Dutch appeals court cancels bankruptcy of Spyker NV

Article by Andrew Christian, on February 3, 2015

A Dutch appeals court has declared the bankruptcy of financially troubled Dutch supercar maker Spyker "null and void with retrospective effect." A local court placed the company in bankruptcy on Dec. 18 by a Dutch court after the bridging funds promised during creditor protection failed to materialize. Spyker only received the funds 11 days later and then filed an appeal on bankruptcy ruling.

The nullification of the bankruptcy declaration means that Spyker is now back under the protection of the "moratorium of payment," which is similar to the Chapter 11 protection in the United States.

With the matter resolved, Spyker chief executive Victor Muller said he plans to push ahead with development of the B6 Venator entry-level luxury sports car as well as merge with a US-based maker of high performance electric aircraft.

The company unveiled the 375-hp V6-powered B6 Venator at the 2013 Geneva auto show and hopes it would bring more business. It was suggested to have a tag of around EUR160,000, or about EUR40,000 cheaper than Spyker C8 Aileron sports car.

Muller wants Spyker to merge with an aircraft maker once the company emerges from the "moratorium of payment." He said that the “new sustainable and disruptive technologies" currently being developed by that aircraft maker would be of value in future "full electric" Spyker cars.

According to Muller, Spyker has reached an agreement with the majority of its creditors, which means that the carmaker could exit 'moratorium of payment' in a matter of weeks."

Topics: spyker, bankruptcy

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