Progress at Lotus
October 23, 2015 by Joe Saward
Followers of Companies House may have noticed in recent days that Lotus Formula 1 Ltd has cleared the debt, believed to be £30 million, which dated back to December 2010 when the then new owners were loaned the money by Snoras Bank, in order to pay off a loan from Renault that they were given to keep the team in business after it was transferred from Renault to Gerard Lopez and Eric Lux. The debt would later be passed on to Proton, the owner of the Lotus brand, in the days when the team was dallying with Dany Bahar, the then boss of Lotus. The security on the loan came in the form of a lien on all the assets and buildings that the team owned. This now clears the way for the sale of the team to go ahead, with renault buying back the operation they gave away at the end of 2009.