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Spyker sues GM over Saab bankruptcy

Reuters said 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.

"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."

In January 2010, tiny Spyker clinched a last-minute deal to buy Sweden's Saab, in an audacious attempt to turn around a money-losing brand. Saab has been declared insolvent with debts of about 13 billion kronor ($1.8 billion), Reuters said.

 

Last Updated (Monday, 06 August 2012 14:21)

 

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