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Supplier attacks HRT

Formtech Composites hits out at HRT over what it claims are 'misleading information tactics' relating to plans to close down the Spanish F1 team
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.



Tagged as: HRT , Formtech , Thesan Capital

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KGBVD - Unregistered

December 10, 2012 7:28 PM

Crooks. I have never been more glad to see a team go. These guys were amateurs and had absolutely no right being in F1. (Thanks for that, Max, so much better than having a manufacturer-backed Prodrive entry!) "Good riddance to bad rubbish" has never applied more - that team was trash.

sodesu - Unregistered

December 11, 2012 9:41 AM

There never really was a factory-backed Prodrive entry, they were always conditional on rule changes that never happened. And at the time people were upset that Lola didn't get the chance too, well Lola went bust before HRT even without the investment burden of running an F1 team. Complain as much as you like but you can't just choose who enters, and the end result will just be one team less on the grid. And to put things in perspective, have a look at the F1 Rejects site before labelling them as useluss failures, worst team ever and whatever else it is they have been called. F1 as a whole is on a higher level now than ever and they were after all on the grid in all but two races for three full season. That actually makes them quite successful compared to many others in the past. Interestingly though, Formtech themselves were among the rejected entries in 2010. They are in fact the current operators of the former Arrows/Super Aguri facilities.



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