Court Approves American Suzuki’s Chapter 11 Plan, Path Cleared To Proceed With Restructuring

Court Approves American Suzuki’s Chapter 11 Plan, Path Cleared To Proceed With Restructuring

© 2013, Roadracing World Publishing, Inc.

COURT APPROVES AMERICAN SUZUKI MOTOR CORPORATION’S CHAPTER 11 PLAN BREA, Calif. – American Suzuki Motor Corporation (the “Company”) today announced that the Honorable 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 overwhelmingly accepted. Confirmation of the Plan clears the way for the Company to complete its restructuring process, which is expected to occur on March 31, 2013. As previously announced, the Plan approved the Company’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 www.omnimgt.com. Additional information regarding Company’s business realignment can be found at the following website, www.suzuki.com, or via an information hotline at 1-877-465-4819.

Latest Posts

American Flat Track: Daniels Injured, Beach Filling In At Peoria TT

Estenson Racing’s Dallas Daniels broke his femur while training...

MRA Announces 2024 Schedule Changes

MRA 2024 Season Schedule Update Announcement Byers, CO - The...

American Flat Track: Black Hills H-D Named Sponsor Of Black Hills Half-Mile

Black Hills Harley-Davidson Named Title Sponsor of Black Hills...

Honda Bringing E-Clutch Technology To America

CB650R & CBR650R Bring Honda E-Clutch Technology to the...

MotoGP: Raul Fernandez Re-Signs With Trackhouse Racing Through 2026

TRACKHOUSE RACING RETAINS #25 RAUL FERNANDEZ Trackhouse Racing joined the...