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McLaren takes legal action to secure vital new loan
The McLaren Group has asked a court to allow it to use its factory and heritage collection as collateral for a new loan aimed at stemming "severe and unexpected" financial difficulties. The automotive company, which includes McLaren Racing, has been legally challenged by a group of creditors who contend that the McLaren Technology Center and its heritage collection are already employed as security in a bond offering dating back to 2017, according to a report from the BBC. McLaren's global sales have collapsed since the onslaught of the coronavirus crisis, while McLaren Racing's revenues have also been severely impacted by F1's disrupted season. McLaren Racing considering selling...
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