The manufacturer Spyker announced that its liabilities exceed its assets
August 27, 2010
The Dutch manufacturer of luxury cars Spyker Cars, which bought the Swedish Saab General Motors said Wednesday that it had a liability greater than the amount of its assets.
In a statement posted on its website, Spyker said that the negative balance as of June 30 is the consequence of the requirement under IFRS to consider the $ 326 million (257 million Euro) preference shares redeemable granted to GM in connection with the acquisition of Saab as a liability.
A spokesman for the manufacturer said that details would be made on the occasion of the publication of its interim results on August 27.
The exchange operator NYSE Euronext has indicated his side he did not intend to take action against Spyker as it would comply with the rules.
The manufacturer is required to publish such a statement within five days detailing its financial situation. The document should also provide details on the company's solvency, its level of liquidity, prospects for the short and long term measures it will take to improve its solvency.
Spyker Cars, which has never made a profit, bought Saab, a manufacturer of larger this year and is now trying to revive the brand.
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