Following
the deadline of January 15th, 2002 set by the Tribunal de Commerce of Versailles,
several proposals for financial partnership aiming at the continuation of Prost
Grand Prix’ activity have been received from foreign investors and have been
studied at many meetings involving the Official Receiver and the Judge.These proposals are similar in their characteristics implying a direct or indirect shareholding participation in the Prost Grand Prix capital and immediate funding allowing the team to honor all of its commitments.
Alain Prost, the Administrator and the Court are waiting for complementary pieces of information and guarantees allowing to ensure the company’s longevity. For this reason, no judgment has been rendered since january 15.
Due to the existing timing constraints, the Tribunal de Commerce of Versailles will examine the above proposals on January 24 and should render its ruling on Monday January 28.
Should the guarantees mentioned be judged insufficient, the Court, in agreement with Alain Prost and the Judge, would declare liquidation of the company.
If on the contrary, they are deemed sufficient, the Tribunal de Commerce of Versailles will be able to officialize the protocole fixing the modalities of entry of a new shareholder in the capital of PGP.
CIRCUIT
Then
Came The Ruling on Monday January 28
France is not without a team after the Launch of the Renault R202. It is a sad day for Alan Prost after giving much to the sport.
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