The former Marussia F1 team has been given the green light to come out of administration and continue plans to line up in the first Grand Prix of the year.
Geoff Rowley and Geoff Carton-Kelly, partners at FRP Advisory LLP, the specialist restructuring and advisory firm, were appointed joint administrators to Manor Grand Prix Racing Limited trading as the Marussia F1 Team (‘Marussia F1 Team’ or ‘the Company) in October last year.
The joint administrators confirm the requisite approval by the Company’s creditors on February 19, 2015 to a Company Voluntary Arrangement, which allows for control of the Company to be passed back to the directors and the Company to exit from administration. The financial restructuring creates a platform for the Company to continue with its plans to participate once again within Formula 1.
Rowley said: “We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA. 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. We shall complete our statutory duties as administrators with the necessary filings needed in order to formally exit the Company from administration over the next few days.”