Spyker Wins Appeal to Overturn Bankruptcy Ruling
Dutch supercar maker Spyker has overturned a court-ordered bankruptcy, regaining creditor protection as it pursues new models and a merger with a US electric aircraft firm.
Spyker has won its appeal against a bankruptcy ruling in the Netherlands, with the Dutch court declaring the previous decision “null and void with retrospective effect”. The supercar manufacturer now returns to creditor protection, similar to US Chapter 11, as it works to stabilise its finances and continue business operations.
Spyker, known for its hand-built sports cars and aviation-inspired design, was placed into bankruptcy by a Dutch court in December 2014 after failing to secure promised funding while under creditor protection. The company quickly raised the necessary funds and appealed the decision, resulting in the recent court reversal.
The court’s decision means Spyker is again under “moratorium of payment”, giving it time to resolve debts and negotiate with creditors. The company said it had reached agreements with most major creditors and intended to exit protection swiftly.
Plans for the B6 Venator and new ventures
Spyker’s CEO Victor Muller stated that development of the B6 Venator, a mid-engined V6 sports car targeting younger and less affluent buyers, will continue. First shown at the 2013 Geneva motor show, the B6 Venator is expected to be priced around €160,000, positioning it below the company’s C8 Aileron and in competition with the Porsche 911 and Lotus Evora. The car produces a claimed 375 hp from its V6 engine.
- B6 Venator: mid-engined V6, 375 hp, targeted at €160,000
- C8 Aileron: 4.2-litre V8, higher price point
Spyker also confirmed plans to merge with a US-based high-performance electric aircraft manufacturer, aiming to leverage aviation technology and broaden its business beyond traditional supercars.
Background: From Saab to survival
Spyker’s financial difficulties have been well publicised since its failed attempt to acquire Saab from General Motors in 2010. The acquisition left the company with a series of financial setbacks. The recent court victory provides temporary relief, but the company’s long-term stability will depend on its ability to deliver new models and successfully execute its planned merger.
