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Force India team principal Otmar Szafnauer has confirmed that the team has almost paid off its creditors since Lawrence Stroll led a consortium of investors to purchase the team in August.
Force India was due to pay money to over 400 creditors, with Mercedes and Sergio Perez owed the most amount. The team was placed in administration before the Hungarian Grand Prix but was saved a couple of weeks later by Canadian businessman Stroll.
And Szafnauer has revealed that he expects most of the creditors to be paid off in the coming days: “It’s important to note that the current shareholders have taken all the risk for the creditors, and have put it in extra money such that the creditors can be paid off immediately, and not at some future date, post-administration,” he told Autosport.
"That can take one or two years sometimes. Lawrence wanted to do what’s right by the suppliers that have supported us, and a lot of them are industry suppliers who don’t just supply us, but other teams in the paddock. And he thought it was right to take care of those people, by guaranteeing that they get 100% of their debt, and in a timely fashion.”
He continued: “We’re going through all of them, just as they come up, so probably 100% or if not 95% of them will be paid by the middle of October. That’s not usually what happens in administration, and it’s something that we should take note of. It takes that worry completely away. He’ll get it back when the creditors are paid by the administrator, whenever that is.”
Szafnauer added that he is pleased with the firm and rapid attitude of the new owners: “He’s definitely a motivator and he’s a clear and direct talker, so you get good direction,” he said.
“He’s got high expectations, which is fine by me. I grew up in a society in the States where people had expectations when they’re laying out a bunch of cash. I’m happy the expectations are there. We worked hard to make sure we deliver upon those expectations."
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Replies (2)
Login to replycalle.itw
Posts: 8,527
Good news. Best of luck to them.
blade
Posts: 341
Fab news, well done Mr Stroll and co. There are many so-called businessmen that could learn a thing or two about conduct here. Impressed.