Skip to main content

Court approves American Suzuki reorganization plan

A U.S. bankruptcy court approved Suzuki's Chapter 11 reorganization plan to halt its U.S. auto sales and continue selling only ATVs, motorcycles and boat engines.

Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California in Santa Ana approved the confirmation of the company’s Chapter 11 plan, which creditors accepted, the company announced. Confirmation of the plan clears the way for Suzuki to complete its restructuring process.

The plan approved the company’s sale of its motorcycle/ATV and marine divisions and automotive parts and service operation to a newly organized, wholly owned subsidiary of Suzuki Motor Corp. The subsidiary will operate in the continental United States as Suzuki Motor of America and will use the Suzuki products brand name.

“[The] confirmation is a significant milestone and is one of the last remaining steps in our realignment and restructuring process,” American Suzuki chief restructuring officer Freddie Reiss said in a statement. “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.”

Suzuki said the majority of its U.S. dealerships will continue offering parts and service work to customers and that the automaker will honor vehicle warranties.

Click here for the full release.

Related

1_AKZO.STEWART

AkzoNobel Names Marketing Manager

Jessica Stewart is an experienced marketing, brand and product manager and has held several global roles.

1_IBEX.DEADLINE

IBEX Innovation Awards Deadline Looms

Entries must be in by tomorrow for the program, which will announce winners Sept. 27 in Tampa, Fla.

1_ONEWATER.ROY

OneWater Appoints Board Member

Steve Roy will raise the company’s board count to 11 and brings independent financial expertise to the board.

1_ABYCELECTRIFICATION

Ready for a Revolution?

The recreational marine industry is seeing advancements in lithium-ion batteries, electric propulsion and the need for charging infrastructure.

2_RIT-Yellowfin Selects_11

Big Data, Little Price

Radian IoT allows real-time data collection using a device that’s the size of a cellphone.

AdobeStock_450592682

Great Culture in Four Steps

Four steps to create a great culture within your business.

Screen Shot 2022-08-10 at 10.20.10 AM

Inventory Still the Retail X-Factor

Dealers turn to maintenance, marketing and storage services for the off-season

pic-1_300-dpi

Get Paid 85 Percent Faster

Business texting and pay-by-text systems can help speed up incoming cash flow