2014 Spyker C8 Aileron front three quarters right

Netherlands: Spyker declares bankruptcy

December 19, 2014
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Dutch sportscar maker Spyker, one-time owner of the Swedish automaker Saab and a participant in Formula 1 racing, has officially declared that it is bankrupt. The company had filed for protection from creditors earlier this month, with hopes to survive the financial crisis. The court-appointed administrator requested declaring the bankruptcy due to the company’s failure to execute their reorganisation plan.

The administrator will continue his work but now as receiver. The company hopes to resurrect as soon as practically possible, and wants to focus on developing electric vehicles and sustainable technology.

More information is available in the press release below.

SPYKER COMPANIES DECLARED BANKRUPT – Press Release

Zeewolde, the Netherlands, 18 December 2014. Today the District Court of Midden-Nederland, at the request of the administrator, converted the moratorium of payment, granted to Spyker N.V. and its wholly owned subsidiaries Spyker Automobielen B.V. and Spyker Events & Branding B.V. (collectively “Spyker” or the “Company”) on December 2nd, last, to bankruptcy. The cause for this conversion was that the committed bridge funding did unfortunately not reach the company in time. The administrator will continue his work but now as receiver.

Victor R. Muller, Founder and Chief Executive Officer said: “None of the ambitions we had when we founded Spyker 15 years ago, has vanished as a result of today’s events. 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”).”

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