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Spyker Declares Bankruptcy

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On: Fri, Dec 19, 2014 at 1:54PM | By: Carl Malek

Spyker Declares Bankruptcy

Following its failure to secure vital funding to continue its operations, after seeking approval for the Netherlands version of Chaper 11 bankruptcy protection earlier this month, Dutch automaker Spyker revealed that it has formally filed for full bankruptcy, ending all hope that the company could be saved.

In a statement released by Spyker CEO and founder Victor R. Muller, he revealed that while the company as we know it might be gone, the basic principles and philosophy of the company still remain intact stating. Muller declared, “None of the ambitions we had when we founded Spyker 15 years ago has vanished as a result of today's events... I will relentlessly endeavour to ressurect Spyker as soon as practically possible."

Muller plans to pursue that goal by exploring partnerships with “a high performance electric aircraft manufacturer and develop revolutionary electric Spykers with disruptive sustainable technology.” We cannot help but think of Spyker's prior accquisition—Saab Automobile—when we hear that particuler statement, especially since Saab was supposed to give Spyker much needed cash flow from its higher sales volume. However, thanks to an ongoing dispute with Saab's former owner—General Motors—this plan quickly crumbled, and the whole fracas that ensued played a key part in Spyker's demise.

In addition to all the drama and legal wrangling surrounding its brief ownership of Saab, Spyker’s embattled Formula 1 venture also played a hand, draining even more cash from the company's coffers. Muller and the company put all of their hopes on obtaining a bridge loan,which would have channeled much needed dollars into Spykers accounts, giving the small firm time to create a formal recovery plan. However, the failure to gain approval for the loan nailed the lid on Spyker’s coffin. We look forward to see if Muller’s efforts at ressurecting his once proud company are indeed sucessful, but for now the loss of Spyker is going to be hard for enthusiasts who loved the unique interpretation of the automobile that Spyker provided.

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