The Lotus Formula 1 team has made progress in clearing its debts to creditors after being hit with a winding-up petition earlier this month.
The Enstone operation faced a court hearing in London on Monday following a two week adjournment from the initial court appearance.
As a result, Lotus has confirmed it has settled the debt to its lead creditor gearbox component manufacturer Xtrac.
While this debt has been cleared, the team has several outstanding payments to be made to other creditors.
“Only one creditor can take control of a petition at any one time, and that creditor has been paid,” Lotus CEO Matthew Carter, told Autosport.com.
“The court now just needs to make sure no other creditors are going to step forward, and that’s where we are.
“Because there is a recess for summer, I don’t think anything will go before a judge until September-October time, which is what we always knew was going to happen anyway.”
Lotus is the latest team to hit financial trouble after Marussia and Caterham were plunged into administration last year.