The Williams team refinanced its existing debts with new loans obtained from its main financial partner, HSBC Bank.
According to Deputy team principal Claire Williams, the loans will allow the team to provide itself with "the resources necessary to move forward." From this, it can be concluded that loan negotiations began before the widespread spread of the Сoronavirus.
"Following the sale of WAE at the end of 2019 we began a refinancing process," Claire Williams told.
"After considering a number of options, we have now concluded our refinancing with a consortium of lenders, all of which was negotiated on an arms-length commercial basis. The loan package provides us with the resources that we need moving forward."
The team's base with its equipment, buildings and land plots, as well as a collection of historical cars with more than 100 items became collateral for the loans.
Michael Latifi, the father of Williams driver Nicholas Latifi, also took part in the refinancing of Williams' obligations. One of the loans was issued to Latrus Racing, a Company owned by Michael.