spyker, bankruptcy

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Dutch appeals court cancels bankruptcy of Spyker NV

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.

Read the entire article Dutch appeals court cancels bankruptcy of Spyker NV

Dutch court sends Spyker NV into bankruptcy

A Dutch district court has declared Spyker NV bankrupt, placing the financially troubled supercar maker under court-supervised receivership. Also placed under receivership are Spyker’s wholly owned subsidiaries Spyker Automobielen and Spyker Events & Branding. The court-appointed administrator for Spyker is now tasked to guide the carmaker through bankruptcy proceedings, the Dutch company said in a statement.

The carmaker said that the court ruled to declare it bankruptcy after a planned bridge funding failed to reach it on time. Spyker founder and chief executive Victor Muller has vowed to revive the company and this time around, he said that his company’s bankruptcy “is not the end.”

He remarked that he will “relentlessly endeavor” to revive Spyker as soon as practically possible. He said that once Spyker is revived, it would merge with a high performance electric aircraft maker and develop electric vehicles with “disruptive sustainable technology.”

Read the entire article Dutch court sends Spyker NV into bankruptcy

Spyker sues GM for $3 billion over driving Saab into bankruptcy

General Motors Co. faces a lawsuit filed by Spyker in the U.S. District Court in Detroit for over $3 billion on behalf of its subsidiary Saab, claiming that GM had intentionally bankrupted the Swedish group by opposing a deal with a Chinese investor. In May 2011, Saab Automobile halted production when it couldn’t anymore pay suppliers and workers.

Saab, which is one of the most famous brands in Sweden, was discontinued in December, almost two years after GM sold it to Spyker, the Dutch sportscar maker. Spyker said that GM’s attempts to prevent a sale were made to get rid of a potential rival in China. According to Spyker CEO Victor Muller, GM "had it coming" with regards to the lawsuit.

Muller told Reuters that they weren’t expecting to survive but then Spyker is “still here.” In its complaint, Spyker said that GM never meant to allow Saab to compete with it in China. Spyker said that when Saab discovered a way to secure liquidity and continue as a going concern with the help of Chinese investors, GM wanted to spoil the deal by using any methods it could think of, including publishing wrong information about its rights under the parties' contracts.

Read the entire article Spyker sues GM for $3 billion over driving Saab into bankruptcy

Spyker ends reign of the C8 Aileron with final 3 units in LM85 specs/liveries

For those of you who are aware of Spyker, you must have heard of the C8 Aileron. The said model has been around for about eight years now and the Dutch automaker has finally decided to give an end to its life. And to give it a proper goodbye, Spyker will produce the final three examples in the racing inspired LM85 spec, together with matching motorsport-inspired liveries.

To achieve this look, the automaker will make use of exposed rivets to attach the LM85’s body panels to the C8 Aileron. It will be given wider fenders as well. The billet aluminum intakes give the exterior a bright flourish. And since the automaker is only going to build three examples of the vehicle, each one of them will be getting a unique paint job.

One of them will be finished in a Jet Black finish with Crimson Red S accents that decorate the body, while the other one is a reverse of the first one, getting a Crimson Red with Jet Black S accents. The third model will be dressed in Jet Black with a Gold S. All three examples will be getting a two-tone leather inside, paired with an aluminum dashboard, accented with Chronoswiss gauges.

Read the entire article Spyker ends reign of the C8 Aileron with final 3 units in LM85 specs/liveries

British startup Zenos, which entered bankruptcy administration earlier this year is now back in business. The Norfolk-based sports car manufacturer was bought by a consortium of investors headed by AC Cars, another British brand. The consortium has acquired all of its assets including Zenos’ intellectual property, ten remaining cars assembled, as well as its Wymondham headquarters.

Zenos Cars was founded in 2012 by Ansar Ali and Mark Edwards ---both were formerly connected to two famous British automotive companies--Lotus and Caterham. The British automaker started out at Hethel Engineering Center with a small lineup of lightweight carbon-fiber sports cars including the Zenos E10. Using Ford EcoBoost for its engine, the Zenos E10 sports car is also made with an aluminum and composite chassis. Eventually, the company started experiencing financial setbacks due to high production cost.

AC Cars Limited meanwhile continues to manufacture the Cobra also known as the MkVI roadster or Shelby Cobra. Only recently, the British brand increased its lineup by building a right hand drive version of the iconic sports car.

Read the entire article AC Cars saves Zenos brand from extinction

Remember Zenos Cars, a British carmaker that specializes in designing and building lightweight and high-performance sports cars? If you are wondering how the company is faring with their E10 lightweight car, Zenos hasn’t been doing well and is, in fact, in dire financial straits. The severity of its financial problems has the company compelled to enter into administration, a process that is similar to bankruptcy protection.

According to a notice on the carmaker’s Web site, the company was placed under administration on January 16, 2017, with Irvin Milton Cohen and Gary Paul Shankland -- both of Begbies Traynor (London) LLP -- being appointed as Joint Administrators. Cohen and Shankland are now acting as Zenos agents without any personal liability. As Joint Administrators, Cohen and Shankland are now in charge of the management of the carmaker’s affairs, business and property.

Zenos’ humble beginnings can be traced to May 2012, when it was founded by Ansar Ali and Mark Edwards. Edwards and Ali were both employees at Lotus, and then at Caterham. However, Ali left Zenos in 2015 and joined the ranks at McLaren – although he remained a shareholder. According to his LinkedIn account, Ali is now the managing director for McLaren Special Operations (MSO) at McLaren Automotive. Edwards is currently Zenos’ chief executive, although his management powers are now gone.

Read the entire article British sports car startup Zenos Cars goes financially bust

Spyker has taken the wraps off its latest sports car at the 2016 Geneva Motor Show, the new Spyker C8 Preliator. This third-generation Spyker sports car features as standard a Head-Up Display (HUD), which is typically found in fighter jets – a nod to the sports car maker’s aviation heritage.

Its name is only fitting, as "Preliator" means "fighter" or "warrior" in Latin and “Fighters” are warplanes that Spyker built between 1914 and 1918. Moreover, "Preliator" has come to symbolize the challenges that Spyker had overcome in the past few years.

A personification of Spyker’s vaunted craftsmanship, the new Spyker C8 Preliator is designed for clients who know the value of bespoke features and the attention to detail of vehicles that Spyker has built in the past and have offered to the public for 15 years now.

Read the entire article Fighter jet-inspired Spyker C8 Preliator debuts at 2016 Geneva Motor Show

There are two main qualities that make up a good police car. The first is that it needs to be sturdy enough in order to ram suspect's vehicles or even fences. This is why in the U.S., the preference is to use muscle cars like the Ford Mustang and the Chevy Corvette.

When criminals see this chasing them, the better choice is to surrender at once or face the prospect of being rammed off the road. The second important characteristic that cop cars should have is speed. For what use would a police car be if it is not able to chase down speeding criminals.

While many countries continue to rely on muscle cars, others have chosen to focus instead on speed. A good example of this would be Dubai where one can see a supercar on almost every street. In order to ensure that the law is followed, Dubai's police department has their own counterparts to solve the problem.

Read the entire article Top 10 fastest police cars in the world

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.

Read the entire article Spyker Cars files for financial restructuring at Dutch court

Back in August 2013, Wiesmann filed for insolvency at the Muenster court in Germany but by the end of the year the company announced that it found an investor, so everything looked good for the well-known carmaker. Today, we found out that Wiesmann closed its doors and that all its 125 employees were sent home, according to Dutch magazine Autovisie.

According to one of the employees, there were several investor calls but the money still didn’t come. As a result, Wiesmann closed its factory and the maintenance shop, which means that owners will have to take their cars to a BMW dealer as all of them are using BMW technology.

For those who don’t know, Wiesmann was founded in 1988, but in 2009 the first problems appeared as the company wanted to expand its factory in Dulmen and spent several million euros.

Read the entire article Wiesmann closes its doors as it failed to found an investor

General Motors could potentially reduce its product liability relating to a recall of around 1.6 million vehicles caused by a faulty ignition if the carmaker would invoke the terms of its bankruptcy restructuring.  The terms of GM’s restructuring tell that the carmaker’s product liability extends only to accidents that happened after the reorganized company – the new GM – emerged from bankruptcy in July 2009.

Plaintiffs injured before July 2009 would have to seek redress from the defunct shell of GM – the old GM -- in Bankruptcy Court, where the chances of gaining compensation is slim.

GM's original restructuring plan would have rendered the carmaker immune to liability claims from all of its pre-bankruptcy cars, including the oldest models covered by the ignition switch recall, like the Chevrolet Cobalt, Pontiac G5 and Saturn Ion. But due to intense discussions with state attorneys general and consumer groups such as the Center for Auto Safety, GM changed the terms.

Read the entire article GM execs could invoke bankruptcy terms to reduce recall liability

Lawyers for Fisker Automotive Holdings Inc. have managed to convinced United States Bankruptcy Judge Kevin Gross in Wilmington that the carmaker’s Chapter 11 should proceed at an unusually rapid pace. Gross began a Tuesday hearing by suggesting that Fisker should slow down its plan to sell its assets to Hong Kong tycoon Richard Li and give creditors four more weeks to get hold of the situation, saying that it should “allow time for the creditors' committee to continue and complete its investigations."

Fisker filed for bankruptcy on Nov. 22, 2013, while a creditors' committee was established on Thursday. The carmaker has not built a car in almost 18 months and Gross said that there was no business that has to be rescued via bankruptcy. "This is not the case of a melting iceberg or a burning omelet or anything of that nature," he said.

Attorneys for both Fisker and its creditors beg to disagree. In fact, no one took up the judge's suggestion to slow the process.  said Sunni Beville, a lawyer at Brown Rudnick who represents the committee of unsecured creditors, remarked that the creditors' committee agreed that Fisker’s timeline is the “right timeline."

Read the entire article Judge okays quick Chapter 11 proceedings for Fisker

Fisker Automotive has filed for Chapter 11 bankruptcy protection as part of its restructuring plan. Investor group Hybrid Tech Holdings LLC is acquiring Fisker's assets and is providing $8 million in debtor-in-possession financing to fund the carmaker's sales and restructuring. The United States Department of Energy sold its green-technology loan in Fisker to Hybrid Tech for $25 million.

Hybrid Tech bought one loan granted by the Department of Energy that has an initial worth of $168 million. The sale allowed DOE to recoup around $53 million on its $192 million investment in Fisker. Marc Beilinson, Fisker's chief restructuring officer, said in a statement that after evaluating and pursuing all other alternatives, the sale to Hybrid and the related Chapter 11 filing is the best alternative for maximizing the carmaker's value for "the benefit of all stakeholders."

He said that under Hybrid's leadership, Fisker's technology and product development capability "will remain a guiding force in the evolution of the automotive industry." Hybrid Technology said in a statement that the purchase of the government loan was the first step toward resuming production and sale of the Fisker and the development of other hybrid-electric vehicles.

Read the entire article Fisker files for Chapter 11 bankruptcy protection

German retro-style sports carmaker Wiesmann filed for insolvency at the Muenster court in Germany on Aug. 14, 2013 and is looking for strategic partners and investors. Wiesmann said in a statement that operations its headquarters in Duelmen, Germany, will still continue. Wiesmann said that Rolf Haferkamp will still sit as its chief executive, leading efforts to restructure the financially troubled carmaker.

Wiesmann was established quarter of a century ago by brothers Martin and Friedhelm Wiesmann, who developed the first prototype in the cellar of their home. Wiesmann has a workforce of 110 people and has sold over 1,600 of its hand-crafted sports vehicles in Europe, the Middle East and Asia.

Stefan Bratzel, director of the Center of Automotive Management at the University of Applied Sciences in Bergisch Gladbach, Germany, told Bloomberg that it is difficult for niche companies to keep up with innovation and economies of scale in the auto industry.

Read the entire article Wiesmann filed for insolvency in Muenster, Germany

Spyker will unveil a redesigned D8 Peking-to-Paris super-sports utility vehicle at the 2014 Geneva Motor Show -- eight years after the original concept made its debut at the Swiss expo. Spyker found a new momentum to finish the ‘P2P’ project after forming a joint venture with Youngman. Spyker contributed the intellectual property rights and technology of the P2P, while Youngman invested EUR25 million to complete the project.

Spyker chief executive Victor Muller told Autocar that although they have already completed engineering the P2P, they still need to build the tools and put the super-SUV into production. Muller expects to sell a maximum of 1000 examples of the D8 Peking-to-Paris premium SUV in emerging markets like China and Russia.

He noted that so far, no carmaker has marketed a mid-engined super-sports vehicle with four doors and four-wheel drive. He remarked that while the D8 P2P will be “very usable,” it will be also be a “beast.” Spyker will start focusing on the P2P after it has signed off the B6 Venator, a 375bhp V6-powered sports car it unveiled at the 2013 Geneva motor show.

Read the entire article Spyker to unveil redesigned D8 P2P at 2014 Geneva Motor Show

As we said in this post, Spyker introduced at a press conference in Pebble Beach, California the new B6 Venator Spyder Concept. Based on the B6 Venator Coupe Concept, the convertible features the same V-shaped radiator grille that pays tribute to the Spyker models of the previous century, headlights equipped with LED light rails, 3D LED rear lights inspired by the after burners of a jet engine and elegant 19-inch turbofan wheels in mirror polish finish.

The brand's axiom "Nulla tenaci invia est via" – which translates to "For the tenacious no road is impassable" – is shown on the fairings. Inside, the B6 Venator Spyder Concept features the finest materials such as leather sourced from the Litano range produced by the Royal Hulshof Dutch Tanneries in Lichtenvoorde, Netherlands.

According to Spyker, Hulshof uses only West European first choice bull hides and a special tanning process that produces the beautifully rich colour palette. Moreover, we find a red cover on the ignition switch that evokes the spirit of starting an aeroplane, as does the dashboard that lights up as part of the 'pre-flight check.' The dashboard is shown with a turned aluminium fascia, similar to those seen on Spykers of the 1920s.

Read the entire article Spyker B6 Venator Spyder Concept debuts at 2013 Pebble Beach Concours d’Elegance

The city of Detroit has filed for bankruptcy, becoming the most populous city in the United States to do so. The city is now seeking court protection from creditors as it tries to get rid a budget deficit and reduce its long-term debt. Michigan Governor Rick Snyder has authorized the city's emergency manager, Kevyn Orr, to file the petition. He said in a letter that the bankruptcy petition is “a last resort to return” Detroit to “financial and civic health for its residents and taxpayers."

Census data show that the median household income in Detroit was less than $28,000, compared with $49,000 across Michigan, with over 36 percent of residents lived in poverty as of 2011. The median home value of $71,000 in the city was barely half the $137,000 value across Michigan.

The city listed assets and debt of over $1 billion in a Chapter 9 petition filed in court in Detroit. Chapter 9 of the U.S. Bankruptcy Code is reserved for municipalities, with rules distinct from that of Chapter 11.

Read the entire article Detroit succumbs to bankruptcy, seeks court protection

Spyker NV has disclosed that it will appeal a decision by United States District Judge Gershwin Drain of the US District Court for the Eastern District of Michigan dismissing its $3 billion lawsuit against General Motors Co. Spyker has accused GM of trying to collapse Swedish carmaker Saab.

Saab said that after a “careful review” of the court ruling, it decided to make an appeal. In dismissing Spyker’s lawsuit, Judge Drain said on June 10, 2013, that GM had a contractual right to approve or disapprove the proposed sale of Saab to Zhejiang Youngman Lotus Automobile Co. Saab halted production in May 2011 when it lost ability to pay suppliers and it workforce.

Saab declared bankruptcy in December 2011, less than two years after GM sold the carmaker to Spyker. The Dutch sports car maker filed a case against GM in August 2012, seeking damages and accusing GM of trying to ruin the deal with Zhejiang and get rid of a potential rival in China. [source: Reuters]

Read the entire article Spyker to appeal court dismissal of Saab suit vs GM

Lio Energy Systems Holdings and Miles Electric Vehicles, affiliates of collapsed American electric car maker Coda Automotive, filed for Chapter 11 bankruptcy protection Tuesday. The green companies are seeking to have their cases jointly administered with those of parent Coda Holdings and its affiliates. One of the main reasons for the companies’ demise is the slow embrace of consumers in the United States on electric vehicles, mainly due to their high prices, insufficient charging infrastructure and worries with driving range.

These hurdles have made the green car market a more difficult place to succeed. Coda, which filed for bankruptcy on May 1, 2013, and its affiliates were not the only ones suffering this debacle. Another green carmaker Fisker Automotive Inc. might take a similar path after it was disclosed to be seeking a buyer after hiring bankruptcy advisers.

Large carmakers who have invested heavily in green cars like General Motors, Ford, Nissan and Honda are also feeling the heat of slow sales of electric vehicles.  Lio Energy Systems is described in court filings as a direct subsidiary of Coda Holdings, while Miles Electric Vehicles is a direct subsidiary of Lio Energy.

Read the entire article Two Coda affiliates filed for Chapter 11 bankruptcy protection

The United States Bankruptcy Court for the District of Delaware has approved a plan by electric carmaker Coda Automotive to sell its assets for $25 million to a group of lenders led by Fortress Investment Group. The transaction entails payments of $1.7 million in cash, while the rest will be paid through a "credit bid," in which Fortress will bid for Coda’s assets using debt owed instead of cash.

In its bankruptcy petition filed on May 1, 2013, Coda said it is exiting the car business to concentrate on the development and sale of energy storage systems through subsidiary Coda Energy. In a statement, Coda said the court’s approval of the sale will allow it to emerge in a stronger position to develop its core technology, forge stronger relationships with partners, and allow it to execute its business plan in the “growing energy-storage sector."

Two Coda affiliates --  Lio Energy Systems Holdings and Miles Electric Vehicles – recently filed for chapter 11 bankruptcy protection and are seeking to have their cases jointly administered with those of Coda Holdings and its affiliates, including Coda Automotive.

Read the entire article US bankruptcy court approves asset sale plan of Coda Automotive