Spyker NV -- the Dutch supercar maker that was hurt by its acquisition of Saab from General Motors -- was today declared bankrupt even as founder and CEO Victor Muller vowed to revive the company.
A Dutch district court ended a temporary moratorium of payments granted Dec. 2. The court placed Spyker and its wholly owned subsidiaries Spyker Automobielen and Spyker Events & Branding into receivership.
The administrator appointed to run the company when it applied for creditor protection will now guide it through bankruptcy proceedings, the company said in a statement
The court made the decision because planned bridge funding did not reach the company in time, Spyker said.
"As far as I am concerned this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning,” Muller said in the statement, quoting former British Prime Minister Winston Churchill's 1942 speech after the country won a key WWII battle against Germany.
"I will relentlessly endeavor to resurrect Spyker as soon as practically possible and, assuming we will be successful, pursue our goal to merge with a high performance electric aircraft manufacturer and develop revolutionary electric Spykers with disruptive sustainable technology," Muller said.
Spyker was formed in 2000 to resurrect an early 20th century Dutch auto marque. Last month a Dutch court ordered Spyker to leave its factory in the Netherlands after it fell some 125,000 euros ($155,000) into arrears on its rent.
A U.S. court dismissed the company's $3 billion lawsuit against GM earlier this year. Spyker had accused GM of derailing its plan to sell Saab to a different Chinese buyer from the one that subsequently bought it. Spyker bought Saab from GM in 2010 but could not revive the Swedish automaker.
Reuters contributed to this report