We all know that Lotus has a lot of issues, but there has never been any confirmation of exactly how much trouble Lotus is really in. After DRB-Hicom requested a delay in tax payments to the Inland Revenue, people started looking a little closer.
According to reports, Lotus has about £30 million (roughly $48 million at the current exchange rates) in overdue debts to various suppliers. £23 million (roughly $36.8 million) of this debt is 90 days overdue and £7 million (roughly $11.2 million) of it is between 30 and 90 days overdue. Here comes the oddest of claims by DRB-Hicom; a source close to the company says that the blame for the overdue payments is related to prior management ::cough::Dany Bahar::cough::.
Okay, Bahar has been gone since late May and that means that DRB-Hicom has had full control of Lotus, and its bills, for over five months now. We will gladly give Bahar a lion’s share of the credit for taking one of the greatest sports car companies and flushing it down the toilet, however, we cannot put the blame on him for bills that are now three months overdue.
This issue falls directly on the plate of DRB-Hicom and the CEO it appointed to run Lotus, not Bahar and not any other previous management. Sure, previous management may have spent money that it didn’t have carelessly, but you have had five months to figure out how to pay the bills, so deal with it.
DRB-Hicom may start rethinking the £1 offer it received several months ago. That’s a small sum of money to hand someone a debt-burdened and troubled company… We’ll keep an eye out for more on this situation.