btm
7th August 2012, 09:52 AM
http://smh.drive.com.au/motor-news/saab-owner-sues-gm-20120807-23r3w.html
Dutch supercar maker Spyker has filed a $US3 billion ($2.8 billion) lawsuit against General Motors for allegedly driving Saab into bankruptcy by derailing a bailout deal with Chinese investor Youngman.
Spyker, which owned Saab when the Swedish car maker was declared bankrupt in December last year, is seeking compensation for "unlawful actions" it says GM took to avoid competition in the Chinese market.
In a press release accompanying the filing, Spyker claims GM deliberately drove Saab into bankruptcy by interfering in a transaction between Spyker, Saab and Youngman that would have allowed Saab to restructure and remain solvent.
Spyker says its lawsuit has the support of a third party investor, who is providing financial backing in return for a financial stake in Saab "when the proceedings are successful".
Advertisement
Spyker chief executive Victor Muller, said in the statement: "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.
"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."
A GM spokesman told US automotive industry website the lawsuit was "without merit".
"We will vigorously defend the company against these baseless allegations," he said.
Dutch supercar maker Spyker has filed a $US3 billion ($2.8 billion) lawsuit against General Motors for allegedly driving Saab into bankruptcy by derailing a bailout deal with Chinese investor Youngman.
Spyker, which owned Saab when the Swedish car maker was declared bankrupt in December last year, is seeking compensation for "unlawful actions" it says GM took to avoid competition in the Chinese market.
In a press release accompanying the filing, Spyker claims GM deliberately drove Saab into bankruptcy by interfering in a transaction between Spyker, Saab and Youngman that would have allowed Saab to restructure and remain solvent.
Spyker says its lawsuit has the support of a third party investor, who is providing financial backing in return for a financial stake in Saab "when the proceedings are successful".
Advertisement
Spyker chief executive Victor Muller, said in the statement: "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.
"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."
A GM spokesman told US automotive industry website the lawsuit was "without merit".
"We will vigorously defend the company against these baseless allegations," he said.