Overnight Spyker, former owner of Saab, has filed for a temporary moratorium of payment, or bankruptcy protection, in the company's home jurisdiction of the Netherlands.
Similar to Chapter 11 in the USA, a temporary moratorium of payment allows a company to function relatively normally while it tries to sort its issues regarding debts, jobs, funding, assets and cash flow.
In a statement, the company explained its current predicament: "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 AB."
During its time in bankruptcy protection, Spyker will be run by an administrator and it hopes to secure a line of credit, which will allow it pay its employees and creditors. When, or if, the company emerges out the other side, it hopes to make the "entry-level" B6 Venator coupe (above) and spyder a reality.
Spyker purchased the Midland F1 team around the middle of 2006. At the end of the 2007 season the team was sold off and became Force India.
After GM emergence from bankruptcy court, in early 2010 Spyker bought Saab from the American conglomerate. With a supply contract from GM for the next-generation 9-5 sedan and 9-4X SUV, as well as the rights to the decade-old 9-3, Spyker hoped to turn the Swedish car maker around.
That dream ran aground in 2011 when both Saab and Spyker ran out of cash, and GM refused to endorse any refinancing deal that involved Chinese ownership.