Spyker back from brink

Spyker’s dabble with F1 racing during 2007 very nearly killed the company, it seems.

In an interview with the Automotive News Europe business paper, Spyker CEO Victor Muller admitted that the company was losing 2 million euros a month because some of its F1 sponsors failed to pay out. As a result, Spyker’s production capital was drained dramatically, meaning only two road cars were built during December as the company was unable to pay its suppliers.

Muller went on to say that Spyker is now out of trouble, having sold its F1 operation for 88 million euros and secured a 34.5 million euro re-financing deal for the company.

Muller is currently on a goodwill tour, visiting dealers and trying to regain their trust after the Spyker retail network all but shut down last year due to the uncertainty about the Dutch car maker’s future.