Thursday, May 14, 2015 - 14:10
Spyker could escape bankruptcy; debt holders only get 10 pct.
With additional reporting by Zack Newmark. Creditors involved with the sports car manufacturer Spyker will only receive a full compensation for debts up to 12,000 euros. The embattled sports car manufacturer will only pay ten percent of debts over the amount in an effort to get out of receivership, reports RTL Nieuws. A court will make the final decision on receivership next Friday. Most creditors have agreed to the plan which would likely eliminate any chance of Spyker declaring bankruptcy. The total debt of the company amounts to 44 million euros. If the company goes bankrupt, creditors would likely receive next to nothing after assets are liquidated. Spyker was declared bankrupt last December, but the decision was overturned on appeal by the court in Leeuwarden. This became possible after an investor paid 4.3 million euros to reduce the company's outstanding debt. The decisive factor is the agreement with the company's largest creditor, Saab GB. The creditor is satisfied with the payment of 61,000 euros. Spyker also agreed to purchase a third of its shares owned by the creditor as a part of the settlement. Spyker fell into trouble after an ambitious plan in 2010 to purchase Saab from General Motors, and rescue the Swedish automaker from collapse. Spyker had trouble monetizing Saab, and GM blocked attempts by Spyker owner Victor Muller to raise investment from Chinese firms. GM was concerned with losing trade secrets, and enforced their right to block the investment, a condition of the sale to Spyker.