Lotus F1 team dealing with creditors after facing winding-up order

The Lotus Formula 1 team is confident of reaching a financial settlement with a number of creditors after being faced with a winding-up petition in the High Court

Lotus F1 team dealing with creditors after facing winding-up order

Lotus was among those on the Winding-Up List of the Companies Court on Monday, with the judge, Mr Registrar Briggs, adjourning the hearing for two weeks in order to allow the team time to find a resolution to the matter.

Speaking to AUTOSPORT, Lotus CEO Matthew Carter said: "There is a court process we are going through.

"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.

"We've had dealings and agreements with the companies that are taking part in the process, and it's being dealt with in a normal way.

"It's been adjourned while we deal with it, and we always knew it was going to be adjourned.

"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."

Carter is adamant the case has no bearing on Lotus' future, adding: "No, not at all.

"A resolution has already been found, that's why the process has been adjourned. Things are being dealt with.

"As I say, some of the creditors have tried to use it as a way of claiming some money that is not necessarily owed, or due at the moment.

"It's perfectly under control. It is just part of the process."

One of those creditors is transmission technology specialists Xtrac, a long-time supplier to Lotus.

A company spokesman told AUTOSPORT: "The judge has adjourned the hearing for two weeks in order to allow further dialogue during which we will continue to discuss all the options for resolution with Lotus F1.

"Throughout the past 15 months, Xtrac has manufactured a significant quantity of parts in good faith to ensure the cars can keep running.

"We've worked with the Enstone organisation under its many different guises for many years, so I really hope we can find a resolution.

"We hope to resume this once the now significant debt has been reduced and a positive outcome agreed.

"We really do hope we can sort this out and there will be a resolution because they are lovely people."

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