Remember the rather depressing story in mid-December 2014, when Spyker announced that it was officially bankrupt? Well, as it happens, it was all pretty much a bad dream, as the Dutch sports car maker announced today that it has won an appeal in which the bankruptcy was not only overturned but declared null and void. In other words, by law Spyker was never bankrupt in the first place, as odd as that may seem, and has now returned to moratorium of payment status.

As a matter of fact, the company was in a similar protection status since December 2nd, 2014, in the the Dutch equivalent of the American Chapter 11 procedure. While expected bridge funding didn’t arrive in time to keep Spyker out of the bankruptcy it entered just weeks after the moratorium of payment status commenced, it did eventually come in to provide a better foundation for lodging an appeal with the Appeals Court, which Spyker actually did at the end of December 2014.

"On December 18th, last, perhaps the blackest day in our 15 year history, I announced that as far as I was concerned, this was not the end and we would live up to our commitment to relentlessly endeavour to resurrect Spyker as soon as practically possible. But even I could not foresee at the time how quickly and unscathed Spyker would emerge from a situation which usually heralds the end of an era. The Appeals Court’s ruling has eradicated the bankruptcy and put Spyker back in "Chapter 11". Since we spent the time between lodging the appeal and today’s ruling to reach an agreement with the majority of our creditors, we should see Spyker exit moratorium of payment in a matter of weeks." said Victor R. Muller, Spyker’s Founder and CEO.

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

Why it matters

According to Muller, Spyker will now continue to pursue both the introduction of the B6 Venator, and a merger with an American manufacturer of high-performance electric aircraft. Apparently, the merger with the unnamed aircraft company will allow future Spyker cars to benefit from full electric powerplants "in the foreseeable future," transforming the rather old-school sports-car maker into a rival of Tesla Motors in a few years. Whether Victor Muller is too much of an optimist or Spyker will finally leave all the dark days behind remains to be seen. Either way, 2015 is looking to be a tough year for the Dutch company, and I really hope that it will get through its predicament in the end, even without support from a larger business entity.

Press Release

Spyker N.V., together with its wholly owned subsidiary Spyker Automobielen B.V. (collectively "Spyker" or the "Company"), today won an appeal filed on December 29th, 2014 with the Appeals Court of Leeuwarden, the Netherlands.Pursuant to the ruling rendered today the decision of the District Court of Midden-Nederland in Lelystad, the Netherlands (the "Court"), declaring Spyker bankrupt on December 18th, 2014, was overturned and the bankruptcy declared null and void with retrospective effect.

This means that by law Spyker was never bankrupt and that the Company has, with immediate effect, returned to the moratorium of payment status, in which it was since the Court granted Spyker that protection on December 2nd, 2014. On that day, Spyker filed a voluntary petition for temporary moratorium of payment ("surseance van betaling"), the Dutch equivalent of the American Chapter 11 procedure, in an effort to address certain short-term operational and liquidity challenges. When expected bridge funding did not arrive timely, the Court appointed administrator who, together with the Board of Management, bears final responsibility for the management of the Company as long as the legal moratorium of payment status is in force, filed a request with the Court to convert the moratorium of payment to bankruptcy.

Fortunately, in the days following the bankruptcy ruling, the bridge funding did come in, which provided a solid foundation for lodging an appeal with the Appeals Court on December 29th,2014.

Victor R. Muller, Spyker’s Founder and Chief Executive Officer said: “On December 18th, last, perhaps the blackest day in our 15 year history, I announced that as far as I was concerned, this was not the end and we would live up to our commitment to relentlessly endeavour to resurrect Spyker as soon as practically possible.

But even I could not foresee at the time how quickly and unscathed Spyker would emerge from a situation which usually heralds the end of an era. The Appeals Court’s ruling has eradicated the bankruptcy and put Spyker back in "Chapter 11". Since we spent the time between lodging the appeal and today’s ruling to reach an agreement with the majority of our creditors, we should see Spyker exit moratorium of payment in a matter of weeks.

Following that exit we will forthwith pursue the execution of our plans which include the introduction of the Spyker B6 Venator, our 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 and disruptive technologies of which will find their way into full electric Spyker cars in the foreseeable future.

I again wish to express my gratitude to our customers, dealers, suppliers and of course our shareholders, employees and Board. Their loyalty and support was vital to build the brand over the past decade and a half and has now proven invaluable to achieve the overturning of the bankruptcy ruling and subsequent exit from moratorium so we can continue building our business for many decades to come.”

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

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