Spyker Extends Deadline for GM to Reply to Lawsuit image

Today, August 24th, Spyker announced it extended the deadline until September 28th, giving GM time to respond to its lawsuit.

Dutch sportscar maker Spyker sued GM for more than $3 billion, accusing the automaker of deliberately bankrupting Saab by blocking a deal with a Chinese investor. Saab, Spyker’s subsidiary, ended production in May 2011, as it was no longer able to pay employees and suppliers. In December 2011 it went bankrupt, almost two years after GM sold it to Spyker.

“When Saab found a way to secure liquidity and continue as a going concern with the help of Chinese investors, GM was determined to scuttle the deal by any means necessary, including the publication of false information about its rights under the parties’ contracts,” Spyker said in its complaint.

GM called the lawsuit ‘without merit’ and that it would defend itself against the baseless allegations. Besides the $3 billion compensatory damages, Spyker also seeks punitive and interest damages, as well as legal fees, accusing GM of interfering in the transaction between Saab, Spyker and Chinese investor Youngman, that would have helped Saab avoid bankruptcy. The $3 billion claim is what Saab would have been worth if the deal between the three parties would have been acquired.