Arrows gain legal reprieve from creditors

Phew!
By Huw Alban
September 10 2002

As was speculated this morning, the Arrows team have been granted a court reprieve in order to get their affairs in order. The team were facing two hearings today, but a late payment to a recruitment agency appears to softened the court’s view

The Arrows press statement released this evening reads:

“The High Court in Leeds (UK) today agreed to postpone any hearing regarding the future of Arrows for 28 days.

“Arrows is delighted that it’s creditors and the Court have given the Company a chance to secure the best possible future and the Company remains committed to achieving this.

“The process of selling the team is ongoing and that is where all efforts will continue to be concentrated at this time.

“Arrows will make further statements as and when news is available.”