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 four owners of Champ Car (Kalkhoven, Forsythe, Gentilozzi and Pettit) made the decision to file for bankruptcy as far back as February 14th, one week before the deal with Tony George was reached to unify open wheel racing.
Forsythe and Kalkhoven also agreed to a non-compete covenant. They will also receive an additional $2-million each for promoting and staging the Long Beach Grand Prix and they agree to "show commitment and support of the IRL".
The four owners of Champ Car (Kalkhoven, Forsythe, Gentilozzi and Pettit) made the decision to file for bankruptcy as far back as February 14th, one week before the deal with Tony George was reached to unify open wheel racing.
Forsythe and Kalkhoven also agreed to a non-compete covenant. They will also receive an additional $2-million each for promoting and staging the Long Beach Grand Prix and they agree to "show commitment and support of the IRL".