Spyker Companies Declares Bankruptcy

CEO Victor Muller says this is not the end of the Dutch carmaker.

Dutch carmaker Spyker has filed for bankruptcy due to insufficient funds from a bridge loan. Spyker Companies, which also includes subsidiaries Spyker Automobielen and Spyker Events & Branding, had been losing money ever since its deal to purchase Saab from General Motors fell through in 2012.

Spyker began building supercars in 2000, including the Spyker C8 which used an Audi V-8 engine and was briefly sold in the U.S., but things haven't gone so well since then. When General Motors announced it would close the Saab brand in 2009, Spyker stepped in to buy out the company , and the sale went through in 2010. The two companies intended to continue production of Saab cars in Sweden. After Saab began to lose money, Spyker was unable to compensate for losses, and Saab filed for bankruptcy in 2011.

Spyker filed a lawsuit after this claiming that GM took action against the Saab-Spyker deal, but the claim was dismissed, and Saab was then sold off to a Chinese company that eventually formed National Electric Vehicle Sweden (NEVS). Spyker then intended to restart its supercar business, and showed a concept car called the B6 Venator at the 2013 Geneva auto show (pictured). A few other deals with various partners fell through, and Spyker continued to lose money until reports surfaced last month that it could not pay its bills and was in danger of eviction from its factory in the Netherlands. Now, the bankruptcy filing is a result of this inability to pay, as Spyker's statement says that "committed bridge funding did unfortunately not reach the company in time."

CEO Victor Muller said in a statement that this bankruptcy is not the end of Spyker. He intends to continue pushing Spyker forward through the upcoming financial restructuring. Future plans include a possible partnership with an electric aircraft company and an increased focus on sustainable technology. Muller says he will "relentlessly endeavor to resurrect Spyker."

Stay tuned for more news on the future of Spyker as we learn more about the bankruptcy and financial restructuring.

Automobile Mag Logoemail newsletter

Stay Updated

Car news, reviews, and more!