Thursday, March 21, 2013
Court Okays Suzuki's Bankruptcy Plan
A judge in the Central District of California in Santa Ana has approved American Suzuki Motor Corporation’s Chapter 11 plan. Confirmation of the plan clears the way for Suzuki to complete its restructuring process, which is expected to occur on March 31.
As previously announced, the plan approves Suzuki’s sale of its Motorcycles/ATV and Marine divisions and Automotive parts and service operation to a newly organized, wholly-owned subsidiary of Suzuki Motor Corporation. The subsidiary will operate in the continental U.S. as Suzuki Motor of America, Inc. and will use the Suzuki products brand name.
“Today’s confirmation is a significant milestone and is one of the last remaining steps in our realignment and restructuring process,” said M. Freddie Reiss, Suzuki’s Chief Restructuring Officer. “During the next few weeks, we will take final steps to implement the Plan, which will allow the Company to sell its Motorcycles/ATV, Marine, Automotive parts and service divisions. This will promote the long-term growth of the Motorcycles/ATV and Marine divisions, as well as providing automotive parts and service through the dealer network.”
Article from Cycle News