Spyker Sues GM Over Saab Bankruptcy
Spyker, the company that purchased the assets belonging to failed Swedish automaker Saab after General Motors elected to shutter the company, is suing the North American brand for what it calls 'sabotage.' In essence, the Dutch concern is claiming that GM made every effort to prevent Spyker from bringing in Chinese partnership to help keep Saab alive, with the goal of keeping China-based companies from gaining any type of competitive advantage in the global market.
The end result for Spyker has been an essentially worthless nameplate, and $3 billion left sitting on the table from what it claims would have been the value injected into Saab by the Chinese partnership. This $3 billion is what Spyker hopes to reclaim from General Motors in its lawsuit. The company will attempt to prove that GM intentionally drove Saab Automobile into bankruptcy. Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. - Spyker's would-be partners - are not participants in the legal action.