F1i has learnt that the Lotus F1 team has satisfied its most important creditor, gearbox component maker Xtrac, after reaching an out of court settlement which forestalls any short-term administration threats.
The Enstone outfit, through its controlling parent company Genii Capital, has been dealing with a difficult financial situation lately and was hit with a High Court winding-up petition a few weeks ago from unpaid creditors.
While all financial concerns have been alleviated for now for Xtrac, a crucial supplier to Lotus, other unsatisfied judgments involving smaller suppliers apparently remain on the docket.
Accounts filed last year revealed that Lotus accumulated a net loss of £64.9million on revenues which amounted to £92.7million.
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