A glimmer of light in the dark tunnel of financial in which the McLaren group, which includes both the section of the road cars and the F1 team, is leaded because of the pandemic, in go, in fact, failed transactions capital increase on the part of the shareholders, as well as the attempt to make cash by pointing to the sale of historic cars in the collection of its property, the deadline of 17 July as the deadline to find £ 280 million to continue the activity and not run the risk of insolvency to the creditors approached with a dangerous urgency.
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Fortunately, the English Group, the negotiations initiated with the national Bank of Bahrain to receive a loan have had a positive result: the NBB, which is owned 44% by the sovereign wealth fund of Bahrain Mumtalakat Holding Company , in turn, the majority shareholder, with 56% of McLaren, has officially confirmed the agreement, with the subscription of all necessary permissions to provide a loan of 150 million pounds.
It is a sum which, though not yet enough to reassure on the future of the company, now allows you to have a first operating margin, being able at the same time to continue the search of other investors willing to provide liquidity in the plan of refinancing.
And, above all, at this point the McLaren team will arrive in Austria for the resumption of the Formula 1 races with a spirit more serene and less anxiety on the near future.
“The loan granted – say sources within the McLaren Group – allows you to access additional liquidity necessary to guarantee to continue to operate until 2021, providing a significant advantage to the creditors, and preventing a crisis of cash flow, and insolvency that would have generated a significant loss of value of the shares”.