Spyker sues GM for $3 bn in US over Saab bankruptcy | business | Hindustan Times
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Spyker sues GM for $3 bn in US over Saab bankruptcy

business Updated: Aug 06, 2012 23:25 IST
Hindustan Times
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Dutch company Spyker said it was suing General Motors in a US district court for $3 billion on behalf of its subsidiary Saab, accusing the US 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 on Monday.

“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 refused to comment.

Saab was declared insolvent with debts of about 13 billion Swedish crowns ($1.8 billion).