McLaren Files a Lawsuit Against Some of its Creditors
Things are Getting Interesting
McLaren is currently struggling to cope financially due in large part to the COVID-19 pandemic and the impacts on the economy that have come with it. The company is seeking some financing to stay afloat, but past creditors have come out and said that the company can’t use its headquarters and its historic cars as collateral because the company already used those assets as collateral on some previous financing in 2017, according to Motor Authority.
Those moves prompted some alternative financing options, which McLaren isn’t interested in. In an effort to free up some collateral for financing, the company has filed a lawsuit against the old creditors. The hope is that it will be able to free up some of its assets so that it can secure some credit to get it through this tough time.
A trial is set for July 2, and it has been reported that if McLaren doesn’t get some kind of financing by July 17, things could go south very quickly. The company is being propped up right now by shareholders, and one of the biggest shareholders happens to be the Bahrain government. McLaren asked for an emergency loan from the UK government, but that didn’t go through. It’s unclear what will happen at this time.