Spyker claims $3-bn from GM for Saab's bankruptcy
07 August 2012
Dutch carmaker Spyker NV has filed a $3-billion lawsuit against US auto giant General Motors Co (GM), on behalf of its wholly-owned subsidiary Saab Automobile AB, which went bankrupt in December 2011.
The lawsuit filed yesterday in the US court of the eastern district of Michigan seeks redress for the unlawful actions GM took to avoid competition with Saab in the Chinese market and alleged that GM's interferences with Saab, Spyker and Chinese investor Youngman were intended to drive Saab into bankruptcy, Spyker said in a statement.
Spyker chief executive officer Victor 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.''
The struggling Swedish automaker's main manufacturing unit is located in Trollhattan, west Sweden and it has around 3,000 employees.
GM acquired full ownership of the company in 2000. Saab's car sales peaked 133,000 in 2006 but dwindled to 27,000 in 2009 and 31,700 in 2010.
GM, which became bankrupt following the global financial crisis wanted to dispose of some of its loss-making assets as part of its restructuring plan and Saab was included in the list along with Opel and Hummer units.