Marussia to exit administration with the aim of returning to F1 in 2015
Team reach deal with creditors, which include Ferrari & McLaren
Last Updated: 19/02/15 4:58pm
Marussia have reached an agreement with their creditors to a Company Voluntary Arrangement which will allows the team to exit administration.
The team missed the final three races of 2014 after entering administration in November but have been granted an entry onto the 2015 grid under the name of Manor F1.
A critical hurdle has now been overcome in the pursuit of that goal after the team reached a deal with their creditors - including Ferrari and McLaren.
Both of the F1 superpowers are believed to have been owed around £10m when Marussia collapsed last year.
‘The financial restructuring creates a platform for the Company to continue with its plans to participate once again within Formula 1,’ reported the team’s administrators.
"We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA,” said joint administrator Geoff Rowley.
“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.”