Dutch sportscar maker Spyker files for bankruptcy protection
AMSTERDAM (Reuters) - Troubled Dutch sportscar maker Spyker has filed for protection from its creditors and appointed an administrator to help it restructure, the company said on Tuesday.
The company, formed in 2000 to resurrect an early 20th century Dutch auto marque, once fielded a Formula 1 racing team and briefly owned Swedish auto maker Saab before selling it on to Chinese-owned NEVS AB in 2012.
Spyker has had a bumpy history since its revival, almost going under after selling the F1 team in 2007 at a loss, and again after its 2010 purchase of Saab foundered, forcing it to seek outside help.
Earlier this year, a U.S. court dismissed the company's $3 billion (2 billion pounds) lawsuit against General Motors. Spyker had accused General Motors of derailing its plan to sell Saab to a different Chinese buyer from the one that subsequently bought it.
Since selling Saab, it has concentrated on making supercars such as the B6 Venator, planned as an entry-level sportscar to give the brand a wider audience.
But cash flow has been a problem for the company, which delisted last year. Last month a Dutch court ordered it to leave its factory in the Netherlands after it fell some 125,000 euros ($155,000) into arrears on its rent.
"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," said Victor Muller, Spyker's Chief Executive, in a statement.
He said the company was arranging a loan from independent financiers to keep the company afloat while it continued with its daily operations.
"We expect to emerge from this restructuring a stronger, more innovative company," Muller added.
(Reporting by Thomas Escritt, editing by Louise Heavens)
