Ferrari Holdings Plc has asked its bankers Lloyds Bank Plc to appoint an administrative receiver for the company. Ferrari’s directors say that bankers and shareholders have been unwilling to provide the necessary debt or equity finance the company needed to survive. Ferrari’s current financial difficulties are being blamed on transactions associated with the acquisition of UCL Plc, the 30% stake taken in Telecomputing Plc, acquisition of Pericom Plc and the subsequent reorganisation of the Ferrari Group. All actions taken under the guidance of Singer & Friedlander. Receivers from Arthur Andersen & Co hope to sell it as a going concern.
