Team Lotus seeks debt protection

Team Lotus powered by Mugen Honda PRESS RELEASE For immediate release Monday 12 September 1994 The Board of Team Lotus Limited has acted on the advice of its professional advisers and is petitioning the High Court for an Administration...

Team Lotus powered by Mugen Honda

PRESS RELEASE

For immediate release Monday 12 September 1994

The Board of Team Lotus Limited has acted on the advice of its professional advisers and is petitioning the High Court for an Administration Order to protect the Company's commercial interests in the short term and simultaneously allow the team personnel to focus on returning Team Lotus to full competitiveness in Grand Prix Racing. This procedure allows the company to run as a going concern and to continue racing whilst working with the Administrators to investigate ways of restructuring Team Lotus Limited.

There has been recent speculation about the future of Team Lotus and the Board has therefore decided to take firm measures referred to above in order to carry our its primary responsibilities of protecting the best interests of its trading partners, suppliers and customers, as well as the good name and long term commercial interests of Team Lotus. The Directors believe that administration serves the best interest of all parties involved.

Team Lotus will field a full two-car attack at all remaining Grands Prix in 1994. Lotus is looking forward to exploiting the potential shown by the extremely promising new Mugen-Honda engine during qualifying for the Italian Grand Prix, and is confident of achieving an increasing competitive status during the remaining races this year.

-- Alan F. Perry Internet Lotus Cars Mailing List esprit@netcom.com

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Series Formula 1
Teams Team Lotus