General Motors (GM) has requested for additional time to reply to a lawsuit by Dutch company – Spyker N.V., owners of Saab Automobile AB, over the loss of Chinese investors (Youngman) that would have helped Saab stay in business, pushing the new deadline to 28th September 2012.
Spyker has accused GM of intentionally and unlawfully driving Saab into bankruptcy when GM refused to continually supply parts that would have gone into building the Saab 9-4 SUV till 2014, forcing Youngman to pull out of the deal that would have potentially saved Saab from bankruptcy by allowing it access to the vastly large Chinese automobile market and creating more competition for GM in an already highly competitive Chinese market. To which GM says ‘holds no merit’.
For that, the Dutch sports car maker, Spyker, has filed for a USD$3 billion lawsuit against GM’s tortious interference between Saab Automobile AB, Spyker and Chinese investor Youngman. And if the deal actually went through, it would have allowed Saab Automobile AB the chance to restructure and remain solvent.
