"The Champ Car World Series has filed for bankruptcy in the United States.
Ironically, the filing was made in the same branch of Federal Bankruptcy Court in Indianapolis where only four years ago Judge Frank J. Otte rejected Tony George's bid for the then CART assets, awarding them instead to a group formed by Kevin Kalkhoven and Gerald Forsythe.
According to ESPN.com, documents filed Wednesday by Champ Car World Series LLC listed debts of almost $10-million with Cosworth Inc. the largest creditor, owed more than $1.8-million. Champ Car valued its assets at between $10- and $50-million.
The documents also revealed a few more details about the unification with the IRL last month.
Gene Cottingham, the vice president and CFO of CCWS LLC states that Kalkhoven, Forsythe, Paul Gentilozzi and Dan Pettit determined that it was no longer economically feasible to sustain an open-wheel series and that Champ Car did not have the funds to operate in 2008...."
Ironically, the filing was made in the same branch of Federal Bankruptcy Court in Indianapolis where only four years ago Judge Frank J. Otte rejected Tony George's bid for the then CART assets, awarding them instead to a group formed by Kevin Kalkhoven and Gerald Forsythe.
According to ESPN.com, documents filed Wednesday by Champ Car World Series LLC listed debts of almost $10-million with Cosworth Inc. the largest creditor, owed more than $1.8-million. Champ Car valued its assets at between $10- and $50-million.
The documents also revealed a few more details about the unification with the IRL last month.
Gene Cottingham, the vice president and CFO of CCWS LLC states that Kalkhoven, Forsythe, Paul Gentilozzi and Dan Pettit determined that it was no longer economically feasible to sustain an open-wheel series and that Champ Car did not have the funds to operate in 2008...."
The story goes on to say that Gerald Forsythe's announcement that he would not field a team in the IRL may have already violated a contract that would pay him $2 million to "show commitment and support of the IRL."
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