Spyker has officially declared bankruptcy, after many difficult months for this Dutch automobile manufacturer.
Earlier, Spyker was to step into bankruptcy protection in the Netherlands, but managed to source funds to keep the auto maker going.
In spite of the company declaring bankruptcy, Victor Muller, Spyker's Founder and Chief Executive is in no mood to give up hope in the company's survival.
In a statement, the Founder said, "None of the ambitions we had when we founded Spyker 15 years ago have vanished as a result of today's events."
"In 2000 we set out to establish a super sports car business from scratch with a global distribution and we achieved that. Over the years we undertook some daring ventures that left their marks on the company which in turn contributed to today's demise."
"However, I would like to make clear that as far as I am concerned, ‘this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning', to quote Winston Churchill."
"I will relentlessly endeavour to resurrect Spyker as soon as practically possible and, assuming we will be successful, pursue our goal to merge with a high performance electric aircraft manufacturer and develop revolutionary electric Spykers with disruptive sustainable technology."
Spyker, at present has been appointed with an administrator to proceed with the bankruptcy procedures.