Marussia F1 Team Reveals It Will Pay Creditors Just 1.3 Pence To The Pound

F1 team Marussia, which "emerged from administration last month" with backing from Ovo Energy CEO Stephen Fitzpatrick, has revealed that it will pay creditors only 1.3 pence to the pound, according to Christian Sylt for the London TELEGRAPH. The team hit the wall in October with total debts of £63.6M, including £31.4M owed to more than 200 unsecured creditors. Computer company Dell is owed £390,000 ($578,300), while tire manufacturer Pirelli is due £1M ($1.48M). The outstanding bill to British engineering firm McLaren comes to £7.1M ($10.5M). Marussia's biggest single creditor is Ferrari, "which supplied the team's V6 engines" and is owed £15.2M ($22.5M). According to documents released on Friday by administrators FRP Advisory, the team was rescued with a Company Voluntary Arrangement which required "a contribution to be made by a third party" to enable £500,000 ($741,350) to be "available to unsecured creditors with an estimated distribution of 1.262p in the pound" (TELEGRAPH, 3/15).