Lotus could face administration if deal isn't struck

The Lotus F1 Team is facing administration if it fails to reach an agreement with a group of creditors that have brought a winding-up petition against the team at the High Court.

Companies Court in London has adjourned the hearing for two weeks in order to give Lotus and its creditors time to talk out a deal, which Lotus CEO Matthew Carter is confident will happen.

"There is a court process we are going through," he confirmed to Autosport. "A number of suppliers are feeling a little negative because of what happened to Caterham and Marussia, and they felt they had to go down this process.

"We've had dealings and agreements with the companies that are taking part in the process, and it's being dealt with in a normal way.

"It's been adjourned while we deal with it, and we always knew it was going to be adjourned."

Carter is adamant that the winding-up case will have no impact on the teams future, as long as a deal is struck, otherwise it could result in the team entering administration where it could face bankruptcy.

"A resolution has already been found, that's why the process has been adjourned," he added. "Things are being dealt with."

One of the suppliers that has brought the action is gearbox manufacturer Xtrac, which confirmed it had "manufactured parts in good faith" but hadn't been paid in over 15 months.