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McLaren fighting legal battle to borrow against historic collection

McLaren is taking legal action against a group of creditors blocking its plans to mortgage its collection of historic cars, it has been revealed. Originally announced in May, the cash-strapped company intended to raise £275m by borrowing against the McLaren Technology Centre in Woking and its extensive collection of racing cars. However, the BBC is now reporting that these plans have been temporarily put on-hold as the result of opposition from a group of creditors, who claim the cars are already being used as security as part of a bond which raised £650m in 2017. In response, McLaren has launched an action in the British High Court to get a declaration that the cars can still be used as...
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