Spyker Sues GM for $3 Billion Over Saab Buyout

Spyker Sues GM for $3 Billion Over Saab Buyout
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Here we go again. Just when we thought the Saab buyout saga would be coming to a quiet conclusion, Dutch automaker Spyker has filed a lawsuit against General Motors on behalf of Saab, accusing GM of intentionally driving Saab into bankruptcy.

It’s well documented that China group Youngman tried multiple times to buy Saab, potentially saving it from bankruptcy, but GM decided such a sale would unfairly hand technology over that’s used in the 9-4X model.

Seeking $3 billion, Spyker is covering all the litigation costs on behalf of Saab in exchange for a “very substantial share” of the award when the proceedings are successful. A third party investor has helped Spyker secure the financial backing required to see the lawsuit to the very end, according to the automaker.

“Ever since we were forced to file for Saab Automobile’s bankruptcy in December of last year, we have worked relentlessly on the preparation for this lawsuit which seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM’s unlawful actions,” said Victor Muller, Spyker CEO. “We owe it to our stakeholders and ourselves that justice is done and we will pursue this lawsuit with the same tenacity and perseverance that we had when we tirelessly worked to save Saab Automobile, until GM destroyed those efforts and deliberately drove Saab Automobile into bankruptcy.”