Arrows secures 28-day breathing space
Arrows Grand Prix International, the owner of the OrangeArrows F1 team in Leafield, UK, has been granted breathing space to secure its sale by the Chancery Court in Leeds, Yorkshire. Yesterday it postponed any further hearing affecting the company's future for 28 days. Prior to the hearing, Arrows had settled with a creditor seeking a winding-up order [Sept 10], but its participation in this weekend's Italian GP remains in doubt
An Arrows statement in response to the court's decision said: "Arrows is delighted that its creditors and the court have given the company a chance to secure the best possible future and the company remains committed to achieving this. The process of selling the team is ongoing and that is where all efforts will continue to be concentrated at this time."
Heinz-Harald Frentzen has replaced Champion Recruitment at the head of a queue of creditors who are still seeking to wind-up the team. Reuters reports that he is owed approximately $115,000. Other creditors include Cosworth and Jos Verstappen.
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