Sad for John Booth, I hope he had the GP company separated from the old Manor Motorsport entity otherwise he has lost the lot. Actually just checking - he had the old Manor Motorsport Ltd as a separate company, Manor Grand Prix Ltd is the one that has gone busto.
And not really surprising when you look at the balance sheet:-
Eek. 134M GBP - over $200M in debt, with interest rates noted elsewhere in the accts at "between 7% and 20%":
You can see the interest payment on the P&L - 12.3M GBP - $20M a year! Holy batman. Now he knows how Japan feels:-
And with revenues of just 28M GBP at the top of that statement, most of that from Max Chilton's dad Grahame Chilton and probably some Ferrari money via Nic Todt via Jules Bianchi, given they scored nul points in 2012. So the loss of Jules as a driver had to hurt them financially.
I wonder if the recent Russian sanctions over Ukraine have also hurt the ability of the ultimate holding co. Sasha Trust, to transfer funds?
The Sasha is presumably Sasha Cheglakov, wife of Andrei Cheglakov, the Marussia backer, who is at the top of OSJC Rostelekom. Maybe he can't get money out of his Moscow bank, or the subsequent rouble crash has hurt him? Bit of a coincidence it all started to go pear shaped just as the West ramped up the sanctions on Moscow...
Just an afterthought: nobody sane will buy that out of bankruptcy with those debts (which is 2012 by the way - probably much, much worse by now). The tangible assets are the tables and chairs and equipment, nothing else has any value at all, there isn't even a brand. Cheaper to go to the liquidation auction and buy the equipment piecemeal than rescue that mess.
This signature is encrypted to avoid complaints, but it makes me laugh out loud:-
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