Friday, October 12, 2012

A Mighty Name has Fallen ~ Lola Shuttered

Lola shuttered as administrator unable to find buyer for bankrupt automaker

Posted Oct 11th 2012 1:30PM

When Lola Cars International filed for bankruptcy in May of this year, the expectation was that a buyer would be found because, after all, it's Lola. Over the past 54 years, the British racecar builder has had its aluminum and carbon fibre fingers in every top series and a cornucopia of feeder series', and it continues to have carsracing on tracks as you read this. A report on Speed puts paid to that, however, with word that no suitable buyer came forward and hence the division has been shut down and will probably have its assets sold.

For the moment, the move only affects Lola Cars, which is the car building arm of Lola Group Holdings. According to Speed, the Lola name and all of the intellectual property belong to the parent company, and LGH isn't affected bankruptcy and closure it just won't be building cars anymore. The Lola Composites division was also declared bankrupt in May, but remains a going concern seeking a buyer.

News Source: Speed

No comments:

Post a Comment