American Suzuki Motor Corporation’s Chapter 11 Plan Approved by Court
Rider Magazine Staff
March 18, 2013
Filed under Latest News
American Suzuki Motor Corporation’s Chapter 11 Plan was approved by the Honorable Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California in Santa Ana. The Plan was also accepted by creditors. Confirmation of the Plan clears the way for Suzuki to complete its restructuring process, which is expected to occur on March 31, 2013.
As previously announced (read Rider’s original story here), the Plan approved American 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, the Company’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.”
A copy of the Plan is available at omnimgt.com. Additional information regarding American Suzuki’s business realignment can be found at the following website, suzuki.com, or via an information hotline at 1-877-465-4819.