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Spyker Declared Bankrupt

“Not the end,” insists CEO Muller.

by on Dec.18, 2014

Spyker CEO Victor Muller with the B6 Venator.

After failing to line up new funding, Dutch sports car manufacturer Spyker has been declared bankrupt and put into receivership.

It was the final shoe to drop for the company that attempted to revive Sweden’s Saab, only to have that operation also collapse in 2011, its assets sold off the following year to a Chinese consortium.

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“This is not the end. It is not even the beginning of the end,” proclaimed Victor Muller, Spyker Automobielen BV founder and        CEO, quoting Winston Churchill. “I will relentlessly endeavor to resurrect Spyker as soon as practically possible.”

Founded in 2000, reviving a long-gone Dutch auto brand, Spyker attempted to create a line-up of expensive, limited-edition sports cars. But it tried to go mainstream with the 2009 acquisition of Saab, only to have that effort fail catastrophically. A shift back to the original Spyker brand didn’t fare much better.

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Spyker Files for Bankruptcy

Files for Chapter 11 restructuring even as former Saab subsidiary seeks extension in its bankruptcy.

by on Dec.02, 2014

Spyker CEO Victor Muller with the B6 Venator.

Dutch sports carmaker Spyker Automobielen has filed for the Dutch equivalent of bankruptcy and is seeking a voluntary financial restructuring.

The company has been struggling to turn itself around ever since its brief and abortive attempt to run Swedish-based Saab fell apart in 2011. Spyker says it “today filed a voluntary petition for financial restructuring in an effort to address certain short-term operational and liquidity challenges.”

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Ironically, the announcement was made just as the new owners of Saab sought an extension in their own bankruptcy filing in Sweden. National Electric Vehicle Sweden says it needs the extra time to work out a deal with a new investor that could keep operations at its Trollhattan assembly plant going. (more…)

Spyker Averts Asset Auction – Still Faces Financial Trouble

But Dutch sports carmaker still has plenty of challenges ahead.

by on Jul.07, 2014

The Spyker B6 Venator concept still hasn't made the jump to production.

It’s been a tough few years for the Dutch sports carmaker Spyker, but the company and CEO Victor Muller may have gotten a much-needed reprieve.

For those who might not recall the name, Spyker was the little upstart that took a big gamble by purchasing Saab, the Swedish car brand parent General Motors was planning to shut down after its own 2009 bankruptcy. But that venture didn’t fare very well, Saab lasting less than two years under the new arrangement before going belly up.

Insight!

Muller and crew decided to re-focus their efforts on their exotic sports car business, showing off several concept vehicles intended to bring the company a place at the table alongside such competitors as Ferrari and Aston Martin. But financial problems have continued to plague Spyker and it looked like the company was going to have to auction off a significant chunk of its assets to satisfy Dutch tax authorities.

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Spyker Prepping Launch of New B6 Venator

Still searching for production site.

by on Aug.22, 2013

Spyker CEO Victor Muller introduced the company's new convertible at Pebble Beach this year.

Dutch supercar maker Spyker is “moving forward” with plans to launch the new B6 Venator and the Spyder convertible version it unveiled at the Pebble Beach Concours d’Elegance last weekend. But the upcoming introduction could run into one small hitch: Spyker has yet to decide where it will build the new model.

The Dutch company, which barely survived a disastrous attempt to resurrect Sweden’s Saab, is counting on the Venator to put it back on the map as a small but viable manufacturer of extreme machines. The Venator is expected to become the relatively high-volume model in the Spyker line-up, though it will continue producing the more expensive Aileron, as well.

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But while development “has moved along very rapidly,” according to Spyker Chairman and CEO Victor Muller,” there are still a few snags.  Most significantly, the little carmaker has to decide where to build the car. Contrary to numerous media reports, Muller said Spyker has not chosen the Finnish-based Valmet, a specially manufacturer perhaps best known for producing versions of the Porsche Boxster. (more…)

New Saab Chief Sees Maker Returning to Its Roots

New models will emphasize safety, technology - and quirks.

by on Aug.10, 2010

The Saab assembly line re-starts, earlier this year, after the Swedish maker's sale to Dutch Spyker.

Conventional wisdom in the auto industry says that economy of scale is the only way automakers will survive in the future.

Then again, there’s never been anything conventional about Saab, at least not when it was a successful independent automaker. Saab’s best cars have never been conventional, either. And the way tiny Dutch sports car maker Spyker Cars tried to save the brand wasn’t conventional.

Spyker, which failed to close the deal in its initial try to buy Saab, was finally able to put a winning bid together in February, just as former owner General Motors was ready to turn out the lights on the faltering Swedish subsidiary.

But Victor Muller, co-founder and CEO of Spyker and now chairman of Saab, promised his plan will make Saab profitable within as little as two years. The key will be to reduce the break-even point for the number of cars it produces from 120,000 to 85,000 cars while building vehicles that the loyal core of Saab aficionados want. (more…)

New Saab Outlines Product Plans

“Think aircraft,” suggests new owner.

by on May.12, 2010

Saab is finally moving metal to the showrooms.

Saab, the Swedish automaker recently sold by General Motors, expects to have the much-delayed 9-5 model on sale by July and has three other vehicles in its product pipeline as it restarts its business around the world.

Now owned by Spyker, a Dutch sports car manufacturer, Saab will also plans to introduce a wagon version of  the 9-5 next year, as well as a 9-4X crossover vehicle that is also due out in 2011, according Jan Ake Jonsson, Saab’s president and chief executive officer.

Confirming an earlier report on TheDetroitBureau.com, an all new version of the Saab 9-3 is targeted for 2012. The styling for the 9-3 hasn’t been frozen yet but it will be more sporty and agressive.

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“The current Saab 9-3 was more of a generic sedan.  This will be very different,” said Jonsson, during a visit to Detroit this week.

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Saab Back in Business

Trollhattan plant rolling out 9-5 again.

by on Mar.23, 2010

Saved at the proverbial 11th hour, Saab is back in business, the first 2011 9-5 shown here rolling off the assembly line.

Swedish automaker Saab is back in business again – and looking to expand its line-up.

After a temnporary shutdown that many thought would become permanent, the maker’s factory in Trollhattan is rolling again, the first car down the line the new 2010 Saab 9-5 sedan.

One of four General Motors brands that the automaker had planned to shed following its bankruptcy, last year, Saab appeared doomed to a fate similar to that of Pontiac, Saturn and Hummer, all of which GM now plans to toss onto the automotive rust heap.  An initial offer from Scandinavian supercar maker Konigsegg was rejected when that company couldn’t come up with the cash.  But just as GM closed Saab’s plants and dissolved its board of directors, an alternate bid from Dutch sports car manufacturer Spyker came through.

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It’s taken a month to lock everything into place and get the factories humming again.  But for now, at least, Saab is up and running again.  That’s good news for buyers around the globe who’ve been placing orders for the new 9-5 despite the uncertainty about Saab’s future.

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A Happy Turn for a Saab Story?

GM reportedly extending deadline for potential Saab buyer.

by on Dec.30, 2009

The fate of an all-new version of the Saab 9-5 sedan will depend on whether Spyker can raise the money to purchase the brand from GM.

The troubled Swedish automaker, Saab, has been given an 11th-hour reprieve, though it’s far from certain the brand has been saved.

Numerous reports out of Europe – supported by American sources – indicate that General Motors has agreed to extend its self-imposed December 30th deadline for shuttering Saab, one of four brands it said it would either sell or close after emerging from bankruptcy protection last July.

The initial funding plan for Spyker’s acquisition of Saab has fallen through, but the Netherlands-based company is reportedly seeking another line of financing; and GM is giving the carmaker time to pull that together.

Acquisitions!

“The December deadline has been lifted and the final offer from Victor Muller [chief executive of Spyker] must be made by 7 January now,” a spokesman for GM of Europe told the British newspaper, The Guardian, which added that raising the necessary cash appears to be Spyker’s only obstacle, at this point. (more…)