Saab bankruptcy spurs Spyker to sue GM for over $3-billion

Source: Globe and mail

Dutch sports car maker Spyker NV is suing General Motors Co. for more than $3-billion (U.S.) on behalf of its subsidiary Saab, accusing the U.S. auto maker of deliberately bankrupting the Swedish group by blocking a deal with a Chinese investor.

Saab Automobile, one of Sweden’s best-known brands, stopped production in May, 2011, when it could no longer pay suppliers and employees. It went bust in December, less than two years after GM sold it to Spyker. GM’s efforts to kill any sale were made to eliminate a potential rival in China, Spyker said.

“GM never intended to allow Saab to compete with it in China,” Spyker said in its complaint, filed in the United States District Court of the Eastern District of Michigan.

“When Saab found a way to secure liquidity and continue as a going concern with the help of Chinese investors, GM was determined to scuttle the deal by any means necessary, including the publication of false information about its rights under the parties’ contracts,” Spyker added.

Read more: http://www.theglobeandmail.com/report-on-business/international-business/european-business/saab-bankruptcy-spurs-spyker-to-sue-gm-for-over-3-billion/article4464743/

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Sounds plausible that GM deliberately downed Saab to quell Chinese competition.

Good luck bringing that lawsuit in Michigan..