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Court Overturns Spyker Bankruptcy
A Dutch appeals court has nullified a ruling in mid-December that declared the struggling carmaker Spyker NV and its Spyker Automobielen BV unit insolvent.
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A Dutch appeals court has nullified a ruling in mid-December that declared the struggling carmaker Spyker NV and its Spyker Automobielen BV unit insolvent.
The judgment returns Spyker to "moratorium of payment" status, akin to America's Chapter 11 bankruptcy protection. Spyker expects to emerge from that state within a few weeks, thanks to bridge financing that was finalized 11 days after the bankruptcy ruling.
CEO Victor Muller says the company intends to revive plans to introduce the Spyker B6 Venator, an entry-level luxury sports car powered by a 375-hp V-6 engine. Spyker unveiled the car in prototype form at the Geneva auto show two years ago.
Spyker also expects to merge with an unidentified U.S. maker of high-performance electric aircraft. Muller reiterates that Spyker's longer-term objective is to develop all-electric cars that borrow technology from the aircraft maker.
The 15-year-old Spyker has struggled from the aftermath of disastrous foray into Formula One racing in 2007 and its purchase of Saab Automobiles from General Motors Co. 15 years ago.
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