Lotus F1 team faces winding-up petition

Lotus Formula 1 team

Lotus Formula 1 team

The Lotus Formula 1 team has been given two weeks to reach an agreement with creditors after a winding-up petition was adjourned.

Lotus Formula 1 Ltd featured on a winding-up list of the Companies Court on Monday with the hearing delayed until July 20 by judge Mr Registrar Briggs.

If the team is unable to come to an agreement with its creditors there is a chance the outfit would be placed into administration.

The Enstone operation, currently sixth in the constructor standings, has faced financial struggles in recent seasons.

Despite facing a winding-up petitions, Lotus CEO Matthew Carter is confident the team will resolve the issue it has with its creditors.

Gearbox manufacturer Xtrac has been reported as among the group of creditors.

“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,” Lotus CEO Matthew Carter told Autosport.com.

“A resolution has already been found, that’s why the process has been adjourned.

“It’s perfectly under control. It is just part of the process.”

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