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Renault Finalizes Purchase Of Lotus Formula 1 Team, All Creditors Paid

Renault has completed its takeover of the Lotus Formula One team and "paid debts to creditors including the British tax authorities, the London High Court heard on Monday," according to Alan Baldwin of REUTERS. A lawyer for the French car company told the judge, Justice Birss, "We have a completion of the share purchase. We have the keys, so to speak." The share purchase agreement that made Renault the controlling shareholder "had been due for completion on Dec. 16 but the court heard that the acquisition was finalized only late last Friday." U.K. tax authority HMRC counsel Jeremy Bamford "confirmed payment had been received and cleared on Monday." Other petitioning creditors said that they "had also been paid in full." Birss said, "The insolvency procedure has worked in the way intended." Renault, an engine supplier to former world champions Red Bull last season, is "returning to Formula One as a full constructor by buying back" the team it previously owned. The team "was sold by Renault to Luxembourg-based Genii Capital, who renamed it Lotus, after a Singapore Grand Prix race-fixing scandal that rocked the sport" in '09. As "Benetton and then Renault, the team had won world titles with Michael Schumacher and Fernando Alonso" (REUTERS, 12/21).

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