Bankruptcy

Champ Car Bosses File for Bankruptcy

By J. Michael McBride

Champ Car World Series filed for bankruptcy Wednesday after agreeing to an open-wheel unification plan with Indy Racing League ("IRL") worth $6 million. The assets of Championship Auto Racing Teams were purchased from Champ Car in 2004 after CART had filed bankruptcy. Champ Car will liquidate its assets and pay its debts of estimated $10 million after the Toyota Grand Prix of Long Beach on April 20. The meeting of creditors will be held the next day.

Champ Car's leaders decided "that it is no longer economically feasible to sustain an open-wheel series and that (Champ Car) did not have the funds to operate the series in 2008".

You can read the entire article at: http://www.thatsracin.com/other_series/story/11875.html

Chandra

Full post as published by Texas Lawyer Blog on March 17, 2008 (boomark / email).