Formula One team Marussia could come out of administration later this month after reaching an agreement with its creditors.

The team hopes to enter the 2015 season as Manor Grand Prix Racing.

But it faces a huge challenge with the first race of the new campaign just over a month away.

The 2014 season proved to be a difficult one for the constructor as one of the team's drivers, Jules Bianchi, suffered severe head injuries in a crash at the Japanese Grand Prix.