Spyker sues GM over Saab bankruptcy
Source: Agencies |
August 7, 2012, Tuesday
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Print Edition
Print Edition
DUTCH company Spyker yesterday said it was suing General Motors for US$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 in a statement, referring to a complaint filed in a US 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 said: "It's hard to believe. We have no comment until we see the lawsuit."
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, referring to a complaint filed in a US 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 said: "It's hard to believe. We have no comment until we see the lawsuit."
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