Marussia/Manor set to exit administration

Marussia/Manor's move to a Company Voluntary Agreement has been approved, which in effect means that the team can take the first steps towards returning to the Formula One grid.

Today had been earmarked a fortnight ago as the date for the move to a CVA.

The team is meanwhile pushing ahead with plans to have a 2015-legal car ready, in theory by the fourth race of the season at the latest.

A statement from administrators FRP Advisory said: "The joint administrators confirm the requisite approval by the Company's creditors on 19 February 2015 to a Company Voluntary Arrangement, which allows for control of the Company to be passed back to the directors and the Company to exit from administration.

"The financial restructuring creates a platform for the Company to continue with its plans to participate once again within Formula 1.

Joint administrator Geoff Rowley added: "We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA.

"With new investment and a continuity of the respected management, the business has the ideal platform from which it can accelerate the operational rebuilding already underway to get a team back racing. It has been a long process and we would like to thank everyone involved to reach this milestone.

"We shall complete our statutory duties as administrators with the necessary filings needed in order to formally exit the Company from administration over the next few days."

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About this article
Series Formula 1
Article type Breaking news
Tags marussia