Bankruptcy Court Approves American Suzuki’s Chapter 11
The U.S. Bankruptcy Court for the Central District of California in Santa Ana approved American Suzuki Motor Corporation’s Chapter 11 Bankruptcy.
Suzuki says the Honorable Scott C. Clarkson approved the plan, which was “overwhelmingly accepted.”
With the Chapter 11 confirmed, American Suzuki can now complete its restructuring process, which should be completed by March 31, 2013.
M. Freddie Reiss (American Suzuki’s Chief Restructuring Officer) says: “Today’s confirmation is a significant milestone and is one of the last remaining steps in our realignment and restructuring process.
“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 Company’s business realignment can be found at the following website, suzuki.com, or via an information hotline at 1-877-465-4819.