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.

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