Spyker sues, blames GM for Saab bankruptcy

Spyker NV (AMS:SPYKR) is demanding 3 billion USD in compensation from General Motors (NYSE:GM) over the recent failure of iconic Swedish carmaker Saab. Spyker bought it from GM few years ago. Its efforts to acquire financing or sell the brand outright to China were hindered by GM’s fears of a technology transfer. The American company that also went through a bankruptcy just recently would not have continued to support new owners with the latest technology, particularly as GM itself is active in China. Spyker claims GM intentionally squashed every deal and thus caused Saab’s bankruptcy. Saab had not been turning a profit for a couple decades, which should help GM’s defence. It says the suit is baseless. Spyker’s own market value is also closing in on zero.