Spyker exits restructuring process in addition to announces electric car plans

Wednesday, November 23rd, 2016 - autos, cars, motoring, news

Source : Spyker exits restructuring process in addition to announces electric car plans

Spyker has exited its restructuring process

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The 375bhp B6 Venator sports car can be key to Spyker’s future plans

Dutch sports car firm says the item can be today debt-free in addition to pressing ahead with merger with an Oregon-based electric aircraft company

Dutch sports car company Spyker can be pressing ahead with plans to merge with an American aircraft producer in addition to build electric cars after emerging through its financial crisis.

Spyker today confirmed that will the item has exited moratorium of payment – a procedure that will allows a company to continue operating its business in addition to managing its assets inside ordinary course of business while at the same time restructuring. the item has been in that will process for almost eight months.

Spyker chief executive officer Victor Muller said: “We have gone through a very rough patch during the past year, going through moratorium in early December 2014 to being declared bankrupt on 18 December, subsequently filing an appeal of that will decision, winning that will appeal on 22 January 2015 in addition to returning to moratorium as a consequence.

“After winning a long legal battle with just one creditor, we have today finally succeeded in exiting moratorium in addition to we are back in business as a healthy, debt-free enterprise. inside coming weeks we will finalise the agreements with investors which were held up for over two months by the protracted litigation.”

Spyker can be merging with Volta Volare, a maker of electric aircraft based in Portland, Oregon.

“We look forward to a bright future for the company I founded 15 years ago in addition to which can be today set to build sensationally elegant in addition to classy electric motor cars in addition to electric planes for decades to come,” said Muller, who added that will Spyker currently has around 250 vehicles on the roads.

Spyker has endured a chequered history. the item’s recent problems began late last year. The company was been handed a lifeline after a court decision to declare the company bankrupt was overturned on appeal. In December the troubled Dutch producer filed a voluntary petition for protection through its creditors while the item “addressed short-term operational in addition to liquidity challenges”.

Company chief Muller required to receive an injection of funding, although when This specific was not forthcoming, a Dutch local court appointed an administrator in charge of Spyker’s affairs.

inside days following the bankruptcy ruling, the extra funding did arrive, in addition to Spyker lodged its appeal against bankruptcy.

The appeal was upheld, meaning Spyker was put back into the temporary moratorium of payment procedure.

In Spyker’s latest statement, there’s no word on whether the company will press ahead with the planned introduction of its B6 Venator entry-level luxury sports car. The B6 Venator, a mid-engined 375bhp V6 sports car, was revealed in £125,000 coupé form at the 2013 Geneva motor show, in addition to as a £135,000 convertible later that will year. 

When Spyker entered bankruptcy protection in December, Muller said: “Over the past few years, Spyker has faced several serious difficulties in addition to challenges resulting through, among others, the legacy of the F1 era in addition to the acquisition of Saab Automobile AB.

“Our management in addition to board have been working very hard inside past 12 months on a restructuring plan that will 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, in addition to the merger which has a US-based producer of high-performance electric aircraft, the exciting brand new sustainable technology of which will find its way into future Spyker automobiles.

“After careful consideration of all available alternatives, the company’s directors in addition to management boards determined that will a voluntary petition for temporary moratorium of payment was a necessary in addition to prudent step in addition to the best way to secure in addition to use the financing necessary to maintain operations in addition to allow for a successful restructuring of the company.

“We expect to emerge through This specific restructuring a stronger, more innovative company that will can be well positioned for growth in addition to profitability. We are proud of the consistent high quality of our automobiles in addition to our valued customer in addition to partner relationships.”

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