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Marussia F1 hopes boosted as it hopes to exit administration

February 4, 2015

LONDON (AP) — Marussia hopes to exit administration this month, boosting the Formula One team’s hopes of lining up in the season-opening race on March 15.

Marussia missed the final three grands prix last year after heavy debts forced it into administration in October, along with Caterham.

It was provisionally entered for 2015 under the name of Manor, and hopes were initially raised last month after a planned auction to sell the team’s remaining assets was cancelled.

Marussia wants to exit administration on Feb. 19 via a Company Voluntary Arrangement (CVA).

The team’s co-administrator, Geoff Rowley, says a CVA, agreed with company creditors, “allows for a turnaround of the business” and “negotiations have taken place with a number of parties to try and secure a long-term solution.”

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