Following a countless stream of bad news, Spyker has filed for a voluntary restructuring in the Netherlands.

Following a countless stream of bad news, Spyker has filed for a voluntary restructuring in the Netherlands.

Designed to address "certain short-term operational and liquidity challenges," the restructuring was granted by the District Court of Midden-Nederland and will provide a temporary moratorium of payment which is being billed as the "Dutch equivalent of the American Chapter 11 proceedings."

In essence, the ruling will grant Spyker creditor protection and allow them to continue key operations while they execute their reorganization plan.

According to Spyker CEO Victor R. Muller, "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." He went on to say "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."

Interestingly, Muller also revealed the company is merging with a "US based manufacturer of high performance electric aircraft." There's no word on specifics but the executive said we can expect electric technology will eventually find its way in to future Spyker models.

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