Spyker is suing General Motors for US$3bn, claiming the US automaker used “unlawful actions” to avoid competition with Saab in China and tried deliberately to drive it into bankruptcy.
The surprise move is yet one more bitter twist in Saab’s extraordinary saga that saw it plunge into bankruptcy at the end of last year. The huge lawsuit is certain to cause yet more unwanted headaches in Detroit.
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“GM’s actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM’s tortiously interfering with a transaction between Saab Automobile, Spyker and Chinese investor, Youngman, that would have permitted Saab Automobile to restructure and remain a solvent, going concern,” Spyker said in a statement.
“The monetary value of the claim amounts to US$3bn. Since Saab Automobile is in receivership and hence incapable to contribute to the costs of litigation, Spyker and Saab Automobile have entered into an agreement pursuant to which Spyker will bear the costs of such litigation in exchange for a very substantial share of Saab Automobile award when the proceedings are successful. Spyker has secured the financial backing required to see the lawsuit through to the end from a third party investor.”
For his part, former Saab CEO, Victor Muller said: “Ever since we were forced to file for Saab’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.
“We owe it to our stakeholders and ourselves that justice is done and we will pursue this lawsuit with the same tenacity and perseverance we had when we tirelessly worked to save Saab, until GM destroyed those efforts and deliberately drove Saab Automobile into bankruptcy.”
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By GlobalData
