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GP Week : Issue 217
F1 >>> BUsinEss By Christian sylt The struggling Manor Formula One team has revealed that it has been paid just £201 from £1.5m of outstanding bills. The team crashed into administration in October with total debts of £63.6m but was rescued last month by the boss of energy firm Ovo. It raced against time to get its cars ready and meet the deadline for F1 to transport its equipment to the season- opener in Australia for free. Although it made it to Melbourne it was unable to race due to computer software problems. When it finally hit the track last weekend in Malaysia the car was bereft of logos from sponsors. There is good reason for this. According to documents released this month by Geoff Rowley, managing partner of Manor’s administrators FRP Advisory, “the book value of debtors...total approximately £1.5m with an estimated to realise value of £150k. I have recovered £201 to date. All debtors were contacted and disputed the amounts due.” It hasn’t just left Manor out of pocket but also more than 200 companies that it owes money to. Computer company Dell is owed £390,000 whilst tyre manufacturer Pirelli is due £1m and the outstanding bill to British engineering firm McLaren comes to £7.1m. Manor’s biggest single creditor is Ferrari which supplied the team’s V6 engines and is owed £15.2m. According to the documents, the team was rescued with a Company Voluntary Arrangement (CVA) which required “a contribution to be made by a third party to enable £500,000 to be available to unsecured creditors with an estimated distribution of 1.262p in the pound. This is subject to change once all creditors have lodged claims and claims have been adjudicated.” It means that, as things stand, anyone owed money by Manor will not get around 99% of it. Three of the biggest unpaid bills are £1m owed to Pirelli, £7.1m due to mAnor gEts short chAngEd 38 GPWEEK.com // 38 GPWEEK.com // PARTNERS: