American Suzuki Files for Bankruptcy

9 Фев 2015 | Author: | Комментарии к записи American Suzuki Files for Bankruptcy отключены
Suzuki Colleda CO

American Suzuki Files for

11/05/2012 @ 9:44 pm, by Jensen 19 COMMENTS

Certainly wanting to the news in the after-work hours, Suzuki Motor Corporation has announced that it is filing for 11 protections, as the American subsidiary of Motor Corporation heads bankruptcy and business restructuring.

its business to focus on marine and sales, Suzuki will and ultimately stop selling in the US market. In its press release, says will honor all warranties, and parts and servicing continue to be available to Suzuki owners.

Today’s news have little to no immediate for Suzuki motorcycle owners in the as the Chapter 11 proceedings are focused around Suzuki dumping its automotive business here in America, than anything

While it remains to be seen how the company will restructure its office, the move in fact be a boon to motorcyclists, as it could some life could be back into ASMC. The Suzuki office has suffered from under-staffing and disorganization, and the could benefit from a reorganization.

Time will tell how Suzuki’s restructuring will go, and we haven’t heard the full of this news item As the ball of yarn untangles, out the full press release is the jump. Suzuki’s letter to owners is here. car owners and there is also an FAQ .


ASMC to down and discontinue new automobile in continental U.S.

Consumers be protected and all warranties will to be fully honored

BREA, Nov. 5, 2012 – American Motor Corporation (“ASMC” or Company”), the sole distributor in the United States of Suzuki Corporation (“SMC”) automobiles, all-terrain vehicles and marine engines, today announced it plans to realign its business to on the long-term growth of its Motorcycles/ATV and divisions.

Following a thorough of its current position and future in the U.S. automotive market, will wind down and new automobile sales in the continental The Company has determined the best to achieve this realignment in an and orderly manner is to restructure its under chapter 11. The case be filed in the United States Court, Central District of in Santa Ana.

Consistent with ASMC’s history of standing by its products, of Suzuki automobiles will be All warranties will continue to be honored and automobile parts and will be provided to consumers interruption through ASMC’s and service dealer network.

remains firmly committed to and Marine products, and these are competitively positioned in their markets, allowing for long-term as economic conditions improve. The is intended to better position for long-term success and is a return to the roots in the U.S. market, began with motorcycles and has to include ATV and marine products.

remains very proud of its quality, high performance ATV and Marine products. The Company continue to bring ASMC to market, including its full of sportbike, cruiser, touring, dualsport, motocross, off-road and KingQuad ATV line, as well as its DF300AP, state-of-the-art DF20A, and among other models.

Additionally, ASMC is working to build its market share continued investment in additional for dealers through marketing and activities and sales promotion. will continue to have a presence as a sponsor of teams in outdoor motocross and road

In evaluating its position in the highly and competitive U.S. automotive ASMC determined that its division was facing a number of challenges. These challenges low sales volumes, a limited of models in its line-up, unfavorable exchange rates, the high associated with growing and an automotive distribution system in the U.S. and the disproportionally high and costs associated with state and federal regulatory unique to the U.S. market.

the decision to discontinue new automobile in the U.S. was difficult to make, actions were inevitable these circumstances. ASMC is to honoring its commitments to Automotive through and after the wind of new automobile sales in the continental

An Orderly Process to Serve

ASMC intends to work its current U.S. Automotive network to help structure a transition from new automobile to exclusively parts and service or, in some instances, an orderly down of dealership operations. intends to market and sell its U.S. automobile inventory its Automotive dealer network.

Through and after the restructuring, all will be fully honored and parts and services will be to consumers through the dealer ASMC intends to honor any buyback agreements that are in place with financial

As part of its chapter 11 filings, will submit a proposed of Reorganization and Disclosure Statement specifies how the Motorcycle, ATV and Marine will be maintained and enhanced, and how its with Automotive dealers be largely transitioned to support and dealers through continued and service operations. SMC or its nominee to purchase ASMC’s Motorcycle, ATV and

businesses, as well as the Automotive operation responsible for parts and through a new U.S. subsidiary will retain the ASMC name.

ASMC believes it has cash on hand to operate its during the restructuring. If necessary, will request permission the Court to borrow additional from SMC needed during the

Honoring Commitments

ASMC to operate its Motorcycles/ATV and Marine as usual and is dedicated to completing the process as smoothly and efficiently as ASMC will continue to stand behind all of its products and all warranties from these

ASMC is working with GE Retail Finance and Commercial Finance businesses to continue motorcycles and ATV consumer financing and motorcycle, ATV and marine dealer financing respectively. The Company existing agreements with dealer and consumer financing to continue as well.

ASMC has a series of first day motions approval to continue paying wages and benefits in the ordinary offering dealer incentives and under customer warranties. also expects to pay vendors in the course of business for goods and delivered on or after its November 5, filing. Payments for goods before ASMC’s November 5, filing will be made in with the chapter 11 procedure.

SMC, the 100 percent interest in ASMC, is not a debtor in the chapter 11

ASMC’s legal advisor on the is Pachulski Stang Ziehl LLP, and its financial advisor is FTI Inc. Nelson Mullins Scarborough LLP is serving as special on automobile dealer and industry Further, ASMC has proposed the of M. Freddie Reiss, Senior Director at FTI Consulting, as Chief Officer, and has also added two Board members to assist it this period.

Additional regarding ASMC’s business can be found at the Company’s website, or via an information hotline at 1-877-465-4819.

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