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Saab Automobile bankruptcy
Bankruptcy of Swedish car company Saab
Saab Automobile was sold to Spyker Cars N.V. in 2010 after a deal between Spyker and then-current owner General Motors.
After struggling to avoid insolvency throughout 2011, the company petitioned for bankruptcy following the failure of a Chinese consortium to complete a purchase of the company; the purchase had been blocked by former owner GM, which opposed the transfer of technology and production rights to a Chinese company.
In 2012, Spyker filed a lawsuit against GM asking for US$3 billion in damages after GM had attempted to block the deals between Spyker and Chinese automaker Youngman, who were investing in Saab Automobile.
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Consequently, Saab was forced to file bankruptcy in 2012. Spyker's claim was dismissed in June 2013.
2010
On 26 January 2010, General Motors confirmed that Spyker and GM had come to an agreement allowing Spyker to purchase Saab,[1] subject to regulatory and government appro