McLaren is facing insolvency
McLaren is set to go to court as part of its attempts to raise additional capital to stave off the prospect of going insolvent.
The English marque has been hit hard by the COVID-19 pandemic, announcing it was shedding a quarter of its workforce in May.
It is now looking to raise funds needed to reach 2021 by securing finance against its facilities and collection of heritage cars.
McLarens road car sales plummeted to just 307 in the first three months of 2020, less than a third of the figure sold in the same period the previous year.
Its revenue as a result took a nose dive while pre-tax losses increased six fold to USD 165.6 million.
However, those figures do not account for the cost of producing the cars …
Read the full article at: https://www.speedcafe.com/2020/06/24/mclaren-launches-legal-proceedings-to-stave-off-insolvency/
