F1: Lotus continues to pay off creditors

The Lotus Formula 1 team is continuing to make strides to settle its debts with a number of creditors after being faced with a winding-up petition in the UK's High Court.

Following a two-week adjournment, the name of Lotus F1 Team Limited was again on the Companies Court Winding-Up List on Monday, in front of Judge Registrar Briggs. Lotus has again settled with the lead creditor, and it now remains to be seen if another from an apparently lengthy list will step in to take up the petition.

"Only one creditor can take control of a petition at any one time, and that creditor has been paid," said Lotus CEO Matthew Carter told AUTOSPORT. "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."

At present there are several unsatisfied judgements pending against Lotus from this month alone, either in the County Court Business Centre or County Court Money Claims Centre, and for varying sums of money for up to to $46,218.

Carter appreciates the situation does not reflect well on Lotus at present, adding: "It's not great at all, but it's part of the process. I guess that's where Formula 1 is at the moment. It's difficult.

"Hopefully, we can just concentrate on the racing, as opposed to anything else."

Originally on Autosport.com