This "news" has been out for a week or so.
Genii are using the brand name for free really, the financial agreement between the 2 parties was basically that Lotus agreed to service a debt that was owed by the team to Snoras.
They are now not servicing the debt because the Lotus bank account is pretty much frozen whilst the new Malaysian owners of Proton, DRB-Hicom, do their due diligence and decide what to do with Group Lotus. One scenario is for the debts to be written off and the business "sold" to Genii to manage. Another is to sell to the Chinese. The former pretty much sees the Hethel site and employees survive, the latter sees it all lost and taken to China ala MG Rover.
In short it's a disaster of mis-management, by Proton. They installed Dani Bahar in his role at Lotus, and supported his vision, guess they didn't expect the Malay govt to sell Proton.
I just hope that the Hethel site survives. If, the debts are written off or refinanced so that Genii or another can manage the company and grow it, then the future could be bright.
Genii certainly like the Lotus brand...and are certainly finding sponsorship in a tough market so a full hook up between the F1 team and the group via Genii would be advantageous for all concerned.