Arrows striving to meet F1 entry deadline
Arrows yesterday confirmed that it had signed contracts with "German based investors" for the introduction of "substantial new equity" into its F1 team in Leafield, UK [Nov 12]. Asset Trust Partners said that it was acquiring a majority stake in Arrows on behalf of a group known as 'German Grand Prix Racing'. To enable completion of the deal, Arrows has now applied for a further postponement of a court hearing that had already been adjourned until this week
In September, Arrows was granted a breathing space to secure its sale by the Chancery Court in Leeds, Yorkshire, when it was convened to hear a case brought by a group of Arrows creditors.
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