Spyker Falls into Receivership

Spyker NV, the former owner of Saab Automobile, has been declared insolvent by a Dutch court and placed in receivership.

The ruling includes two subsidiaries, Spyker Automobielen and Spyker Events & Branding.

Spyker was evicted from its factory in the Netherlands in November after falling behind in its rent. Early this month the company filed for protection from its creditors as it attempted to restructure. But efforts to obtain bridge financing failed.

Founder and CEO Victor Muller vows to "resurrect Spyker as soon as practically possible." His aim is to then merge the company with an unidentified high-performance electric aircraft maker and focus on building electrically powered vehicles powered by "disruptive sustainable technology."

The 14-year-old custom supercar maker has struggled for years to turn a profit on sales of a dozen or so cars per year. Its attempt to jump into volume production through its acquisition of Saab from General Motors Co. in 2010 was unsuccessful.