Categories: F1 News, Reports and Race ResultsLotus F1

Lotus and Xtrac reach settlement

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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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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.