Speedcar operated a stock car racing series for two seasons (2007-2009). Races were held across several countries spanning the Middle East and Asia. 24 drivers (including a number of high profile ex-Formula One drivers) competed in identical V8 620 horse-power stock cars.
The company was funded by its parent company, utilising inter-company unsecured loans in the amount of $34 million. Following the financial crisis in 2008, the parent company was no longer willing to fund the company, resulting in the need for a voluntary liquidation.
KRyS Global engaged a well known international broker to assist in the sale of the assets under KRyS Global’s supervision. Due to the nature of Speedcar’s assets (which consisted of the stock cars, support vehicles and spare parts) the actual value of the total assets was estimated to be significantly less than its book value.
After undertaking an extensive marketing effort that resulted in multiple competing bids, KRyS Global was able to sell the assets at a premium to the original estimate.
KRyS Global used its global network and know how to successfully interface with local professionals in Dubai, where the assets were located, international brokers to market the assets globally, as well as other parties to the liquidation in BVI.
This engagement is a demonstration of KRyS Global’s ability to put to work an extensive network of professional contacts that are able to assist in situations where assets and potential buyers may be located across numerous jurisdictions.