News Column

Saab Ex-owner Sues GM for $3 Billion

Aug. 6, 2012
Saab

The former owner of Swedish carmaker Saab Automobile said Monday it had sued U.S. auto giant General Motors (GM) for $3 billion for forcing Saab to file for bankruptcy.

In its complaint filed at a court in the US state of Michigan, Dutch car company Spyker said it was seeking "redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market."

Spyker took over Saab from GM in 2010, and said it was suing on behalf of Saab, citing that GM had blocked a deal between Saab, Spyker and Chinese investor Youngman that would have "permitted Saab Automobile to restructure and remain a solvent, going concern."

A Chinese-Japanese consortium announced in June that it had bought the estate of Saab and planned to focus on making electric vehicles.

The National Electric Vehicle Sweden (NEVS) has not disclosed what it paid for Saab.

The deal did not include intellectual property rights for the Saab 9-5, which are owned by GM, the buyer and court-appointed receivers said.



Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH


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