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Formtech claims HRT already in liquidation since early November

By Berthold Bouman

Formtech claims HRT already in liquidation since early NovemberFormtech Composites, supplier of carbon fibre products, claims the financially stricken HRT team had already gone into liquidation early November. The Leafield-based company says in a statement the Spanish outfit owes them a ’substantial amount’ of money. According to the company HRT went into liquidation on November 12, the same day the Spanish Thesan Capital investment company put the team up for sale.

Formtech, who also supply carbon fibre products to other Formula One teams, accuses the Spanish outfit of ‘misleading information tactics’ over its ownership and believes that the team is now owned by a Luxembourg-based fund, and not by Thesan Capital. Formtech has started an investigation to find out who owns HRT, and then will take the necessary steps to get their money.

The full statement read:

It has come to our knowledge that they owe a substantial amount of money to other suppliers in the motorsports industry. 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.”

Narain Karthikeyan, HRT - Photo: HRT

It looks like the HRT team, if they still actually exist , is in big financial problems. Earlier in November HRT had hoped to get sponsoring from Chinese driver Ma Qing Hua, but the management of the 24-year old Shanghai-born driver is now in talks with Caterham and Marussia.

Also HRT’s Technical Director Toni Cuquerella has hinted via Twitter that it’s all over for HRT. On December 1 he wrote, “Four years ago, I suggested to a friend to make a F1 team,” and “Today after three seasons the last page of HRT has been written.” One day later he wrote, “It was certainly an experience.”


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