December 18, 2014 / 3:01 PM / 5 years ago

Dutch sportscar maker Spyker declared bankrupt

The logo of Dutch car manufacturer Spyker is placed on the bonnet of a Spyker C8 Aileron Spyder car during the first media day of the 80th Geneva Car Show at the Palexpo in Geneva March 2, 2010. REUTERS/Valentin Flauraud

AMSTERDAM (Reuters) - Dutch sportscar maker Spyker, one-time owner of Sweden’s Saab, declared bankruptcy on Thursday, after failing to secure a critical bridging loan it had hoped would help it refinance and restructure.

The company, formed in 2000 to resurrect an early 20th century Dutch auto marque, had filed for protection from creditors earlier this month, hoping to stave off collapse.

Victor Muller, the company’s founder and chief executive, said he would now work to resurrect the group and focus on electric vehicles — the latest twist for a company that once fielded a Formula 1 racing team and briefly held Saab before selling it own to Chinese-owned NEVS ABV in 2012.

More recently, it had concentrated on supercars like the B6 Venator, which was meant to broaden the brand’s appeal.

“Over the years we undertook some daring ventures that left their marks on the company, which in turn contributed to today’s demise,” he said.

Earlier this year, a U.S. court dismissed the company’s $3 billion lawsuit against General Motors. Spyker had accused GM of derailing its plan to sell Saab to a different Chinese buyer from the one that subsequently bought it.

More recently, the company had been struggling even to pay rent on its premises, from which it was evicted by court order after falling into arrears on its rent.

The administrator appointed to run the company when it applied for creditor protection will now guide it through bankruptcy proceedings, the company said in a statement.

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