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Spyker Officially Declared Bankrupt

(Credit: © Spyker)

Concept Vehicles

Spyker Officially Declared Bankrupt

Spyker C8 Aileron

Spyker C8 Aileron (Credit: © Spyker)

Spyker Cars has had one wild run since it opened its doors back in 1999. It arrived with a bang, buying its way into Formula One racing, then it purchased the fledgling SAAB from General Motors for $74 million in cash and another $320 million in Spyker shares. Neither deal ended well, with the SAAB failure likely being the nail that sealed the sports car manufacturer’s coffin and led to its ruling as bankrupt on December 18, 2014.

Prior to this not-so-surprising ruling by the District Court of Midden-Nederland, Spyker was struggling to pay its debts and was working hard to find funds. To help keep the doors open, the company filed and was granted a moratorium of payment, which is similar to Chapter 11 bankruptcy here in the U.S. Unfortunately for Spyker, the District Court chose to convert the moratorium into an outright bankruptcy. This decision was made by the administrator of the moratorium after committed bridge funding did not reach the company in time.

Spyker CEO Victor Muller was rather clear that he doesn’t feel this bankruptcy is the end of the company he started back in 1999. In fact, he said it is possibly the “end of the beginning,” quoting a famed Winston Churchill statement. Muller assured the public that he will continue his efforts to resurrect the company and made mention that he is still working on a deal to merge with an electric aircraft company that could result in “revolutionary electric Spykers with disruptive sustainable technology.”

I certainly wish Spyker well in its future business, but moving on from a bankruptcy like this is tough. Additionally, I am not too sure what companies would actually consider merging with a bankrupt entity.

Despite the grim outlook, I’ll continue to monitor this situation and bring you updates as they become available.

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