The latest I hear from Spain is that redundancy notices have been sent to team members and that unless a buyer can be found in the next couple of weeks the team will be shut down in December. There is very little chance that anyone will now buy the team. It is hard to see how there can be any work going on for a new car when the team is likely to close down and without a new design there is no future at all, because next year would simply be a repeat of the current season. The team has no real assets. It is renting premises in Madrid. Its only reason for existence was to try to build up value in order that the owner Thesan Capital could then sell it and recoup the losses on loans that were previously made to the previous owners of HRT. As things have not gone well, the bankers are now going to have to write off the debts, or if the team can be sold, accept a small percentage of the money outstanding. The team has a Cosworth engine supply for next year but nothing for 2014. In theory the team could be sold for $1 and the new buyer would then have to be willing to take on the employees, there would still be a need for at least $30 million to run the team next year, and that would be at a level similar to now, which is not really going anywhere. In the circumstances shutting the team down is the best option, to avoid debts and to extract the bank from a business it clearly never understood.
There are rpeorted to be attempts still going on to save the team, but there is no money in Spain and a team outside the top 10 in F1 does not have a huge value, unless there has been actual investment made in assets.