Saab Sues GM Over Bankruptcy
The previously Swedish automaker, Saab, was bought by General Motors in 2000. However, GM has struggled to maintain profitability in all of their brands in recent years. After being sold to Dutch owners in 2010, the new Saab owner has found themselves unwillingly in bankruptcy court in December of last year.
Competition Sparks Controversy
The Dutch owner of Saab, Spkyer, recently filed a lawsuit against General Motors for $3 billion. Claiming that GM avoided competition in the Chinese market, the company was subsequently forced into bankruptcy. Spyker claims that GM had the “direct and intended objective” of leading Saab into bankruptcy for the purposes of avoiding any potential for the Chinese to gain advantage of GM’s current technological advances.
Spyker is asking for the $3 billion as part of compensation for the “massive damages incurred as a result of GM’s unlawful actions.” GM representatives are denying any purposeful involvement in the Saab bankruptcy proceedings or taking part in any misrepresentations with previously interested Chinese buyers. The lawsuit is currently pending in court and no determinations have been made to date.