Spyker Cars files for financial restructuring at Dutch court

Article by Christian Andrei, on December 5, 2014

Dutch supercar maker Spyker Cars has filed for financial restructuring, seeking to avoid bankruptcy. A Dutch court has already granted the carmaker’s petition for a temporary moratorium of payment, allowing it to address short-term operational and liquidity challenges.

Spyker said in a statement that the court has also named an administrator who will manage the carmaker along with its board. Spyker founder and chief executive Victor Muller remarked that the carmaker encountered serious difficulties as a result of its acquisition of Saab and its involvement in Formula One racing.

Spyker acquired Saab from General Motors in 2009 but failed to revive the Swedish group. Spyker’s restructuring plan entails a launch of its B6 Venator entry-level luxury sports car as well as a merger with a manufacturer of high-performance electric aircraft based in the United States.

Muller said in the statement that Spyker expects to emerge from the restructuring “a stronger, more innovative company” well-positioned for growth and profitability. According to the company, it is now securing a loan for immediate funds.

Earlier this year, a court in the US dismissed Spyker’s $3-billion lawsuit against GM. It had claimed that derailed plans to sell Saab to a different Chinese buyer from the one who eventually purchase the Swedish brand. In November, a Dutch court ordered Spyker to vacate a plant in the Netherlands after incurring around EUR125,000 ($155,000) in arrears on rent.

Topics: spyker

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Having a blacked-out Bentley Mulsanne Speed is already menacing by itself but by naming it as the Bamford X, it became all the more imposing. This model was made by...
by - December 2, 2016
We have good news for those who are waiting for the latest version of the Mazda CX-5 compact crossover. It was just unveiled in November at the 2016 Los Angeles...
by - December 2, 2016
Those familiar with racing know that Marco Wittmann’s win during the 2016 Deutsche Tourenwagen Masters held last May was noteworthy as it was his second title in four seasons. In...
by - December 2, 2016
Volvo has revealed that while its products are used by a number of police organizations around the world, it will be the Swedish police that will get the first chance...
by - December 2, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries