Spyker officially declares bankruptcy

Earlier this month, Spyker confirmed that it had entered bankruptcy protection proceedings in the hope of restructuring its finances and getting back on its feet. But now it seems those efforts have failed and those hopes have been dashed as the Dutch automaker has officially been declared bankrupt.

Founded back in 1880 and operating until 1926, Spyker was revived in 1999 to build the C8 sports car – a task which it focused on, in various iterations, until 2006 when it tried to break in to Formula One. Spyker sold the team the following year, and embarked upon the still more ambitious task of rescuing Saab after General Motors gave up on it in 2010. But the Dutch company ultimately failed at that as well, and despite plans to put the B6 Venator concept into production, it has struggled to get back on its feet ever since.

In the statement below, Spyker revealed that the funding it was banking on "did unfortunately not reach the company in time" for it to recover from the bankruptcy proceedings. The company's founder and chief executive Victor R. Muller added, however, that he will "relentlessly endeavour to resurrect Spyker as soon as practically possible" with the goal of merging with an aircraft concern to develop an electric sports car. We'll have to wait and see if he ever succeeds at making that prospect a reality, but for the time being at least, it looks like Spyker and all its ambitious plans are down for the count.
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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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