Spyker Cars NV Archives

Spyker Bankruptcy Declared Void

This is why I love you, Victor Muller…….

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SPYKER N.V. WINS APPEAL: BANKRUPTCY DECLARED NULL AND VOID WITH RETROSPECTIVE EFFECT.

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.

Fortunately, in the days following the bankruptcy ruling, the bridge funding did come in, which provided a solid foundation for lodging an appeal with the Appeals Court on December 29th,2014.

Victor R. Muller, Spyker’s Founder and Chief Executive Officer said: “On December 18th, last, perhaps the blackest day in our 15 year history, I announced that as far as I was concerned, this was not the end and we would live up to our commitment to relentlessly endeavour to resurrect Spyker as soon as practically possible.

But even I could not foresee at the time how quickly and unscathed Spyker would emerge from a situation which usually heralds the end of an era. The Appeals Court’s ruling has eradicated the bankruptcy and put Spyker back in “Chapter 11”. Since we spent the time between lodging the appeal and today’s ruling to reach an agreement with the majority of our creditors, we should see Spyker exit moratorium of payment in a matter of weeks.

Following that exit we will forthwith pursue the execution of our plans which include the introduction of the Spyker B6 Venator, our 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 and disruptive technologies of which will find their way into full electric Spyker cars in the foreseeable future.

I again wish to express my gratitude to our customers, dealers, suppliers and of course our shareholders, employees and Board. Their loyalty and support was vital to build the brand over the past decade and a half and has now proven invaluable to achieve the overturning of the bankruptcy ruling and subsequent exit from moratorium so we can continue building our business for many decades to come.”

Spyker and Hawtai Motor Group continue discussions about funding and strategic partnership yet earlier agreement terminated

Zeewolde, The Netherlands, 12 May 2011 – Spyker Cars N.V. (Spyker) announces today that Hawtai Motor Group Company Limited (Hawtai) and Spyker terminated the agreement by and between Hawtai, Spyker and Saab Automobile AB (Saab Automobile) with respect to funding and strategic partnership. However, discussions are ongoing.

As a result of this termination, Saab Automobile may enter into a strategic partnership with Hawtai or another Chinese party on manufacturing, technology and distribution in China. As indicated in the press release of 3 May 2011, the transaction with Hawtai was subject to definitive transaction documentation and certain conditions, which included the consent of different stakeholders. Since it became clear that Hawtai was not able to obtain all the necessary consents, the parties were forced to terminate the agreement with Saab Automobile and Spyker with immediate effect. The parties will continue their discussions about a possible cooperation, however now on a non-exclusive basis.

Spyker and Saab Automobile continue to work on securing short and medium term funding. To that end Spyker and Saab Automobile are negotiating equity and debt financing and/or technology licensing with various (strategic) Chinese partners.

BAIC indicated that it does not have any problems with Saab’s ongoing discussions with other Chinese partners.

Discussions continue with the European Investment Bank (EIB) on completion of the current EUR 29 million drawdown under the EIB loan facility, on obtaining EIB consent for the sale of Saab property released under the collateral of the Swedish National Debt Office (NDO) and on various conditions proposed by the EIB. As soon as the EIB drawdown or other equivalent funding is confirmed, Saab Automobile plans to restart production depending on the outcome of discussions with its suppliers on terms to resume supplies of materials and services to Saab Automobile.

Press Release: DISCUSSIONS ABOUT SALE OF PROPERTY SAAB AUTOMOBILE ONGOING

The following was released by Spyker Cars NV this morning.

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Zeewolde, The Netherlands, 26 April 2011 – Spyker Cars N.V. (Spyker) announces that the intended sale of Saab Automobile Property AB (Saab Property) is still uncertain and subject to the fulfilment of a number of additional conditions imposed by the European Investment Bank (EIB) on Saab Automobile AB (Saab Automobile), General Motors (GM), the Swedish National Debt Office (NDO) and the Swedish Ministries of Finance and Enterprise.

It is not yet certain whether the above parties will be able to fulfil all of the conditions of the EIB and finalize the sale of Saab Property within a short time frame. The shares in Saab Property are currently pledged to the NDO (not the EIB) as collateral for the Swedish State guarantee NDO has given to the EIB on the day Spyker acquired Saab Automobile from GM in 2010. With a release by the NDO of its pledge in the shares of Saab Property, the guarantee of the NDO in favour of the EIB will be reduced by EUR 120 million. As a result, Saab Automobile will not be able to draw more than EUR 280 million under the existing EIB loan of which currently EUR 217 million have been drawn.

After the NDO confirmed last week that it intends to release its pledge in the shares of Saab Property, since Saab Automobile fulfilled all conditions, the EIB informed Saab Automobile last Thursday that it will only give its consent to the sale of Saab Property if certain additional conditions are met. The conditions relate – amongst others – to the obligation of Saab Automobile to refinance the sale of Saab Property or replace the purchaser within a limited period of time. Further, the consent to the transaction by the EIB would relate to a partial sale of Saab Property only. In addition, the EIB is requesting further clarification and confirmations from the NDO, the Swedish government, GM and Saab Automobile. Saab Automobile is working with all parties involved on a solution to complete the sale of the property and will have further talks with the EIB today in an attempt to reach agreement on the additional conditions set by the EIB.

Spyker and Saab Automobile continue to work on securing additional funding. To that end Spyker and Saab Automobile are negotiating equity and debt financing and/or technology licensing with various strategic partners, including various Chinese car manufacturers. No commitments have been received to date.

Finally, Mr. Vladimir Antonov awaits the approval from the NDO and the EIB to be allowed to act as a financier of Saab Automobile and to become a shareholder of Spyker.