Formula 1 boss Bernie Ecclestone has brought an action against Parkalgar, owner operators of the Autodromo do Algarve, for a debt in excess of €3.2 million owed to his company GP2 Ltd. It is the highest current court action, but not the only one against the company which currently faces seventeen court actions for non-payment for goods and services.
Autodromo boss, Paulo Pinheiro, admitted to the existence of court actions, but said that "arrangements have been made with all entities that have complained," leaving "only six or seven cases pending."
A review of Parkalgar's credit file shows only two companies that so far have come to arrangements with Parkalgar through the court system (a acção foi resolvida) and a further seventeen that have taken Parkalgar to court for monies owed (a acção está pendente). Either the March 14th 2012 e-informa credit report is inaccurate and arrangements have indeed been made with creditors, or the Parkalgar management is mistaken.
The administrator of Parkalgar says that there are "many cash flow problems," but that these are being managed.
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See also:
http://www.algarvedailynews.com/news/5885-autodrome-loses-algarve-historic-festival
