Spyker goes out of business

Dutch sports car maker Spyker has been declared bankrupt.

The firm had entered bankruptcy protection in its native Netherlands earlier this month but has not been able to secure the bridge funding it needed to survive.

Victor Muller, company founder and chief executive, remains optimistic of restarting operations in the future.

“None of the ambitions we had when we founded Spyker 15 years ago have vanished as a result of today’s events," he said in a statement. "In 2000 we set out to establish a super sports car business from scratch with a global distribution and we achieved that. Over the years we undertook some daring ventures that left their marks on the company which in turn contributed to today’s demise.

"However, I would like to make clear that as far as I am concerned 'this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning', to quote Winston Churchill. I will relentlessly endeavour to resurrect Spyker as soon as practically possible and, assuming we will be successful, pursue our goal to merge with a high performance electric aircraft manufacturer and develop revolutionary electric Spykers with disruptive sustainable technology.

"This is the moment to express my gratitude to our customers, dealers, suppliers and of course our employees and Board. Their loyalty and support was vital to build the brand over the past decade and a half. They can count on us continuing to live by the Spyker axiom 'Nulla Tenaci Invia est Via' (Latin for 'For the tenacious no road is impassible')."

Spyker, which famously acquired Saab from General Motors in 2009 and oversaw its demise, filed “a voluntary petition for financial restructuring in an effort to address certain short-term operational and liquidity challenges” to a Dutch court on 2 December. The application was granted.

These proceedings are the Dutch equivalent of Chapter 11 in the US, which GM and Chrysler entered during the global financial crisis at the end of the last decade.

Spyker had been planning to launch a Porsche 911 rival, the B6 Venator. The mid-engined 375bhp V6 sports car was revealed in £125,000 coupé form at the 2013 Geneva motor show, and as a £135,000/Rs 1.33  crore convertible later that year. 

An administrator had been appointed to Spyker to work with the company through the bankruptcy proceedings. It was protected from creditors during this time. The firm had seeking an external loan to pay wages and carry out day-to-day business, something which was not ultimately forthcoming, leading to the demise.

Only last month the firm was threatened with eviction from its factory by the landlord for failing to pay rent, dating back to the first quarter of 2014. 

When Spyker entered bankruptcy protection earlier this month, Muller said: “Over the past few years, Spyker has faced a number of serious difficulties and challenges resulting from, among others, the legacy of the F1 era and the acquisition of Saab Automobile AB.

“Our management and board have been working very hard in the past 12 months on a restructuring plan that includes the execution of Spyker’s B6 Venator programme, an entry-level luxury sports car which will give a larger audience access to the Spyker brand, and the merger with a US-based manufacturer of high-performance electric aircraft, the exciting new sustainable technology of which will find its way into future Spyker automobiles.

“After careful consideration of all available alternatives, the company’s directors and management boards determined that a voluntary petition for temporary moratorium of payment was a necessary and prudent step and the best way to secure and use the financing necessary to maintain operations and allow for a successful restructuring of the Company.

“We expect to emerge from this restructuring a stronger, more innovative company that is well positioned for growth and profitability. We are proud of the consistent high quality of our automobiles and our valued customer and partner relationships.”