The saga is almost over: last week American Suzuki Motor Corporation announced that the U.S. Bankruptcy Court for the Central District of California approved confirmation of the Suzuki’s Chapter 11 Plan, which creditors had already overwhelmingly accepted. Confirmation of this Plan means the firm can now complete its restructuring process, which is expected to finally wind down on March 31, 2013.
As we all now know, American Suzuki had approved the sale of its Motorcycles/ATV and Marine divisions and Automotive parts and service operation to a new, 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.
M. Freddie Reiss, the Company’s Chief Restructuring Officer, said, “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.”