https://www.racefans.net/2018/07/27/per ... r-4m-debt/
Dieter Rencken and Keith Collantine, RaceFans.net wrote:The Silverstone-based Force India Formula 1 team has been placed in administration and will continue to operate in the meantime. Sergio Perez’s legal team told the court on Wednesday that Force India “is or is likely to become unable to pay its debt” and its parent company “are unlikely to be able to provide financial support”, according to documents seen by RaceFans. He is seeking payment of over $4 million (£3 million). Appointing administrators ahead of the F1 summer break is intended to minimise disruption to the team, allow it to continue operating will give it the best chance of being able to repay its creditors. The application was also supported by the Daimler/Mercedes group, which Force India owes over €10.5 million (£9 million), and sponsor BWT. The latter alleges its sponsorship deal with Force India was in the form of a loan.”
https://www.racefans.net/2018/07/28/per ... ys-mallya/
Vija Mallya, in a letter to employees, wrote:"Force India Formula One was placed into ‘administration’ today by the court based on a petition filed by none other than our driver Sergio Perez. Surprisingly BWT jumped in and claimed that their sponsorship amounts were loans which is ridiculous as our entire car is pink with BWT branding. So what does this actually mean. The administrator must secure creditor interests and find a viable financial solution going forward. Our holding company will work with the administrator to take the team out of administration or sell the team at the best possible price which the administrator is obliged to do in any case with a creditor vote where our holding company is by far the largest. The team keeps running and hopefully performing and both [deputy team principal] Bob [Fernley] and myself are in our positions."