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Lotus avoid administration by reaching agreement with Xtrac
Financially strapped Lotus has avoided 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...
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