Spyker was finally forced into bankruptcy late last year by a Dutch court after it was determined the struggling sports car brand, already behind in its payments, wouldn’t be able to pay back creditors. Fast forward to today and Spyker is no longer in bankruptcy thanks to a bridging loan that will keep the company going for the time being.
The bridging loan provided a solid foundation for Spyker in lodging a successful appeal to have the bankruptcy ruling overturned yesterday in court. The automaker isn’t quite out of the woods yet, as it still is operating under a “temporary moratorium of payment” which is similar to our own Chapter 11 bankruptcy protection rules, whereby Spyker is given time to recognize its operations.
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Now, Spyker must continue to negotiate with its creditors and hopefully start building some cars. Spyker says it will continue with plans to introduce its new entry-level model, the B6 Venator, as well as a merger with a U.S.-based manufacturer of “high-performance electric aircraft.”
No, Spyker isn’t planning on entering the aviation business, which a previous incarnation of the brand did during the early parts of the last century. Instead, Spyker wants to build electric sports cars with what the company describes as “disruptive sustainable technology,” presumably borrowed from the electric aircraft firm.
In a statement, Spyker CEO and co-founder Victor Muller says he expects to emerge from the temporary moratorium of payment in “a matter of weeks.”