Dutch carmaker Spyker files for financial restructuring

Spyker N.V., together with its wholly owned subsidiary Spyker Automobielen B.V. (collectively "Spyker" or the "Company"), has filed a voluntary petition for financial restructuring in an effort to address certain short-term operational and liquidity challenges.

The District Court of Midden-Nederland in Lelystad, the Netherlands (the "Court") granted Spyker's voluntary petition for temporary moratorium of payment, which will protect the Company from its creditors throughout the duration of the moratorium.

"Over the past few years, 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 Automobile AB. Our Management and Board have been working very hard in the last 12 months on a restructuring plan that includes the execution of Spyker's B6 Venator programme, an 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 technology of which will find its way into future Spyker automobiles," said Victor R. Muller, Spyker founder and Chief Executive Officer.

The temporary moratorium of payment and following settlement with creditors is the next step in Spyker's restructuring process. During the temporary moratorium of payment, suppliers should expect to be paid for post-petition purchases of goods and services in the ordinary course of business.