McLaren has found a solution to the liquidity of the company to maintain in the next few months and a threat of insolvency. On a court case about the release of loan collateral, which has highlighted the seriousness of the situation, with a survival of important loans.
The much-needed financial boost comes from the national Bank of Bahrain (NBB). It provides the McLaren group (which includes in addition to the formula-1-Team sports manufacturer McLaren Automotive) car £ 150 million, so equivalent of just under 165 million euros as a loan available to maintain current operations.
the money for McLaren now, of all things, from Bahrain, is no Surprise. The presence of the king’s house operates with Mumtalakat Fund, the state of Bahrain, manages various Investments. One of them is, with a share of currently, 56 percent of the McLaren group. And Mumtalakat is simultaneously a Shareholder (44 percent of shares) in the case of Bahrain national Bank.
Already 1,200 employees dismissed
McLaren has come in the Wake of the corona of a crisis in a financial crisis. By the end of may, the company announced that 1,200 employees. 70 dismissals relating to employees of the formula 1 Teams.
In March had set the shareholders a capital increase of the equivalent of more than 320 million euros in the McLaren group. The corona crisis has this amount of money but much faster than expected melting. Without fresh money (the speech is about 300 million Euro), can’t McLaren get its liquidity longer than until the middle of July.
As a consequence of this, McLaren has announced, for the sale of shares of open – similar to the short before the Williams Team has signaled. So far, has, however, found a new Investor.
court proceedings in July: What it is
The court proceedings in London, on the on Wednesday for the first time, it was reported, it is a matter of security claims of the existing lenders to dissolve. McLaren has to offer launched in the past few years, bonds in the amount of approximately 600 million euros and had to lenders (including hedge funds and bonds brokerage) collateral in return.
As a security including the headquarters in Woking and the collection of historic vehicles is declared, according to a report by the economic magazine ‘Forbes’. The security claims of the lender should be repealed by the court, could McLaren borrow against those Assets and, for example, in the case of banks with fresh money.
With a judgment in the proceedings was expected for the beginning of July. That was before the national Bank of Bahrain, came into the game. Nevertheless, the method, it is said to be keen to continue. If McLaren can make the existing collateral delete, would allow the for the near future, new models of financing – regardless of the NBB.
in addition to Mumtalakat, the saudi TAG group around Mansour Ojjeh (who has passed his Board of management mandate on his son) and Michael Latifi, the father of Williams driver Nicholas Latifi, on the McLaren group are involved. The Rest of the company is owned by several small shareholders.
This article was written by Christian Nimmervoll, Co-author: Jonathan Noble
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