Force India almost clear of debts

Published on 17 Oct 2018 13:07
image

Force India team principal Otmar Szafnauer has confirmed that the team has almost paid off its creditors since Lawrence Stroll led a consortium of investors to purchase the team in August.

Force India was due to pay money to over 400 creditors, with Mercedes and Sergio Perez owed the most amount. The team was placed in administration before the Hungarian Grand Prix but was saved a couple of weeks later by Canadian businessman Stroll.

And Szafnauer has revealed that he expects most of the creditors to be paid off in the coming days: “It’s important to note that the current shareholders have taken all the risk for the creditors, and have put it in extra money such that the creditors can be paid off immediately, and not at some future date, post-administration,” he told Autosport.

"That can take one or two years sometimes. Lawrence wanted to do what’s right by the suppliers that have supported us, and a lot of them are industry suppliers who don’t just supply us, but other teams in the paddock. And he thought it was right to take care of those people, by guaranteeing that they get 100% of their debt, and in a timely fashion.”

He continued: “We’re going through all of them, just as they come up, so probably 100% or if not 95% of them will be paid by the middle of October. That’s not usually what happens in administration, and it’s something that we should take note of. It takes that worry completely away. He’ll get it back when the creditors are paid by the administrator, whenever that is.”

Szafnauer added that he is pleased with the firm and rapid attitude of the new owners: “He’s definitely a motivator and he’s a clear and direct talker, so you get good direction,” he said.

“He’s got high expectations, which is fine by me. I grew up in a society in the States where people had expectations when they’re laying out a bunch of cash. I’m happy the expectations are there. We worked hard to make sure we deliver upon those expectations."



Replies (2)
SE calle.itw 17 Oct 2018 13:200
Avatar
Posts: 5864
Good news. Best of luck to them.
 
Posts: 289
Fab news, well done Mr Stroll and co. There are many so-called businessmen that could learn a thing or two about conduct here. Impressed.
 

AE
        Grand Prix of Abu Dhabi
Local time
Give your opinion!
Which rookie do you think will impress the most in 2019?






Driver profile
Name MX Sergio Perez
Active As Force India Driver in Formula 1
Date of birth Jan 26 1990 (28)
Weight 64 kg
Length 1.73m
City Valencia
52,318 comments on Perez
3 members have this driver as their favourite
Tweets about Sergio Perez
Track Yas Marina Circuit
 
Track Yas Marina Circuit
Location AE Abu Dhabi, United Arab Emirates
Website Website
 
Team profile
Name DE Mercedes
Founding date Jan 1 1930
361,466 comments on Mercedes
39 members have this team as their favourite
Website http://www.mercedesamgf1.com
Location Stuttgart
Tweets about Mercedes
Formula 1 Calendar
Previous Grand Prix: 25 November 2018
AE Grand Prix of Abu Dhabi Grand Prix of Abu Dhabi