FRP Advisory agrees Marussia CVA with creditors

FRP Advisory agrees Marussia CVA with creditors

Marussia closer to returning to F1 after joint administrators from FRP Advisory agree CVA with creditors

PARTNERS from FRP Advisory have reached a deal with Marussia creditors that will see the failed Formula One team exit administration.

The specialist restructuring firm secured a company voluntary agreement with creditors last week moving the team, which has reverted to its original name of Manor House Racing, a step closer to returning to F1.

FRP partners Geoff Rowley and Geoff Carton-Kelly were appointed as joint administrators in October last year after the Marussia team collapsed with £30m of debt and made a number of redundancies.

Geoff Rowley, joint administrator, and partner at FRP Advisory, said: “We are pleased that the financial restructuring of the company has been progressed after creditor approval of the CVA.

“With new investment and a continuity of the respected management, the business has the ideal platform from which it can accelerate the operational rebuilding already underway to get a team back racing.”

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