FF_Mark
28-01-2002, 18:25
http://www.turbosport.co.uk/images/smilies/sad.gif
A Versailles court on Monday put the Formula One team Prost Grand Prix (PGP) into formal liquidation. The team's future, which was set up by four-time world champion Alain Prost in February 1997 when he bought the Ligier team, had been in doubt ever since it went into receivership in November with reported debts of 27 million dollars (30.49 million euros).
Prost, 46, emerged looking pale after the hearing to admit that "this is a confirmation of failure."
PGP has no current plans to launch an appeal against Monday's judgment. Over the next two weeks the firm will continue to exist during which time the formalities of winding it up will be undertaken and to sell off at auction some of its material belongings. But its 200 employees are all to be laid off.
An original decision had been expected on January 15 but talks between the court-appointed receiver and the judicial authorities ended inconclusively. The liquidation of PGP will have surprised many, especially after AFP learned on January 7 a group of French investors were willing to pour 40 million dollars (44.65 million euros) into the outfit.
The team, based at Guyancourt in the western suburbs of Paris and which employs 200 people, had been founded on February 1997 following Alain Prost's glittering career as a driver which brought him four world titles.
A Versailles court on Monday put the Formula One team Prost Grand Prix (PGP) into formal liquidation. The team's future, which was set up by four-time world champion Alain Prost in February 1997 when he bought the Ligier team, had been in doubt ever since it went into receivership in November with reported debts of 27 million dollars (30.49 million euros).
Prost, 46, emerged looking pale after the hearing to admit that "this is a confirmation of failure."
PGP has no current plans to launch an appeal against Monday's judgment. Over the next two weeks the firm will continue to exist during which time the formalities of winding it up will be undertaken and to sell off at auction some of its material belongings. But its 200 employees are all to be laid off.
An original decision had been expected on January 15 but talks between the court-appointed receiver and the judicial authorities ended inconclusively. The liquidation of PGP will have surprised many, especially after AFP learned on January 7 a group of French investors were willing to pour 40 million dollars (44.65 million euros) into the outfit.
The team, based at Guyancourt in the western suburbs of Paris and which employs 200 people, had been founded on February 1997 following Alain Prost's glittering career as a driver which brought him four world titles.