Spyker Cars mortgages name for a loan
Old news, actually, it happened in 1926. Spyker Cars, founded in 2000, however, got a little extension on life back in September when it mortgaged the Spyker name for a €12.5 million loan from Friesland Bank. Spyker says the deal is nothing out of the ordinary but a Reuters story quotes some folks who think otherwise.
"Why do you have to sell your name to get a loan? Because the bank thinks the results are not good enough and want security, I think," trader Rik Zwaneveld AFS Brokers told Reuters.
Spyker investors seem to agree, with the stock trading down today.
Motor Authority says the company has its hopes pinned on the new Super Sports Utility Vehicle coming soon. Spyker says it already has 182 orders for the SSUV. We too hope it's the must-have vehicle that keeps the quirky company afloat.
[Sources: Motor Authority, Reuters, Forbes]
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Reader Comments (Page 1 of 1)
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Don 9:21PM (5/23/2007)
What the hell is Spyker going to do with $16 million dollars when they produce exotic cars?
If they're betting the farm on that hideous SUV concept, they're doomed.
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Vexorg 3:15AM (5/24/2007)
And if they haven't got any money, what the heck are they doing running in Formula 1?
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Bob-o 3:57AM (5/24/2007)
What? Spyker turned a profit for the first time last year.
http://uk.reuters.com/article/motoringNews/idUKNOA22856720070402
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Bart 7:10AM (5/24/2007)
This doom scenario thing is completely out of place. Spyker already confirmed that they really dont have any financial issues, and that the current Spyker models are selling like hotcakes. Furthermore, it really wouldnt be competing in F1 if it had problems.
The name mortgaging thing is probably just for a short financial injection to get the production going of the SSUV. Like the C8 and C12, it drips with exclusivity and quality handmade parts. It had 182 orders the moment it hit the show floor, I'm expecting that number to rise when it goes into production. The question will be if they are able to cope with the demand. Their plant really isnt that big.
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gerard Vandenberg 7:24AM (5/24/2007)
The John Delorean story is everywhere!!
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