SEPTEMBER 10, 2002
Arrows confirms 28 day delay
Arrows has bought itself a little more time by paying off a creditor who was trying to have the team wound up. The team announced that the High Court in Leeds has agreed to postpone a winding-up petition hearing for 28 days.
Arrows said that it is delighted "that its creditors and the Court have given the company a chance to secure the best possible future and the company remains committed to achieving this".
Our sources amongst creditors suggest that they are perhaps not as willing to help as the team is suggesting and that most would happily see the team shut down tomorrow if the law enabled them to do it. Clearly Arrow is trying to create a very positive image at a time when it is still trying to sell itself to an American investor called Smith. The fear is that Mr Smith - whoever he may be - will be driven away by adverse publicity.
Arrows says it will make further statements when news is available.