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

[Lars77]

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..

[bucolic_frolic]

1. SAABS went the way of DOBBS

They were great in their heyday

but that was a while ago

[Lars77]

2. GM bought into SAAB in 1989

It's not the only European subsidiary they have mismanaged. Opel is another one.

[happyslug]

3. GM has done quite well with Opel, since GM took over Opel in 1928,

http://en.wikipedia.org/wiki/Opel

It was NOT always a one way street, the Chevy Chevette was originality an Opel Design, but made in the US by Chevrolet.

[Mopar151]

4. The Chevette is a poor example of anything.......

Most of the parts in the Chevette were extra cheap, cuz they were stuff Opel was trying to get rid of - like the cheezy, failure prone rear axle and it's tiny, poorly engineered drum brakes. I was a dealer mechanic on these crap cans, and it was'nt pretty......

Opels (as sold here by Buick) were pretty good cars for their time - I think part of why that ended is their superority to the domestic GM small car product.

[Lars77]

6. The Chevy Volt is Opel technology isn't it?

[Mopar151]

5. Saab's proprietary engine control technology is worth a bundle. n/t