Spyker exits bankruptcy with electric aircraft company

Spyker has had a rough go of it these past few years, but it's getting back on the proverbial horse. It's officially exiting bankruptcy protection, and merging with an American aircraft company. While the merger has been mentioned before, this is the first we're hearing of Spyker confirming the identity of its new partner.

That company is Volta Volaré, an electric aircraft manufacturer based in Portland, OR. Back in 2012, Volta Volaré revealed the GT4, its prototype for an electric airplane, and is ostensibly working on bringing it to market. But we're more interested in how the partnership might translate into battery-powered sports cars in the future.

"Spyker is back with a vengeance," said Spyker CEO Victor R. Muller in a statement, "and we look forward to a bright future for the company I founded 15 years ago and which is now set to build sensationally elegant and classy (electric) motorcars and electric planes for decades to come."

That "back" part isn't new to the company. The company started out way back in 1880 making carriages, delved into aircraft during World War I, and went defunct in 1926. The name was revived by Muller in 1999 to make high-end sports cars. Spyker briefly took over an F1 team in 2006. But even that move didn't prove as overly ambitious as its takeover of Saab in 2010.

After the Saab experiment failed, Spyker struggled to return to its former self. It showcased the enticing B6 Venator concept in 2013, and sought funding to built it, but was forced to restructure its finances late last year. Now eight months later, it has officially emerged from bankruptcy protection, having won a protracted legal battle with a single creditor, and says it is finalizing deals with new investors.
Show full PR text

Zeewolde, the Netherlands, July 30th, 2015. After almost 8 months since entering into moratorium of payment (the equivalent of the American Chapter 11 proceedings) on December 2nd, 2014, Spyker N.V. and its subsidiary Spyker Automobielen B.V. (collectively "Spyker" ) successfully exited moratorium on July 29th, last at 11.59pm. Since no creditor filed an appeal with the Dutch Supreme Court the ruling of the Appeals Court of July 21st, last became final, confirming an earlier decision of the District Court which had already ratified the proposed creditor settlement on May 13th, last.

Victor R. Muller, Spyker's CEO said: "We have gone through a very rough patch during the past year, going from moratorium in early December 2014 to being declared bankrupt on December 18th, subsequently filing an appeal of that decision, winning that appeal on January 22nd, 2015 and returning to moratorium as a consequence. After winning a long legal battle with just one creditor, we have now finally succeeded in exiting moratorium and we are back in business as a healthy, debt free enterprise. In the coming weeks we will finalise the agreements with investors which were held up for over two month by the protracted litigation. But true to our logo "nulla tenaci invia est via" (for the tenacious no road is impassable) we have persevered and we can now move on and pursue our ambitious goals including the merger with Portland, Oregon based electric aircraft manufacturer Volta Volare.

I would like to take this opportunity to thank all those who supported us during these trying times: our employees, our creditors (minus one), our business partners, our competent Board and foremost our investors who stuck with us in spite of the massive difficulties we had to overcome. Without their impressive commitment Spyker would definitely not be where it is today. With some 250 Spykers on the road we have a great client base and we thank our customers for their unwavering loyalty to the Spyker brand. A special word of gratitude to our CFO Arjen Dikken who stayed the course no matter what and to Paul Peterson, Volta Volare's founder and CEO for keeping the faith that we would prevail.

Finally I would like to thank Mr Henk Pasman, Esq., the court appointed administrator, and his assistant Robert van Faassen, Esq. for working relentlessly on achieving the best outcome for our creditors.

In summary, Spyker is back with a vengeance and we look forward to a bright future for the company I founded 15 years ago and which is now set to build sensationally elegant and classy (electric) motorcars and electric planes for decades to come."

Spyker Information


Share This Photo X