French Formula One team Prost Grand Prix was placed into receivership by a court in Versailles today.
The French constructor will be monitored by the court for a period of six months. Judge Franck Michel has been named the team's administrator.
Prost has had problems finding sponsors in time to pay Ferrari, who provide the French team with engines.
The French constructor will hold a news conference at 3.30 p.m.
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Prost scored four points last season from 17 races.