Spyker Cars mortgages name for a loan

Spyker is bankrupt.

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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