Spyker Sues GM over Saab Bankruptcy
Spyker NV, the owner of Swedish car maker Saab Automobile AB before its financial collapse late last year, said that it has filed a $3 billion lawsuit against General Motors Co. claiming the U.S. car giant drove the Swedish company into bankruptcy, the Wall Street Journal reported today. Spyker filed the claim in the U.S. District Court of the Eastern District of Michigan. Saab Automobile declared itself bankrupt last December, ending a long struggle for survival by the automaker after attempts by Spyker to revive and then sell the company failed. Saab Automobile left behind debts of $2 billion backed by assets of just $500 million. GM, Saab Automobile’s former owner—it had sold the auto maker to Netherlands-based Spyker in an earlier rescue in 2010—later objected to deals with potential Chinese investors, worried that they would have access to GM technology and compete against the U.S. automaker in China, one of its most important foreign markets.