Suzuki Motor Corporation’s bankruptcy plan in US has been approved by the U.S. Bankruptcy court, which means Suzuki has now got the official approval to wind up its operation in the United States. Back in November 2012, American Suzuki Motor Corporation filed for Chapter 11 bankruptcy protection. Confirmation of the Plan clears the way for the Company to complete its restructuring process, which is expected to occur on March 31, 2013.
“Today’s confirmation is a significant milestone and is one of the last remaining steps in our realignment and restructuring process” 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.”
