Spyker Files for Bankruptcy Protection
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.
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.