Spyker NV has disclosed that it will appeal a decision by United States District Judge Gershwin Drain of the US District Court for the Eastern District of Michigan dismissing its $3 billion lawsuit against General Motors Co. Spyker has accused GM of trying to collapse Swedish carmaker Saab.
Saab said that after a “careful review” of the court ruling, it decided to make an appeal. In dismissing Spyker’s lawsuit, Judge Drain said on June 10, 2013, that GM had a contractual right to approve or disapprove the proposed sale of Saab to Zhejiang Youngman Lotus Automobile Co. Saab halted production in May 2011 when it lost ability to pay suppliers and it workforce.
Saab declared bankruptcy in December 2011, less than two years after GM sold the carmaker to Spyker. The Dutch sports car maker filed a case against GM in August 2012, seeking damages and accusing GM of trying to ruin the deal with Zhejiang and get rid of a potential rival in China. [source: Reuters]