teams have complained about financial conditions in Formula One.

Marussia had to find new backers to enter this year`s championship while Caterham F1 folded at the end of the 2014 season.