The team formerly known as Marussia have come out of administration according to the AP News agency. The Marussia president Graeme Lowdon has sourced new investors, the identity of which is not yet known.
The teams Administrators FRP Advisory said the team was making “progress towards a longer-term viable solution”. This comes after an auction last month to sell off asset was cancelled, the team have entered an arrangement called a Company Voluntary Agreement (CVA), which is where the creditors accept a write-down – fixed amount – for the money they are owed.
However, the team need to negotiate with the other teams and FIA on Thursday to allow them to run their 2014 car as the car doesn’t comply with the latest rules.
These negotiations will begin on Thursday with the team ‘officially’ exiting from administration via a Company Voluntary Arrangement in two weeks’ time.
The team collapsed in October owning £31 million of debt to investors including Ferrari which it owes £16.6 million. Ferrari would be expected to provide engines again this year should the team recover.