Lotus Formula one team have winding-up petition adjourned

Mon Jul 6, 2015 12:26pm EDT
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By Alan Baldwin

LONDON (Reuters) - A winding-up petition brought by creditors against the Lotus Formula One team has been adjourned for two weeks.

A spokeswoman for the Companies Court in London said on Monday that the claim against the Enstone-based team, title winners in a previous existence as Benetton and Renault, would be heard on July 20.

Lotus, who now race with Mercedes engines, have had financial problems although the signing of Venzuelan Pastor Maldonado has brought considerable backing from state oil company PDVSA.

The team's chief executive Matthew Carter says Lotus are not for sale despite persistent paddock speculation linking them to Renault.

Carter told the autosport.com website the case would have no bearing on their future.

"A number of suppliers are feeling a little bit negative because of what happened to Caterham and Marussia and they felt they had to go down this process," he said, referring to the two teams that went into administration last season.

Caterham eventually folded while Marussia lived to fight another day under new ownership.

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

Lotus Formula One racing driver Pastor Maldonado of Venezuela sits in his car as he is pushed by members of his team during pre-season testing at the Jerez racetrack in southern Spain February 3, 2015. REUTERS/Marcelo del Pozo