The not-so-good Spyker news from a couple of weeks ago have taken a turn for the worse, with the Dutch sports car maker officially going bankrupt as of December 18. After initially filing a voluntary petition for financial restructuring in an effort to raise some much-needed cash to continue its operation (something similar to a Chapter 11 reorganization in the U.S.), that moratorium of payment was converted to bankruptcy.

This news comes after Spyker hadn’t built a car in years. The B6 Venator was supposed to enter production as a part of the company’s rebirth in 2015, but it seems that that will no longer happen, as there were too many promises and not enough moolah to back them all up.

According to Spyker CEO Victor Muller, the main reason for today’s bankruptcy is because a "committed bridge funding" didn’t reach the company in due time, essentially forcing it to request the District Court of Midden-Nederland (the Netherlands) to convert the aforementioned moratorium of payment into bankruptcy a little over two weeks after its inception.

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

Why it matters

Founded 15 years ago, Spyker Cars followed a rather troublesome and very peculiar road until today, with the manufacturer even venturing for a season in Formula One and then four years later going as far as owning Saab. It was mainly these two endeavors that brought the most problems, with Spyker losing a hefty amount of money after each transaction.

While the news itself is not exactly out of nowhere, Spyker CEO Victor Muller not only had his hopes high until the very last moment, but he actually continues to believe that is not the end for his company, going as far as even quoting Winston Churchill’s "this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning."

As sad as this may sound, it is probably better to think a bit more positively about the entire situation, especially when the company’s motto is/was "Nulla Tenaci Invia est Via" (which is Latin for "For the tenacious no road is impassible"). With that in mind, Muller also mentioned that its goal is to not only resurrect Spyker but also to merge with an unspecified electric aircraft manufacturer and develop electric cars with "disruptive sustainable technology." We wish Spyker a merry return in the near future.

2015 Spyker B6 Venator Spyder Concept

2015 Spyker B6 Venator Spyder High Resolution Exterior
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Alex Oagana
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Press Release

Today the District Court of Midden-Nederland, at the request of the administrator, converted the moratorium of payment, granted to Spyker N.V. and its wholly owned subsidiaries Spyker Automobielen B.V. and Spyker Events & Branding B.V. (collectively “Spyker” or the “Company”) on December 2nd, last, to bankruptcy. The cause for this conversion was that the committed bridge funding did unfortunately not reach the company in time. The administrator will continue his work but now as receiver.

Victor R. Muller, Founder and Chief Executive Officer said: “None of the ambitions we had when we founded Spyker 15 years ago, has vanished as a result of today’s events. In 2000 we set out to establish a super sports car business from scratch with a global distribution and we achieved that. Over the years we undertook some daring ventures that left their marks on the company which in turn contributed to today’s demise.

However, I would like to make clear that as far as I am concerned “this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning” to quote Winston Churchill. I will relentlessly endeavour 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.

This is the moment to express my gratitude to our customers, dealers, suppliers and of course our employees and Board. Their loyalty and support was vital to build the brand over the past decade and a half. They can count on us continuing to live by the Spyker axiom “Nulla Tenaci Invia est Via” (Latin for “For the tenacious no road is impassible”).”

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