F1 will bankrupt Dutch car company
According to www.autoindustry.co.uk, Spyker has retained Booz Allen & Hamilton to draw up a future strategy document to support its borrowing requirements.
Spyker said that short-term cash flow had been secured by an extended credit line from a bank, and a €7.5m loan from an existing shareholder, the report said.
Dutch press reports have also revealed that Spyker’s road car intellectual property rights were pledged to the Friesland Bank as part its initial F1 funding arrangements in 2006.
According to a press release from the company, this is "common business practice" although some observers believe the move shows that the ‘writing is on the wall’ for the sports car brand.
Spyker become the first Dutch company to run a Formula One racing team, with its purchase of Midland from Russian-born Canadian Alex Schnaider for some €84m.