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Spyker to sue GM. Image by General Motors.

Spyker to sue GM
General Motors is being sued by Spyker over actions that are claimed to have driven Saab into receivership.
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Spyker - the owner of Saab - has filed a lawsuit in the USA against General Motors claiming that the American corporation acted unlawfully, forcing Saab into bankruptcy. A sum of at least $3 billion (about 1.9 billion) is sought in compensation.

The allegation is that GM interfered in a transaction between Saab Automobile, Spyker and Chinese investor Youngman. If successful it would have enabled Saab to restructure and remain a solvent going concern. Attempts to avoid competition between General Motors and Saab in China are described as having 'the direct and intended objective of driving Saab Automobile into bankruptcy'.

Because Saab Automobile cannot contribute to the cost of litigation an arrangement has been reached where Spyker will cover the cost in return for a 'substantial share' of any award. An unnamed third party investor is providing financial backing to Spyker.

Spyker's Chief Executive Officer, Victor R Muller, promised that the lawsuit would be pursued with the same tenacity and perseverance that went into keeping Saab going. Muller said: "Ever since we were forced to file for Saab Automobile's bankruptcy in December of last year, we have worked relentlessly on the preparation for this lawsuit which seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM's unlawful actions."

John Lambert - 7 Aug 2012    - Spyker news
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