Spyker has confirmed that is has filed for a “voluntary petition for financial restructuring” in a Dutch court, the equivalent of filing for bankruptcy under the American Chapter 11 proceedings.
The District Court of Midden-Nederland in Lelystad, in the Netherlands, has granted Spyker a temporary moratorium of payment while it attempts to address its short-term operational and liquidity challenges. For the time being Spyker expects production will continue through the restructuring, hoping to secure capital in the coming months. Spyker is in process of securing loan facilities arranged by independent financiers who intend to provide an immediate source of funds.
The Dutch manufacturer hasn’t had an easy existence since being revived in 1999. Having been dormant for more than 70 years, the Spyker name was revived and intended to infiltrate the high-end luxury sports cars, starting with the C8 supercar. In 2006, the Dutch manufacturer took control of the Jordan Grand Prix team, a venture that failed and later sold to Force India. Furthering the troubled history of Spyker, the brand attempted to take control of troubled manufacturer Saab from General Motors in 2010.
Victor R. Muller, Spyker founder and chief executive officer spoke about the proceedings in a statement, saying,
“Over the past few years, Spyker has faced a number of serious difficulties and challenges resulting from, among others, the legacy of the F1 era and the acquisition of Saab Automobile AB. Our Management and Board have been working very hard in the last 12 months on a restructuring plan that includes the execution of Spyker’s B6 Venator programme, an entry-level luxury sports car which will give a larger audience access to the Spyker brand, and the merger with a US based manufacturer of high performance electric aircraft, the exciting new sustainable technology of which will find its way into future Spyker automobiles,
“After careful consideration of all available alternatives, the company’s directors and management boards determined that a voluntary petition for temporary moratorium of payment was a necessary and prudent step and the best way to secure and use the financing necessary to maintain operations and allow for a successful restructuring of the company. We expect to emerge from this restructuring a stronger, more innovative company that is well positioned for growth and profitability. We are proud of the consistent high quality of our automobiles and our valued customer and partner relationships.”