Caterham Support

[Hammer278]

Caterham is still in F1? I thought they were selling all their assets on E-bay and auctioning off the cars.

[Jabberwocky]

Caterham Sports Limited in administration

On 29th and 30th September 2014, The Sheriffs Office attended Caterham Sports Ltd in Leafield Oxfordshire to enforce a number of judgments on behalf of various creditors who are suppliers to the team.

The enforcement

The judgments were issued in the County Court and were transferred up to the High Court for enforcement by The Sheriffs Office, authorised High Court Enforcement Officers, under a High Court writ of control (known as a writ of fieri facias prior to April 2014).

This was our second visit to their premises; payment had been promised on the first visit, but was not made, hence the return visit. On this second visit our enforcement agents took control of goods at the Leafield site and removed them to secure storage, with the intention of selling them at auction to satisfy the judgment debt, should payment not be forthcoming.

The enforcement agents and the staff on site all believed this matter would be quickly resolved.

The administration

On 20th October, Caterham Sports Limited entered into administration (No: 7424 of 2014). The administrators are Smith & Williamson, 25 Moorgate, London EC2R 6AY.

The appointment of administrators prevents sale of the goods by The Sheriffs Office. As a result, we continue to hold the seized items in secure storage on behalf of the administrator.

Part of the role of an administrator is to determine whether a rescue package can be put together, whether there is a buyer for the business or whether assets need to be realised so as to make some payment to the creditors.

At this stage it remains to be seen whether the administrator will sell any of these items at auction.

Our reaction

On behalf of our clients, we are disappointed that the administration has prevented them from being paid what they were owed at this stage, and hope that they, and the many other unsecured creditors, will receive some payment and that the knock-on effect on their businesses will not result in financial difficulties or redundancies.

We also understand that many of the Caterham Sports employees might also lose their jobs or not be paid in full and we hope that the administrator will be in a position to support them. The staff members at Leafield were extremely helpful during our visit and we would like to thank them for their courtesy during what was clearly a difficult time.

David Carter, Chief Executive of The Sheriffs Office says “on a personal level, I am from Caterham and have always been a fan of the team so sincerely hope that a way forward can be found”.

[LRW]

http://m.autosport.com/news/report.php/id/116487

Caterham is now almost certain to miss the United States and Brazilian Grands Prix as its administrators focus on finding a new buyer for the Formula 1 team.

Although a final decision about its plans has not yet been taken, the administrators revealed on Friday that it had been given dispensation by F1 supremo Bernie Ecclestone to miss the events in Austin and Interlagos so it could work on securing its future.

After the previous management team led by Engavest and its representative Colin Kolles decided to step aside on Friday, administrators Smith & Williamson took over control of the outfit.

In a statement issued on Friday afternoon, it said that the move - which has included a deal to take over shareholding of the team - should boost the team's chances of finding a buyer that can keep it going.

The statement said that administrator Finbarr O'Connell had spoken to F1 supremo Bernie Ecclestone to seek his support in moving things forward, and had been told it could miss the next two events.

The statement said: "In a telephone conversation today between Finbarr O'Connell and Bernie Ecclestone, Mr Ecclestone agreed to support the administrators in their wish to sell the Formula 1 team to a party with the financial strength to sustain it into the future.

"Mr Ecclestone also agreed to give dispensation to Caterham F1 such that it could if necessary miss the US and Brazilian Grands Prix but hoped that a new owner would be in a position to race the team at the Abu Dhabi Grand Prix."

Smith & Williamson claims that there are a number of parties interested in buying the team and it was hopeful a deal could be concluded in the next few weeks.

O'Connell said: "We believe this arrangement gives us a much better chance of being able to reach a better conclusion for the racing team and its creditors.

"While this is a great step forward in making the whole team and assets more attractive, there is no need for the staff of 1MRT to return to the Oxford site in Leafield until a sale of the Formula 1 team occurs.

"This is a difficult situation which is not of our making. We regret any personal impact on 1MRT's employees. As administrators for CSL, we are seeking to maximise the outcome for its creditors and other stakeholders."

[Murphy]

If they miss the US and Brazil rounds then they might as well not turn up to Abu Dhabi.
Brazil has to be their best chance of being able benefit from a mixed up race and steal some points.
Such a shame as their cars were starting to show some improved pace until they ran out of spares.

[Jabberwocky]

I have spent the last half hour reading up all the press releases from Caterham/Fernandez and Co.

Fernandez has said that he sold the team, but would not transfer the shares to the buyer until they had (as they had agreed to in the contract) pay off all the outstanding debts and wages.

As they have not done that he has not transfered the shares.

now that exim bank has called in the administrators the buyers have said "the debts have nothing to do with us, we don't own the team"

Fernandez has said "they said they would pay the debts as part of taking over the team"

[Jabberwocky]

http://www.jamesallenonf1.com/2014/10/g ... team-boss/

So Caterham have appointed it's toilet cleaner as it's new executive director... why are the words of Lee Harvey Oswald ringing in my ears.

[myownalias]

Administrators at Caterham have now launched a crowdfunding website to raise £2.35m by the 14th of November so they can race in Abu Dhabi. Now the cynical out there (me included) will say that the administrators will take peoples money, go to Abu Dhabi, canter around the circuit, finish 10th in the WCC because of Marussia's default and failure to finish the season, claim the £20m prize money just to pay off the creditors and fold the company in the off season.

SRC: http://www.autosport.com/news/report.php/id/116670

[racechick]

Wasn't there something conniving going on about Caterham? About ownership and renaming and coming back? Germany was involved. I can't remember all the details now.

[Jabberwocky]

Kolles took the cars to his Germany head quarters after Japan. I think that was more to do with the bailiffs not being able to get there hands on them.

[Jabberwocky]

http://www1.skysports.com/f1/news/17583 ... habi?34567

Will they be back?

[Jabberwocky]

Looks like they have raised the money to go racing

[myownalias]

I really hope that Sauber can score a point or two to snatch 9th from Caterham who almost certainly won't score a point in Abu Dhouble. I really don't like the way this is going down with Marussia not being in attendance, this smacks of turn up, claim the constructors money to pay off the creditors, then fold the team!

[Jabberwocky]

I think you have hit the nail on the head there mate.

Another question is who is going to drive for them?

If you are only allowed 4 drivers a year...

Ericsson has cut all ties
Koby did not leave on good terms
Lottere refused to drive the car after his 1st gp.

So the have 1 new driver place... and try and recover one of them 3 for the other seat

[LRW]

I read that Alice Powell has bought an FP drive - and That potentially she had backing to pay for a race seat if one was available.

And of course you have that Reubens rumour that came out just after they went into Administration.

[Jabberwocky]

Powell can not have a superlicense!