More details about McLaren's financial troubles have emerged after the automaker and Formula One team filed lawsuits against its creditors.

Due to poor vehicle sales and the postponement of the 2020 F1 season caused by the virus epidemic, McLaren and its F1 teams have experienced serious funding shortages.

Therefore, there are rumors that McLaren is planning to sell its shares in the F1 team in the near future. The company also announced 25 layoffs in May this year. The McLaren Group previously had about 4,000 employees. The layoffs in May resulted in 1,200 employees losing their jobs, involving the Formula One team, road cars and applied technology businesses.

Someone discovered from Internet public documents that McLaren plans to mortgage its headquarters building in Woking, England, as a guarantee for another loan application. Before this, McLaren had already mortgaged the company building and The company's collection of numerous McLaren classic cars was mortgaged.

The loan funds obtained from mortgaging classic cars were used to purchase the shares held by Ron Dennis, the company’s major shareholder and former McLaren chairman.

It is said that McLaren also paid other additional expenses at that time (Dennis's shares alone cost McLaren US$343 million).

Those earlier creditors have now come out to prevent McLaren from continuing to use its headquarters building and collection of classic cars to obtain new loans, and the creditors have proposed a new financing proposal.

According to information obtained by "Forbes" from McLaren's legal proceedings, McLaren did not accept the creditors' new financing proposals, so it took the earlier company's creditors directly to court. The company It hopes a legal ruling will see creditors lose control of its corporate headquarters and classic cars. McLaren said in the lawsuit that it needs more funds to ensure its "continuing operations into 2021" and help prevent a "cash flow crisis and bankruptcy"

According to "Forbes" magazine According to reports, due to the factors of bankruptcy, the two parties proposed to handle the matter through a two- or three-day trial starting on July 2.

McLaren has previously maintained operations through additional capital injections from shareholders. Currently, the car company's largest shareholder is Bahrain Mumtalakat Holding Company, which is the Bahrain government.

Previously, McLaren also requested an emergency loan of 150 million pounds (approximately 1.3 billion yuan) from the British government, but the British government rejected it. It is reported that most employees of McLaren Automotive Group are currently on leave.

This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.