If you were hoping to see the 2015 Spyker B6 Venator Spyder hit the streets in 2015, then we have some bad news. The Dutch automaker has just announced it has filed a petition for temporary moratorium of payment, which is the equivalent of the U.S. Chapter 11 proceedings for bankruptcy protection. In short, the company is facing operational and liquidity challenges and is in desperate need of a cash infusion in order to pay its employees and maintain its key operations.

While waiting for the Court to grant the temporary moratorium — Spyker claims it is facing short-term issues — the company is also in the process of securing a loan from independent sources as to finance the daily operation of its business during the restructuring process.

Spyker has been struggling financially since 2011, one year after buying Saab from General Motors. As the Swedish automaker went bankrupt, Spyker tried to regroup in the Netherlands by launching plans to build the B6 Venator sports car. Apparently the Dutch company failed to raise the necessary capital to start production of the vehicle and merge with "a U.S.-based manufacturer of high performance electric aircraft," which left it no alternative but to file for bankruptcy protection.

Spyker still hopes to restructure and launch the B6 Venator, but the fate of the company now lies with the local District Court and the ability to secure independent financing.

Click past the jump to read more about Spyker’s financial problems.

Why it matters

Although it may seem like a sudden blow, it’s not that surprising to see Spyker go under. The manufacturer’s short-lived history — Spyker was founded in 1999 — is plagued with poor decisions, starting with its entry in Formula One in 2006. Back then, the Dutch company paid $106 million to buy what had been the Jordan Grand Prix team only to sell it to Force India after only one season. The F1 venture left a big hole in Spyker’s already tight budget, but that didn’t stop it from taking over Saab from GM in 2010. As Saab quickly ran out of money and stopped paying its bills, Spyker received yet another blow.

Now in need of protection from creditors for its liquidity problems, it’s hard to believe Spyker can bounce back and resume the B6 Venator project, as it was initially intended. Sure, we’d like to see this exclusive automaker make a comeback, but no one can predict what’s going to happen at this point. All we can hope is the list of defunct sports car manufacturers doesn’t grow bigger anytime soon.

Spyker B6 Venator Spyder

2015 Spyker B6 Venator Spyder High Resolution Exterior
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The B6 Venator was unveiled at the 2013 Geneva Motor Show as the company’s first concept car in four years. The study previewed a competitor for the Porsche 911 and it was soon followed by a Spyder version at the 2013 Pebble Beach Concours d’Elegance.

Highlighted by a sporty exterior design with flowing lines carved in a carbon-fiber shell, the B6 Venator featured a luxurious interior packed with leather and aluminum. Motivation was provided by a mid-mounted, V-6 engine rated at 375+ horsepower, mated to a six-speed automatic transmission.

Production was initially scheduled to commence in late 2014 for markets such as Europe, the Middle East and Asia Pacific, and in early 2015 for the United States.

Press Release

Spyker N.V., together with its wholly owned subsidiary Spyker Automobielen B.V. (collectively “Spyker” or the “Company”), today filed a voluntary petition for financial restructuring in an effort to address certain short-term operational and liquidity challenges. The District Court of Midden-Nederland in Lelystad, the Netherlands (the “Court”) granted Spyker’s voluntary petition for temporary moratorium of payment (“surseance van betaling”), the Dutch equivalent of the American Chapter 11 proceedings, and has appointed an administrator who, together with the Board of Management, bears final responsibility for management of the company as long as the moratorium of payment status is in force. The Court’s ruling to grant a temporary moratorium of payment protects the Company from its creditors throughout the duration of the moratorium. The Company’s wholly owned subsidiary Spyker Events & Branding B.V. entered temporary moratorium of payment a month ago.

The Company’s key operations are expected to continue throughout the temporary moratorium while it executes its reorganisation plan to resolve its temporary operational and liquidity issues.

”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.”

In conjunction with the voluntary petition, the Company is in the process of securing a loan facility arranged by independent financiers which intends to provide an immediate source of funds to the Company, enabling it to satisfy the customary obligations associated with the daily operation of its business, including the timely payment of employee wages and other obligations.

The temporary moratorium of payment and following settlement with creditors is the next step in Spyker’s restructuring process. During the temporary moratorium of payment, suppliers should expect to be paid for post-petition purchases of goods and services in the ordinary course of business.

“On behalf of the entire management team, I would like to thank our customers, dealers and suppliers for their continued support during this process. I also want to recognise our dedicated employees, whose continued support and commitment are crucial to the future success of our company. We are all dedicated to making this financial restructuring a success. Since 2000, the year we were established, we have always lived by our company’s axiom “Nulla Tenaci In Via Est Via” ( Latin for “For the tenacious no road is impassible” ) and we will most certainly continue to do so” Victor R.Muller concluded.

Additional information about the restructuring is available at the Company’s website. For access to Court documents and other general information about the temporary moratorium of payment, please visit http://spykercars.com/company/corporate-news.

A temporary moratorium of payment under Dutch law is very similar to the American Chapter 11 procedure and allows a company to continue operating its business and managing its assets in the ordinary course of business. The temporary moratorium has been enacted to encourage and enable a company to continue to operate while restructuring its business, thereby preserving jobs and maximising the recovery for all its stakeholders.

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