Another motor company has filed for bankruptcy protection, this time it's Dutch sports car maker Spyker. The company has since designated an administrator that will help restructure the company.

The company's money woes began all the way back in 2007 when Spyker had to sell its F1 racing team at a loss back in 2007 which nearly made the company go under. Its brief ownership of Saab in 2010 also affected the company's finances. Spyker has since spun off the embattled Swedish car company to the Chinese company NEVS-AB in 2012, forcing the company to look for outside help in funding their cars.

After letting go of Saab, Spyker has focused its attention on creating cars such as the B6 Venator which the company labels as an entry-level sports car so as to widen the company's clientele. But money has not been flowing for the Dutch automaker. The lack of funds also prompted a Dutch court to issue an eviction order to Spyker last month because the company has not been able to pay rent amounting to EUR 125,000 (about PHP 6.9 million).

“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. We expect to emerge from this restructuring a stronger, more innovative company,” said Victor Muller, Chief Executive of Spyker.

Muller added that the company was arranging a loan from independent financiers to keep the company alive while it still continued its day-to-day operations.

Source: Reuters