Saab parent to appeal dismissal of $3 bln lawsuit vs GM

DETROIT, June 20 Thu Jun 20, 2013 10:59am EDT

DETROIT, June 20 (Reuters) - Dutch sports car maker Spyker NV said on Thursday it will appeal a U.S. judge's decision to dismiss its $3 billion lawsuit accusing General Motors Co of trying to bankrupt Swedish automaker Saab.

Spyker, which now owns Saab, said in a statement posted on the company's website that it would appeal the decision following a "careful review" of the court's opinion. No further details were disclosed and Spyker Chief Executive Victor Muller was not immediately available to comment.

U.S. District Court Judge Gershwin Drain said on June 10, in tossing the lawsuit, that GM had a contractual right to approve or disapprove the proposed sale of Saab to China's Zhejiang Youngman Lotus Automobile Co.

Saab, one of Sweden's best-known brands, stopped production in May 2011 when it could no longer pay suppliers and employees. It went bust in December 2011, less than two years after GM sold it to Spyker.

Spyker sued GM in August 2012, seeking damages and accusing GM of trying to scuttle the deal with Zhejiang and eliminate a potential rival in the growing Chinese market.

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Comments (2)
DammitJanet wrote:
GM could have sold to the Chinese from the get go, for triple what Spyker paid. They didn’t because they did not want a Chinese manufacturer to have access to their R & D. It’s sour grapes on the part of Spyker. The judge was right to dismiss and the same will happen upon appeal.

Jun 20, 2013 11:46am EDT  --  Report as abuse
Annabelle3001 wrote:
Saab ignored GM when they went to Saab with car designs and told Saab to just change the badges. Saab was never going to stay in business making cars that cost more to make then they sell them for.

Jun 20, 2013 1:13pm EDT  --  Report as abuse
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