GM urges US authorities to reject $3.7b Spyker lawsuit
Published on Sep 30, 2012 11:14 AM
NEW YORK (AFP) - General Motors is urging United States authorities to reject a lawsuit by Dutch carmaker Spyker, which is seeking US$3 billion (S$3.7 billion) in damages claiming the US automaker deliberately caused Saab to go bankrupt.
The lawsuit, filed in early August, charges GM criminally interfered in an operation that could have made it possible for Saab to restructure and stay afloat, because the US automaker wanted to dominate the Chinese market.
Saab, a former GM subsidiary, filed for bankruptcy in December after teetering on the edge of the abyss for almost two years.
A last-ditch bid to raise funds in China, with the group Youngman, was nixed by GM over technology transfer issues.
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