Spyker sues GM for $3 billion over driving Saab into bankruptcy

Article by Christian A., on August 7, 2012

General Motors Co. faces a lawsuit filed by Spyker in the U.S. District Court in Detroit for over $3 billion on behalf of its subsidiary Saab, claiming that GM had intentionally bankrupted the Swedish group by opposing a deal with a Chinese investor. In May 2011, Saab Automobile halted production when it couldn’t anymore pay suppliers and workers.

Saab, which is one of the most famous brands in Sweden, was discontinued in December, almost two years after GM sold it to Spyker, the Dutch sportscar maker. Spyker said that GM’s attempts to prevent a sale were made to get rid of a potential rival in China. According to Spyker CEO Victor Muller, GM "had it coming" with regards to the lawsuit.

Muller told Reuters that they weren’t expecting to survive but then Spyker is “still here.” In its complaint, Spyker said that GM never meant to allow Saab to compete with it in China. Spyker said that when Saab discovered a way to secure liquidity and continue as a going concern with the help of Chinese investors, GM wanted to spoil the deal by using any methods it could think of, including publishing wrong information about its rights under the parties' contracts.

According to GM spokesman James Cain, the U.S. automaker has yet to get a copy of the lawsuit. Spyker is asking for a jury trial and is hoping to get a minimum of $3 billion in compensatory damages, interest and punitive damages, as well as legal fees.

Topics: spyker, saab, bankruptcy

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