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General Motors gets 30 more days to revert on Spyker-Saab lawsuit

August 28, 2012, 01:54 PM IST by Ninad Mirajgaonkar
General Motors gets 30 more days to revert on Spyker-Saab lawsuit

Last month we had reported about a lawsuit filed by Spyker (previous owner of Saab) against General Motors, for intentionally bankrupting Saab. Spyker claims that the American major deliberately interfered to stop the deal with Chinese company Youngman to avoid competition and has hence asked for USD 3 billion in compensation.

 While General Motors is not giving too much importance to the lawsuit, they want to be thorough in their reply and have asked for a 30 days extension. The Dutch sportscar maker has agreed to wait till 28 September – before what could be a long battle over Saab.

The lawsuit is expected to go in favour of GM – especially since the Swedish car maker was sold to Spyker for about USD 400 million, a lot less than the amount claimed. Also, there were few other factors involved, like the fact that Chinese buyers didn’t get government support and huge debts of Saab.

 There are also issues with the latest buy-out of Saab by NEVS (National Electric Vehicle Sweden) – it is currently stalled. Apparently the new owners do not have rights to use the Saab name or logo.

 

 

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