JULY 21, 2015
Lotus reaches agreement with supplier
Lotus has swerved being ordered into administration by reaching an agreement with a disgruntled supplier.
Earlier in July, a spokesperson for London's Companies Court confirmed reports that an order to 'wind up' the Enstone team had been brought by a creditor.
It was confirmed that the unpaid supplier is Xtrac, a transmission specialist.
The case was adjourned for two weeks until July 20, ostensibly so that Lotus and Xtrac could negotiate a solution out of court.
But as recently as last Friday, 'Lotus F1 Team Limited' was still appearing in Companies Court's latest 'winding-up list'.
But as the case resumed on Monday, it now emerges that the process to have the team placed into administration has been postponed again, Spain's El Mundo Deportivo reports.
"Lotus has reached an agreement with Xtrac, with both sides avoiding the inevitably long, expensive and uncertain legal avenue," correspondent Raymond Blancafort said.
"Lotus has also paid some bills to other creditors, as requested by the judge," he added.