American Suzuki Motor Corporation announced March 1 that 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.
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“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.
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