Marussia have today exited administration after reaching an agreement with their creditors. They agreed to a Company Voluntary Agreement which means they can now exit administration.
The Banbury based outfit missed the final three races of the season after entering administration before the US Grand Prix last season, with the team set to fold in November. Since then parts have been auctioned off but the team were still granted a place on the grid for 2015 under the name Manor F1.
Their creditors included Ferrari and McLaren, with both believed to be owed around £10million. The agreement means Marussia/Manor can possibly make the grid for 2015.
Marussia’s administrators said: “The financial restructuring creates a platform for the Company to continue with its plans to participate once again within Formula 1. We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA,” said joint administrator Geoff Rowley.
“With new investment and a continuity of the respected management, the business has the ideal platform from which it can accelerate the operational rebuilding already underway to get a team back racing.
“It has been a long process and we would like to thank everyone involved to reach this milestone.”
Last season was somewhat a rollercoaster for Marussia, with the team managing their first ever points with Jules Bianchi’s impressive ninth place finish at the Monaco Grand Prix. However, the key incident last season was Bianchi’s horrifying crash at Suzuka, in which he still continues to recover from.