"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" - Spyker CEO and founder, Victor Muller.

"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" - Spyker CEO and founder, Victor Muller.

Spyker, with its Spyker Automobilien subsidiary, says it has filed a voluntary petition for financial restructuring in an effort to address unnamed "certain short-term operational and liquidity challenges."

The District Court of Midden-Nederland in Lelystad, the Netherlands granted Spyker's voluntary petition for temporary moratorium of payment, the Dutch equivalent of American Chapter 11 proceedings and has appointed an administrator who, together with the Board of Management, bears final responsibility for management of the company as long as the moratorium of payment status is in force.

The Court's ruling to grant a temporary moratorium of payment protects the company from its creditors throughout the duration of the moratorium. The company's wholly owned subsidiary Spyker Events & Branding, entered temporary moratorium of payment a month ago.

The company's key operations are expected to continue throughout the temporary moratorium while it executes its reorganisation plan to resolve what are described as "temporary" operational and liquidity issues.

"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," said Spyker CEO and founder, Victor Muller.

"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.

"After careful consideration of all available alternatives, the company's Directors and Management Boards determined a voluntary petition for temporary moratorium of payment was a necessary and prudent step and the best way to secure and use the financing necessary to maintain operations and allow for a successful restructuring of the company.

"We expect to emerge from this restructuring a stronger, more innovative company that is well positioned for growth and profitability. We are proud of the consistent high quality of our automobiles and our valued customer and partner relationships."

In conjunction with the voluntary petition, the company is in the process of securing a loan facility arranged by independent financiers which intends to provide an immediate source of funds, enabling it to satisfy the obligations associated with the daily operation of its business, including the payment of employee wages and other obligations.

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.

"On behalf of the entire management team, I would like to thank our customers, dealers and suppliers for their continued support during this process," said Muller. "I also want to recognise our dedicated employees, whose continued support and commitment are crucial to the future success of our company. We are all dedicated to making this financial restructuring a success."

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