McLaren gets quick court case for refinancing

McLaren is struggling financially because of the corona crisis which has forced the car manufacturer to go to court for a planned refinancing. The court has now scheduled a court case on July the 2nd

The step to court has now been taken because the need is high at the English race stables. They are in dire financial straits. An earlier attempt to seek financial support from the British government was unsuccessful, so they want to refinance their head office and their fleet. They want to get a mortgage on it, which will release money they can use to pay their current bills.

At an earlier stage, the plan was rejected by the shareholders and investors and McLaren felt compelled to go to court. Among other things, McLaren wants to look for new owners for their head office with the agreement that they can then rent the office. For this they need permission from the investors or from the court.

Leaked forms in the hands of Motorsport.com, among others, show how heavy the former superpower in Formula 1 is. The interlocutory proceedings must be brought quickly before the court because on the 17th of July money must have been released for various payments.

Until 17th of July, the group has sufficient liquidity to pay the bills, according to the document. In the meantime the judge has realized the necessity and has agreed to a lawsuit on 2nd of July.