JULY 24, 2002
Banks take control of Premiere
The Bayerische Landesbank is one of the organizations involved and hopes to do the same shortly with the Formula One group of companies. The bank and US firms Lehman Brothers and JP Morgan say that they want to swap debts of $1.6bn into a 75% stake in SLEC, the Formula One group holding company. Once that is achieved the banks can start talking about what happens next.