Marussia/Manor’s move to a Company Voluntary Arrangement has been approved, which in effect means that the team can take the next steps towards returning to the grid.
Today had been earmarked a fortnight ago as the date for the move to a CVA.
The team is meanwhile pushing ahead with plans to have a 2015-legal car ready, in theory by the fourth race of the season at the latest.
A statement from administrators FRP Advisory said: “The joint administrators confirm the requisite approval by the Company’s creditors on 19 February 2015 to a Company Voluntary Arrangement, which allows for control of the Company to be passed back to the directors and the Company to exit from administration.
“The financial restructuring creates a platform for the Company to continue with its plans to participate once again within Formula 1.”
Joint administrator Geoff Rowley added: “We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA.
“With new investment and a continuity of the respected management, the business has the ideal platform from which it can accelerate the operational rebuilding already underway to get a team back racing. It has been a long process and we would like to thank everyone involved to reach this milestone.
“We shall complete our statutory duties as administrators with the necessary filings needed in order to formally exit the Company from administration over the next few days.”
2 responses to “Manor/Marussia moves closer to 2015 grid as CVA is approved”
Okay, so the existing creditors have agreed to a methodology of how, eventually, they will recover their outstanding monies.
Question is, WHO is behind funding the old debt repayment schedule as well as stepping up to fund the work of developing a 2015 car?
When they wanted to run a modified 2014 car I was skeptical, thinking some corporate pirate was willing to invest the smallest amount of cash needed to start the season, recover the prize money and run away with the proceeds.
So, does anyone know who the new buyers are or where the funding sources are coming from?
My suspicious mind still leans towards this being about releasing the 2014 prize money, I won’t be persuaded until more details are released of who the new backers are and what new money they are putting in.
I wouldn’t allow them to run any car that isn’t 2015 compliant, if any flexibility is given it should be to allow them to miss more than 3 races. This would prevent them starting under preferential terms and then failing again a bit further down the line if they can’t deliver a 2015 car.