Spyker Accuses GM Of Forcing Saab Bankruptcy, Files $3 Billion Lawsuit

#Saab, #9-4X

The Saab story never seems to end. Spyker N.V. today filed a $3 billion lawsuit against General Motors, claiming the American company "had the direct and intended objective" of forcing Saab Automobile into bankruptcy. Saab Automobile was declared bankrupt on December 19, 2011.

Spyker is representing the remains of its Saab subsidiary in the lawsuit, as bankrupt Saab lacks the resources to go forward with litigation. In exchange, Spyker will receive "a very substantial share" of the awarded damages. The suit claims that GM deliberately meddled with Saab's dealings in China and thus forced the company into bankruptcy.

When Saab was running out of cash last fall, the company tried to arrange sales with several Chinese carmakers, including Youngman Lotus and Pang Da. But GM opposed those deals over concerns that its technologies might be stolen by Chinese companies. GM technology was used in Saab vehicles like the 9-4X SUV (pictured), and the American company still held veto power in Saab after previously owning the Swedish carmaker. GM said in November 2011 that selling Saab to a Chinese company would "adversely affect GM's interests worldwide."

One month later, Saab's bank balance finally ran dry, and the company filed for bankruptcy in Swedish courts. Now Saab and parent Spyker want revenge, in the form of a $3 billion judgment.

"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," Spyker CEO Victor R. Muller said in a statement.

A GM spokesman, meanwhile, told Automotive News, "It's hard to believe. We have no comment until we see the lawsuit."

Sources: Spyker, Automotive News

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