One of the suppliers owed money by the HRT F1 team has hit out at the Spanish outfit over what it says are 'misleading information tactics' – and has confirmed that the team is now in liquidation.
Formtech Composites - which provides carbon solutions to a number of teams including Lotus, McLaren and Force India – has revealed that it had agreed a payment plan with the team when owners Thesan Capital announced plans to sell the team, with the team paying 25 per cent of the total it had outstanding at that point.
However, Formtech has now discovered that the team was placed into liquidation three days before that plan was agreed, on the same day news broke that the team was up for sale and that HRT was only offering to pay 30p for every Euro that remained outstanding.
Also insisting that the owner of HRT is down as a 'Luxembourgian Fund', Formtech said it had been left with no option but to look into the matter further due to the team's 'misleading information'.
“It has come to our knowledge that they owe a substantial amount of money to other suppliers in the motorsports industry,” a statement issued by Formtech read. “HRT decided by mid-November 2012 to stop the F1 racing activity. Formtech Composites is one of their suppliers, who supported them until the last race in Brazil.
“By 15th November a payment plan for all open invoices was jointly settled between HRT and Formtech Composites and 25% of the amount was paid according to the plan – leaving still substantial amount unpaid. One week later HRT changed the responsibility of their people involved in the case and stated the following:
• Liquidation procedures started on 12th November 2012 (so before payment plan was agreed).
• They are no longer in a position to pay 100% of the outstanding invoices
• The new offer is to pay 30p for every Euro owed across their entire creditor list, with no room for negotiation.
• The owner of the HRT F1 is a Luxembourgian Fund (misleading Formtech Composites Ltd on the possibilities of finding a viable way to chase the debt further).
“According to Formtech Composites Ltd's knowledge, the owner of HRT (which was formerly owned by Campos Meta 1 SL) is 100% Thesan Capital SL and no Luxembourgian Fund. Formtech Composites doesn't accept this misleading information tactics. Formtech Composites is going to investigate further into the true shareholder ship of HRT and Thesan Capital SL.”
There has been no response from Thesan Capital to the claims.