Saab owner to sue GM for $3bn
Aug 12 2012
Spyker, the owner of Saab, is suing Vauxhall owner General Motors for $3bn – as redress for what it calls GM’s ‘unlawful actions’.
Spyker is accusing GM of driving Saab Automobile into bankruptcy in December 2011, ‘a result of GM’s tortuously interfering with a transaction between Saab (…) and Chinese investor Youngman’.
This would, the claim alleges, have allowed Saab to restructure and remain a going concern. Instead, the firm collapsed, owing $1.8bn.
GM’s objective, alleges Spyker, was to avoid competition in the Chinese new car market.
As Saab is bankrupt, its 100% owner Spyker has agreed to cover the costs of the litigation in return for a ‘very substantial share of (the) Saab Automobile award when the proceedings are successful’.
A third party investor investor is funding the claim against GM.
Victor Muller, Spyker’s CEO 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.”
Muller continues forcefully: “We owe it to our stakeholders and ourselves that justice is done and we will pursue this lawsuit with the same tenacity and perseverance that we had when we tirelessly worked to save Saab Automobile, until GM destroyed those efforts and deliberately drove Saab Automobile into bankruptcy.”
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