Arab Today, arab today dutch car maker spyker declares bankruptcy
Last Updated : GMT 06:43:46
Arab Today, arab today
Arab Today, arab today

Dutch car maker Spyker declares bankruptcy

Arab Today, arab today

Arab Today, arab today Dutch car maker Spyker declares bankruptcy

Dutch carmaker Spyker
The Hague - AFP

Sports car maker Spyker on Thursday declared bankruptcy, with the small Dutch company that once competed in Formula 1 saying it could not stay afloat after losing a critical legal battle.
The founder of the one-time owner of Sweden's Saab vowed that the bankruptcy was not the end for the company which would return with revolutionary electric cars.
"Today the District Court of Middle-Netherlands converted the moratorium of payment granted to Spyker... to bankruptcy," Spyker said in a statement.
Two weeks ago the court gave Spyker a stay of payment to restructure and search for a new credit line to pay its bills, including 152,000 euros ($186,000) in rent it owed on its Zeewolde property in central Netherlands.
But Spyker said the "committed bridge funding unfortunately did not reach the company in time."
The administrator appointed to oversee the stay of payment "will continue its work, but now as receiver."
Spyker's bankruptcy comes after years of financial struggles, which was exacerbated after it bought flagging Swedish car maker Saab from US-based General Motors in 2010 for $1.5 billion.
But two years later Saab filed for bankruptcy when Spyker's last-ditch bid to raise funds in China was nixed by GM over technology transfer issues.
Spyker then sued GM for $3 billion in damages before a US court, claiming GM deliberately caused Saab to go bankrupt.
US courts ruled in GM's favour including on appeal.
Meanwhile Spyker's dismal sales figures continued.
According to the latest figures quoted by Dutch media, Spyker sold three cars in 2012 with a total value of 700,000 euros.
The company lost 6 million euros over the same period, according to figures by the Dutch daily NRC.
Founded by two brothers, Jacobus and Hendrik Jan Spyker, in 1880, the company specialised in some of the world's first luxury cars and aircraft engines until 1925, when it ceased trading.
Spyker was relaunched in 2000 by its colourful chief executive Victor Muller and the company also saw a brief foray into Formula One and competing at the Le Mans 24 Hours race.
"Over the years we undertook some daring ventures that left their marks on the company which in turn contributed to today’s demise," Muller said in the statement.
Muller said he would "relentlessly endeavour to resurrect Spyker as soon as practically possible" and if successful planned to "merge with a high performance electric aircraft manufacturer and develop revolutionary electric Spykers with disruptive sustainable technology."

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dutch car maker spyker declares bankruptcy Arab Today, arab today dutch car maker spyker declares bankruptcy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dutch car maker spyker declares bankruptcy Arab Today, arab today dutch car maker spyker declares bankruptcy

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday