Caterham are just two weeks away from being wound up unless a buyer can be found for the ailing Formula One team.
Administrators in London-based accountancy firm Smith Williamson have delivered the grave scenario for the marque.
However, they have confirmed they are currently in discussions with a number of interested parties, ensuring there is a glimmer of hope for the team and the 200-plus staff.
Henry Shinners, one of the two men overseeing the administration, told Sky Sports News: “We’re continuing our efforts to try and find a buyer for the team, bearing in mind the workforce are the lifeblood of the team. We feel if a buyer doesn’t come forward in the next two weeks then we’ll probably have to wind it down.”
Caterham were placed in administration a week ago, followed just three days later by Marussia, with both serving as a major blow for F1.
Both teams were given dispensation by F1 supremo Bernie Ecclees need to be made to address the financial folly that has led to the demise of Caterham and Marussia.
The soaring financial implications of competing in F1 have resulted in Sauber’s future being placed in doubt, although Kaltenborn claims that whilst precarious, her team’s position is not as bad as Caterham and Marussia.
Kaltenborn is, however, angered by what has occurred, particularly as the teams had the opportunity at the start of the year to address the situation, only to reject FIA president Jean Todt’s plans for a cost cap from 2015 onwards.
“I’m beyond the stage of frustration,” said Kaltenborn.
“It’s one thing to just talk about this terrible scenario that some teams are not going to be there, but for the people responsible for the sport to have let it come this far is extremely disturbing.
“What we really need to look at – and we as a team have been saying for so long – is to get the figures right in the sport.
“It’s a real shame we have turnovers of billions of dollars, yet as a sport, as a community, we are not capable of making sure that 11 teams survive. Now you try to explain that to somebody.”
In particular, Kaltenborn has called for a re-think as to how money is distributed among the teams.
