January 29, 2015 in Spyker
It is with absolute pleasure that I can deliver this following press-release which basically means that Spyker and Victor has found funding for Spykers continued existence. Spykers partner which helped the company back onto its feet is according to SU sources based in the United States and Victor along with his team at Spyker has worked with the same type of intensity and dedication as they did while trying to save Saab back in 2010-2011.
In a message from Victor to the readers of SU he said: “The same perseverance with which we saved Spyker today was applied to Saab at the time.The powers working against us then were simply bigger than we were. I regret the loss of Saab still every day. It is my single worst business experience and time has not healed that wound at all. I would say on the contrary in fact.”
Back in Moratorium of Payment, Spyker expects to reach an Agreement with its Creditors and exit Moratorium in a Matter of Weeks.
Zeewolde, the Netherlands, January 29th, 2015. Spyker N.V., together with its wholly owned subsidiary Spyker Automobielen B.V. (collectively “Spyker” or the “Company”), today won an appeal filed on December 29th, 2014 with the Appeals Court of Leeuwarden, the Netherlands.Pursuant to the ruling rendered today the decision of the District Court of Midden-Nederland in Lelystad, the Netherlands (the “Court”), declaring Spyker bankrupt on December 18th, 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 December 2nd, 2014. On that day, Spyker filed a voluntary petition for temporary moratorium of payment (“surseance van betaling”), the Dutch equivalent of the American Chapter 11 procedure, in an effort to address certain short-term 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.