Lotus F1 Team Continues To Pay Off Creditors After Facing Winding-Up Petition

The Lotus F1 team "is continuing to make strides to settle its debts with a number of creditors after being faced with a winding-up petition in the High Court," according to Ian Parkes of AUTOSPORT. Following a two-week adjournment, the name of Lotus F1 Team Ltd. "was again on the Companies Court Winding-Up List on Monday." Lotus "has again settled with the lead creditor, and it now remains to be seen if another from an apparently lengthy list will step in to take up the petition." Lotus CEO Matthew Carter: "Only one creditor can take control of a petition at any one time, and that creditor has been paid. The court now just needs to make sure no other creditors are going to step forward, and that's where we are." At present there are "several unsatisfied judgements pending against Lotus from this month alone," either in the County Court Business Centre or County Court Money Claims Centre, and for varying sums of money from £1,571 ($2,444) to £29,672 ($46,156) (AUTOSPORT, 7/20).