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