Lola shuttered as administrator unable to find buyer for bankrupt automaker

Jonathon Ramsey — Thu, 11 Oct 2012 13:30:00 EST

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 fiber fingers in every top series and a cornucopia of feeder series', and it continues to have cars racing 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.

Lola shuttered as administrator unable to find buyer for bankrupt automaker originally appeared on Autoblog on Thu, 11 Oct 2012 13:30:00 EST. Please see our terms for use of feeds.

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Lola files for bankruptcy

Noah Joseph — Wed, 16 May 2012 18:02:00 EST

Filed under: Motorsports, Earnings/Financials, UK, MISC

Lola may not be a name recognized by the average consumer, but racing fans will know it well. The British concern has built and continues to build race cars that have spanned an enormous variety of series and disciplines since its founding in 1958, including (but not limited to) Formula One, Le Mans, CART and just about every formula feeder series you could think of, including Formula Two, Formula 3, Formula 3000, Formula 5000 and A1GP. Now, unfortunately, the company is filing for bankruptcy protection.

The reasons are pretty simple: too many expenses and not enough revenue, although tax credits it was due from the British government are also said to be partially to blame. As a result, the outfit responsible for - among numerous other accolades - five LMP2 titles at Le Mans since 2000 alone is entering financial administration as it seeks new investors.

Along with it, Lola Cars is taking Lola Composites, however the effect this might have on its concerns in defense and aerospace (among other areas) remains to be seen. As is the future of the SP/300.R track car which Lola builds for Caterham, or the countless racing teams that continue to count on Lola to build and support their sports prototypes. But with so many racing programs at stake, we can hardly imagine the company's considerable capabilities and expertise will go unclaimed for long. Scroll down for the official announcement.

Continue reading Lola files for bankruptcy

Lola files for bankruptcy originally appeared on Autoblog on Wed, 16 May 2012 18:02:00 EST. Please see our terms for use of feeds.

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