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23rd
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UPDATE, see below
The Caterham Formula 1 employees have found their factory closed this Thursday morning.
"They (the staff) can't get into the factory today," told Reuters the legal administrator of Caterham Sports Limited (CSL).
"They (1MRT) are using my facilities and haven't paid me," added Finbarr O'Connell, a restructuring and recovery partner with London firm Smith and Williamson.
He said the factory would have been reopened if a deal was reached after meetings on Wednesday with representatives of Caterham and lawyers.
"Effectively 1MRT have been in the building for last few days since I arrived," said the legal administrator. "We are trying to reach an acceptable arrangement for them to be there. We had a meeting yesterday with 1MRT and lawyers and the offer they made was unacceptable. So I've sent them away. Hopefully they can come up with an acceptable proposal."
Finbarr O'Connell insisted that despite the air of crisis, there was still time to find a solution.
"I don't think this is gone. It's just a case of who has got the money to make it work," said O'Connell of the team's prospects for survival.
The cars and freight are due to be sent to Texas at the weekend for the U.S. Grand Prix in Austin. Team sources say the race cars are inside the Leafield factory.
Finbarr O'Connell keeps the doors closed and suspects there might be chassis elsewhere and is looking for them.
UPDATE
STATEMENT ON BEHALF OF ENGAVEST SA
23 October 2014
On 29 June 2014 Engavest SA signed a Sale and Purchase Agreement with Tony Fernandes and the Caterham Group to acquire the shares of 1Malaysia Racing Team/Caterham F1.
Engavest SA has fulfilled all the conditions precedent, including paying the purchase price for the shares.
The shares have not been transferred and therefore Mr Fernandes remains the owner of Caterham F1 and is fully responsible for all its activities.
The Caterham Formula 1 employees have found their factory closed this Thursday morning.
"They (the staff) can't get into the factory today," told Reuters the legal administrator of Caterham Sports Limited (CSL).
"They (1MRT) are using my facilities and haven't paid me," added Finbarr O'Connell, a restructuring and recovery partner with London firm Smith and Williamson.
He said the factory would have been reopened if a deal was reached after meetings on Wednesday with representatives of Caterham and lawyers.
"Effectively 1MRT have been in the building for last few days since I arrived," said the legal administrator. "We are trying to reach an acceptable arrangement for them to be there. We had a meeting yesterday with 1MRT and lawyers and the offer they made was unacceptable. So I've sent them away. Hopefully they can come up with an acceptable proposal."
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| Photo: Caterham F1 Team |
Finbarr O'Connell insisted that despite the air of crisis, there was still time to find a solution.
"I don't think this is gone. It's just a case of who has got the money to make it work," said O'Connell of the team's prospects for survival.
The cars and freight are due to be sent to Texas at the weekend for the U.S. Grand Prix in Austin. Team sources say the race cars are inside the Leafield factory.
Finbarr O'Connell keeps the doors closed and suspects there might be chassis elsewhere and is looking for them.
UPDATE
STATEMENT ON BEHALF OF ENGAVEST SA
23 October 2014
On 29 June 2014 Engavest SA signed a Sale and Purchase Agreement with Tony Fernandes and the Caterham Group to acquire the shares of 1Malaysia Racing Team/Caterham F1.
Engavest SA has fulfilled all the conditions precedent, including paying the purchase price for the shares.
The shares have not been transferred and therefore Mr Fernandes remains the owner of Caterham F1 and is fully responsible for all its activities.