National Bank of Bahrain (NBB) provides a £150 million (A$267 million) loan to Mclaren. This will help to reduce their immediate financial worries and now team can focus more on performance.
IMF declared earlier that World is in recession due to Coronavirus pandemic. And prediction is, it will be worse than 2008 financial meltdown. Mclaren is one of many organization around globe facing insolvency problem, few of them already filed for bankruptcy.
McLaren Group announced last month that approximately 1,200 employees would be laid-off across their technology, automotive and racing businesses.
As per recent reports McLaren Holdings Ltd had begun legal proceedings seeking a loan against its factory in working and vintage car collection. and the move was challenged by a group of creditors,claiming the assets had been used for a previously agreed bond in 2017.
McLaren were seeking around £280m ($502m) in cash flow by July 17 to protect their immediate future. With NBB deal they can see light at the end of the tunnel.
Though it is in expected lines that NBB came to aid. Thanks to the Bahrain sovereign wealth fund Mumtalakat Holding Company,which holds 44 percent stake in NBB and 56 per cent stake in the McLaren Group.
An NBB statement read: “Final documentation has been signed and all the necessary approvals have been granted in relation to a £150m financing facility.”
McLaren seeking to build on a fourth-place finish in the constructors’ standings in 2019 – their best finish for seven years and they have signed one of best driver on the grid in Daniel Ricciardo for 2021 season.
