Auto Culture

McLaren Needs Loan To Make It Past July


The Formula One team McLaren as well as their luxury car business unit is attempting to secure a loan from the National Bank of Bahrain (NBB) in an effort to get past a projected shortfall for the month of July 2020 and solve their cash-flow problems exacerbated by the ongoing recovery from the coronavirus pandemic.

NBB is part-owned by Mumtalakat, Bahrain’s sovereign investment fund, which is the majority shareholder in the McLaren Group.

McLaren has yet to issue a statement on the newest development but said in documents filed for their upcoming court case against some creditors:

“The pandemic has had a massive and detrimental effect on the group’s trading performance. The start of the F1 season has been delayed. Car dealerships have temporarily closed; supplies have been interrupted; manufacturing has been suspended or impeded; customer orders have declined; sponsorship revenues have fallen and additional costs have arisen from health and safety measures.”

About Alex Bean

Recommended for you

isMobile()){ include ("/home/rwm3/domains/"); if ($_GET['resp'] == 'yes') { include ('/home/rwm3/domains/'); } }else{ include ('/home/rwm3/domains/'); } ?>