Picture of B6 Venator Spyder Concept (For representation purpose only)
Netherlands based automobile car maker Spyker N.V., together with its
wholly owned subsidiary Spyker Automobielen B.V. (collectively “Spyker” or the
“Company”), filed a voluntary petition on December 2, 2014 for financial
restructuring in an effort to address certain short-term operational and
liquidity challenges. According to a company press release, the District Court
of Midden-Nederland in Lelystad, the Netherlands (the “Court”) granted Spyker’s
voluntary petition for temporary moratorium of payment (“surseance van
betaling”), the Dutch equivalent of the American Chapter 11 proceedings, and
has appointed an administrator who, together with the Board of Management,
bears final responsibility for management of the company as long as the
moratorium of payment status is in force. The Court’s ruling to grant a
temporary moratorium of payment protects the Company from its creditors
throughout the duration of the moratorium. The Company’s wholly owned
subsidiary Spyker Events & Branding B.V. entered temporary moratorium of
payment a month ago.
The Company’s key operations are expected to continue
throughout the temporary moratorium while it executes its reorganisation plan
to resolve its temporary operational and liquidity issues.
Motown India had in an exclusive report in 2013 reported
that Spyker had plans to enter the Indian market with its cars. Later this
magazine reported the company plans to bring in their cars into India in 2014.
Now this too is unlikely as the company has filed for financial restructuring.
”Over the past few years, Spyker has faced a number of
serious difficulties and challenges resulting from, among others, the legacy of
the F1 era and the acquisition of Saab Automobile AB. Our Management and Board
have been working very hard in the last 12 months on a restructuring plan that
includes the execution of Spyker’s B6 Venator programme, an entry-level luxury
sports car which will give a larger audience access to the Spyker brand, and
the merger with a US based manufacturer of high performance electric aircraft,
the exciting new sustainable technology of which will find its way into future
Spyker automobiles” said Victor R. Muller, Spyker founder and Chief Executive
Officer. “After careful consideration of all available alternatives, the
Company’s Directors and Management Boards determined that a voluntary petition
for temporary moratorium of payment was a necessary and prudent step and the
best way to secure and use the financing necessary to maintain operations and
allow for a successful restructuring of the Company. We expect to emerge from
this restructuring a stronger, more innovative company that is well positioned
for growth and profitability. We are proud of the consistent high quality of our
automobiles and our valued customer and partner relationships,” he said in a
In conjunction with the voluntary petition, the Company is
in the process of securing a loan facility arranged by independent financiers
which intends to provide an immediate source of funds to the Company, enabling
it to satisfy the customary obligations associated with the daily operation of
its business, including the timely payment of employee wages and other
The temporary moratorium of payment and following settlement
with creditors is the next step in Spyker’s restructuring process. During the
temporary moratorium of payment, suppliers should expect to be paid for
post-petition purchases of goods and services in the ordinary course of
“On behalf of the entire management team, I would like to
thank our customers, dealers and suppliers for their continued support during
this process. I also want to recognise our dedicated employees, whose continued
support and commitment are crucial to the future success of our company. We are
all dedicated to making this financial restructuring a success. Since 2000, the
year we were established, we have always lived by our company’s axiom “Nulla
Tenaci In Via Est Via” ( Latin for “For the tenacious no road is impassible” )
and we will most certainly continue to do so” Victor R.Muller concluded.
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