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Spyker: broke not bankrupt!
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1st February, 2015
Back in Moratorium of Payment, Spyker expects to reach an
Agreement with its Creditors and exit Moratorium in a Matter of Weeks.
On 29th January 2015 Spyker N.V., together with its wholly owned subsidiary Spyker Automobielen B.V. (collectively
"Spyker" or the "Company"), won an appeal filed on 29th December 2014 with the Appeals Court of Leeuwarden, the
Netherlands. Pursuant to the ruling rendered on Thursday the decision of the District Court of Midden-Nederland in
Lelystad, the Netherlands (the "Court"), declaring Spyker bankrupt on 18th December 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 2nd December 2014. On
that day, Spyker filed a voluntary petition for temporary moratorium of payment ("surseance van betaling"), in an
effort to address certain 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.
In the days following the bankruptcy ruling, the bridge funding did come in, which provided a foundation for lodging
an appeal with the Appeals Court on 29th December 2014.
Victor R. Muller, Spyker's Founder and Chief Executive Officer said on Thursday: “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.”
E&OE.
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