Lotus future questioned as losses speed past £167m
By Christian Sylt7:53PM GMT 10 Jan 2014
Lotus future questioned as losses speed past £167m - Telegraph
Quote:
Lotus executive said that until debt refinancing has been competed, “there is a material uncertainty which may cast significant doubt over the group"................
During the year, Lotus secured a £270m bank loan that required it to maintain positive shareholders’ funds. The breach forced the management of Lotus’s owner, the Malaysian car manufacturer Proton, into negotiation with its bankers and the lead lender agreed to waive the covenant until March 31, 2014.
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