Manor to exit administration within days - FRP
Manor received a boost on Thursday as administrators FRP Advisory confirmed that the company's creditors have agreed to the terms of a Company Voluntary Agreement (CVA), which will see the team exit administration "in the next few days".
Manor, formerly Marussia, is vying to make the 2015 grid and is preparing a 2015 chassis in order to cirumvent Force India's decision to block their comeback with last year's car.
It seems progress has been made with new car as Grand Prix Times can reveal that a crash test slot has been booked for late-March.
Though it's unlikely they will be present at the first race, scheduled for mid-March, they're eligible to miss three events and still collect their 2014 prize money.
The CVA is a major step in the right direction for the team, though many hurdles still need to be jumped before they're sat on the grid at some point this year.
However joint administrator and partner at FRP Advisory Geoff Rowley is hopeful that Manor has a bright future ahead of it.
"We are pleased that the financial restructuring of the Company has been progressed after creditor approval of the CVA," he said in a statement.
"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.
"We shall complete our statutory duties as administrators with the necessary filings needed in order to formally exit the Company from administration over the next few days."