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Its official now, Dutch Sports car maker, Spyker declares bankruptcy

A company backed by Nest co-founder Tony Fadell is taking Andy Rubin's startup to court.

Spyker declares bankruptcy

Spyker, the Dutch sports car maker that once competed in Formula 1 has declared bankruptcy as the company could not remain afloat after losing a legal battle. However, the founder of the company has promised to come back to the market with electric cars.

“Today the District Court of Middle-Netherlands converted the moratorium of payment granted to Spyker… To bankruptcy,” a PTI report quoted the company, as saying. The court gave a stay of Payment to Spyker two weeks ago, so that the company can restructure and search for new credit line to pay its bills (that also includes a rent of 152,000 euros (USD 186,000) it owed on its Zeewolde property in Central Netherlands). “Committed bridge funding unfortunately did not reach the company in time,” Spyker said. The administrator appointed to inspect the stay of payment will now continue its work as a receiver.

In 2010, Spyker bought Saab (the Swedish car maker) from General Motors for USD 1.5 billion. Since some years, Spyker has been struggling financially. In 2012, Saab filed for bankruptcy when Spyker’s desperate attempt to raise funds in China was refused by GM due to technology transfer issues.

Spyker then sued the US based General Motors for damages worth $3 billion before the US court. Spyker claimed that, GM purposefully caused the bankruptcy of Saab. However, the US courts ruled in GM’s favour. In the meantime, Spykers sales had dropped down and as per latest reports from Dutch media, the company had sold only three cars in 2012, garnering a total value of 700,000 euros. As per figures released by the Dutch Daily NRC, over the same period, the company lost 6 million euros.

Spyker was founded in 1880 by two brothers, Jacobus and Hendrik Jan Spyker. The company specialized in the world’s first luxury cars and aircraft engines until 1925. The company was reintroduced in 2000 by its Chief Executive Victor Muller. The company had also briefly forayed into Formula One and had competed at Le Mans 24 Hours race. “Over the years we undertook some daring ventures that left their marks on the company which in turn contributed to today’s demise,” the PTI report quoted Victor Muller, as saying.

Muller said, he endeavors to bring Spyker back as soon as possible and if he would be successful in doing that he is in plans to merge with an electric aircraft manufacturer and develop revolutionary electric Spykers with sustainable technology.

Spyker declares bankruptcy