Group Lotus submits new plan to creditors

[Frederik]

Group Lotus submits new plan to creditors
Proton-owned car manufacturer tries again to stem its heavy losses
17/07/2012

[KUALA LUMPUR] Ailing British sportscar maker Group Lotus plc submitted a fresh plan to get its house in order, a local newspaper said yesterday.

Quoting bankers familiar with the matter, Malaysia's Business Times said Lotus, owned by Proton Holdings via DRB-Hicom Bhd, submitted the plan to its six main creditors.

One of the sources said the revised plan was crucial for the carmaker to stem its heavy losses.

Malayan Banking Bhd and CIMB Bhd are the biggest lenders to Lotus. The others are Oversea-Chinese Banking Corp Ltd, Export-Import Bank of Malaysia Bhd, Affin Bank Bhd and EON Bank Bhd, the paper reported.

Not working out: At the end of last year, Lotus’s operating loss widened to RM166.6 million from RM102.4 million at the end of 2010. By July 2011, the banks had stopped Lotus from drawing down money from its loan facilities - BLOOMBERG

Bron : The Business Times Singapore