Spyker has officially began its restructuring process, having filed for voluntary financial restructuring.
The Dutch automaker is looking to address its short-term operational and and liquidity challenges and the District Court of Midden-Nederland in Lelystad, the Netherlands has granted the company’s voluntary petition for temporary moratorium of payment. In other words, this is the equivalent of filing for Chapter 11 in the U.S. and Spyker will be protected from its creditors throughout the duration of the moratorium.
Spyker expects its key operations to continue through the temporary moratorium and will execute its reorganization plan which includes securing a loan arranged by independent financiers to provide an immediate source of funds to Spyker. The company then intends to settle with its creditors.
“Over the past few years, Spyker has faced a number of serious difficulties and challenges resulting from, among others, the legacy of the F1 era and the acquisition of Saab Automobile AB. Our Management and Board have been working very hard in the last 12 months on a restructuring plan that includes the execution of Spyker’s B6 Venator programme, an entry-level luxury sports car which will give a larger audience access to the Spyker brand, and the merger with a US based manufacturer of high performance electric aircraft, the exciting new sustainable technology of which will find its way into future Spyker automobiles,” said Victor R. Muller, Spyker founder and Chief Executive Officer.
“After careful consideration of all available alternatives, the Company’s Directors and Management Boards determined that a voluntary petition for temporary moratorium of payment was a necessary and prudent step and the best way to secure and use the financing necessary to maintain operations and allow for a successful restructuring of the Company. We expect to emerge from this restructuring a stronger, more innovative company that is well positioned for growth and profitability. We are proud of the consistent high quality of our automobiles and our valued customer and partner relationships.”
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