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Wed 1 Jul 2020 02:10 PM

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Bahrain helps rescue British supercar maker McLaren

The Formula One racing team and carmaker had originally planned to raise emergency funds by mortgaging its headquarters and a historic car collection

Bahrain helps rescue British supercar maker McLaren

 McLaren Group said it may run out of money by mid-July.

Bahrain helps rescue British supercar maker McLaren

 McLaren Group said it may run out of money by mid-July.

McLaren Group Ltd. said 150 million pounds ($185 million) has been injected into the British supercar maker by way of an equity subscription.

McLaren obtained the loan from National Bank of Bahrain, which is an associate of the carmaker’s largest shareholder Mumtakalat.

“This loan had been provided with support from the existing shareholder group,” McLaren said in its annual report.

The Formula One racing team and carmaker had originally planned to raise emergency funds by mortgaging its headquarters and a historic car collection, but the plan faced opposition by a group of noteholders. The company said it may run out of money by mid-July.

Bahraini sovereign wealth fund Bahrain Mumtalakat Holding has a 62.6% stake in McLaren, and a 44.2% holding in the National Bank of Bahrain.

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