After successfully filing for bankruptcy protection with a Dutch court just two weeks ago, struggling sports car brand Spyker has been declared bankrupt due to its inability to source bridge funding to continue operations. The decision was made today by the district court of Midden-Nederland, at the request of Spyker’s court-appointed administrator, who will now serve as a receiver for the firm.

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Spyker in its current form was founded in 2000 as a sports car brand but ran into financial strife as early as 2007. The first major setback was its failed attempt at running a Formula One team, which was followed by a failed attempt at turning around Saab after the Swedish automaker was sold by General Motors Company [NYSE:GM].

Despite the string of bad luck—and bad decisions—Spyker CEO and co-founder Victor Muller is not giving up. He remains committed to a turnaround plan that involves Spyker merging with a U.S.-based manufacturer of high-performance electric aircraft.

However, Muller isn’t planning on building aircraft, which a previous incarnation of Spyker did during the early parts of the last century. Instead, Muller wants to build electric Spyker sports cars with what he describes as disruptive sustainable technology.

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“I will relentlessly endeavor to resurrect Spyker as soon as practically possible and, assuming we will be successful, pursue our goal to merge with a high-performance electric aircraft manufacturer and develop revolutionary electric Spykers with disruptive sustainable technology,” Muller said in a statement.

He concluded his statement by thanking Spyker’s customers, dealers, suppliers and management for their support, as well as reiterating the brand’s motto: Nulla Tenaci Invia est Via, which is Latin for “For the tenacious no road is impassible.


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