F1 News, Views and Reviews

Mecachrome On Brink Of Collapse

Engine manufacturer Mecachrome are on the brink of collapse as the world financial collapse continues.

The firm, based in Canada, has asked government for funding to continue business, but if they cannot secure sufficient money they will be forced to close.

The company, which prepares Renault’s F1 engines and has close ties with the team, Flavio Briatore and Supertec were unsuccessful in their bid to become the sole engine supplier in F1, with the contract, if it goes ahead, going to Cosworth.

The company also provide engines to sports car racing series, and are the single engine supplier to the GP2 series.

“Our goal is to allow Mecachrome to continue to operate as a going concern for the benefit of all those affected, including our many loyal employees, customers and suppliers,” Mecachrome President Christian Jacqmin said.

“[There are] industry-wide challenges and we  have an inability to raise capital in the current market environment.” Jacqmin added


Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s