Tags: Spyker | GM | Saab | Bankruptcy

Spyker Sues GM for $3 Billion in US Court Over Saab Bankruptcy

Monday, 06 August 2012 08:37 AM

Dutch company Spyker said it was suing General Motors for $3 billion on behalf of its subsidiary Saab, accusing the U.S. automaker of deliberately driving Saab into bankruptcy by interfering with a planned deal with a Chinese investor.

Saab Automobile, one of Sweden's most famous brands, had been making cars since 1947 but went bankrupt in December 2011, less than two years after General Motors sold it to supercar maker Spyker.

The bankruptcy followed several unsuccessful attempts to attract Chinese or other investment.

"This lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market," Spyker said in a statement on Monday, referring to a complaint filed in a U.S. district court.

"GM's actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM's ... interfering with a transaction between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and remain a solvent, going concern."

GM spokesman James Cain told Reuters: "It's hard to believe. We have no comment until we see the lawsuit."

GM had in the past blocked deals to sell Saab to Chinese buyers, which analysts attributed to it wishing to protect its Chinese cooperation with state-run SAIC Motor Corp Ltd (Shanghai Automotive).

Saab was declared insolvent with debts of about 13 billion Swedish crowns ($1.8 billion), around 2.2 billion of which is owed to the Swedish Debt Office.

© 2020 Thomson/Reuters. All rights reserved.

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Monday, 06 August 2012 08:37 AM
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