Spyker Cars files for financial restructuring at Dutch court

Article by Christian A., 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

Recommended

Not a few agree that the Volkswagen Polo news a styling overhaul. While this supermini still looks good as it is now, the latest facelift was around three years. With...
by - April 27, 2017
They say that when the going gets tough, the tough get going. That’s what Harvey Payne did with his Chevrolet Bolt. Ever since he bought it, it had been experiencing...
by - April 27, 2017
What defines a coupe? Well, according to the dictionary, “it is a car with a fixed roof and two doors”. Ok, now that it is clear, when does one not...
by - April 27, 2017
Back in 2013 was when the first hot hatch was released, that was the original A45 by Mercedes-AMG, carrying a hand-built 2.0 liter M133 turbo mill. It was then then...
by - April 27, 2017
BMW dealers have a problem, a good problem. The demand for the 2017 BMW 5 Series is very high, they cannot attend to all the customers. But actually, supplies are...
by - April 27, 2017
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