Spyker sells its name

Spyker Cars, the exotic sports car manufacturer, and of late, Formula 1 constructor, appears to be selling its name in order to attain a bank loan. “There was an agreement with Friesland Bank last year and as part of it the name has been pledged, which is quite normal,” a Spyker spokesperson said.

However, things may not be quite as normal as Spyker has claimed. A trader from Kempen & Co told Reuters “obviously it is a very bad sign if you have to give away your name to get a loan.” Spyker announced its first profit ever in 2006, but is now being rumoured to be in financial trouble once again. “The company is in bad weather and everybody is afraid that the weather is getting worse”, another trader from AFS Brokers said.

It seems that a storm really is on its way, with news Spyker shares have declined by as much as 17 per cent on Wednesday. Hoping to add stability, Spyker has just announced the appointment of Michiel Mol as interim CEO of the company, replacing former CEO Victor Muller who departed last week. Mol was previously Director of Forumla One Racing within the management board, and seems to have landed himself in an even bigger challenge than before.
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SevorbeupstryIsBack - 5/23/2007 1:32:40 PM

+3 Boost

Uh-owh.

S4cabriofoxone - 5/23/2007 2:22:08 PM

+2 Boost

I don't think Spyker has much staying power... they won't ever be anything like Maserati or Aston Martin.