Spyker agrees to extend deadline for GM lawsuit response to September 28

Article by Anita Panait, on August 24, 2012

Spyker has agreed to a request by General Motors to extend the deadline to respond to a legal action that seeks over $3 billion in damages. The deadline was originally set Aug. 28, 2012, but was postponed to Sept. 28, 2012. Spyker is taking legal action against GM, in behalf of its Saab unit, alleging that the US carmaker deliberately bankrupted the Swedish automaker by obstructing a deal with a Chinese investor.

In a statement, Spyker said that GM's actions had the direct and intended objective of pushing Saab into bankruptcy, a consequence of the US carmaker’s interference with a transaction between Saab Automobile AB, Spyker and Chinese investor Youngman. Spyker said the deal would have enabled Saab Automobile AB to restructure and remain solvent.

GM described the Spyker lawsuit as "without merit." Saab collapsed financially on December 2011, nearly two years after Spyker acquired it from GM. Saab’s bankruptcy came after several failed attempts to entice investors and perk up the company. Saab was declared insolvent after incurring around SEK13 billion ($1.8 billion) in debts, around SEK2.2 billion of which is due to the Swedish Debt Office.

Spyker and former Saab chief executive Victor Muller had tried to come up with a rescue agreement for Saab with various Russian, Middle Eastern and Chinese investors, including Pang Da Automobile Trade Co. and Youngman.

GM, however, blocked final agreements to rescue Saab with Pang Da and Youngman when it announced it would stop supplying vehicles and technology to Saab's new owners since it would oppose the interests of its own shareholders. According to Muller, the $3 billion claim is based on Saab’s potential worth if the deal pushed though.

Topics: spyker, gm, lawsuit

If you liked the article, share on:

Pin It

Comments

Recommended

South Korean car company SsangYong recently revealed sketches of their upcoming SUV. We’re not always impressed by Korean car designs, but this one looks quite promising. Yup, it is the...
by - March 26, 2017
Twenty-eight years after the company was first launched by Toyota, which was initially targeted to the United States market only, Lexus has already made its way to over 70 countries....
by - March 26, 2017
Last year was probably Porsche’s best year ever in terms of sales. Their factory in Stuttgart delivered 237,778 cars in total, which represents a six percent increase compared to the...
by - March 26, 2017
Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries