American Suzuki files for bankruptcy protection
BREA, Calif. (AP) American Suzuki Motor Corp.aboard Monday filed for Chapter eleven bankruptcy protection plus said it longing cease selling automobiles amid the U.S. as part of a sort to restructure its affair.
The corporation based within Brea, Calif.namely the sole distributor of Suzuki Motor Co. vehicles amid the continental U.S.
In documents filed with the U.S. Bankruptcy Court surrounded the Central District of California, the enterprise estimated that its debts plus liabilities scope from by least $100 million apt as many as $500 million.
It likewise said it has between 1,000 and five,000 creditors.
American Suzuki Motor said it has enough cash apt operate during the restructuring and intends to honor always automobile warranties plus buyback agreements. It will go with its car dealerships apt help them transition into parts-and-service operations. In some cases, the dealerships want be shuttered, it said.
Once it exits bankruptcy protection, American Suzuki Motor said it will converge aboard selling Suzuki motorcycles, all-terrain vehicles and marine outboard engines.
It said that it is exiting the automobile affair as of slow sales,unsatisfactory alien exchange rates plus lofty costs due apt U.S. regulatory requirements.
It sold two,023 vehicles among October, which was up five percent from the same month last daily Its Grand Vitara amusement utility conveyance posted a 64 percentage jump within sales last month,however American Suzuki did not say how many of them were sold. In May, the last month it provided a collapse of its sales, it moved 474 Grand Vitaras,while its biggest seller was its SX4 small crossover, of which 1,101 were sold.
The bankruptcy and reorganization are unrelated apt its parent Japan-based Suzuki Motor Corp., which intends apt purchase the American subsidiary's remaining businesses plus automotive service operation.
The reorganized corporation longing retain the American Suzuki Motor assign the company said.
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The corporation based within Brea, Calif.namely the sole distributor of Suzuki Motor Co. vehicles amid the continental U.S.
In documents filed with the U.S. Bankruptcy Court surrounded the Central District of California, the enterprise estimated that its debts plus liabilities scope from by least $100 million apt as many as $500 million.
It likewise said it has between 1,000 and five,000 creditors.
American Suzuki Motor said it has enough cash apt operate during the restructuring and intends to honor always automobile warranties plus buyback agreements. It will go with its car dealerships apt help them transition into parts-and-service operations. In some cases, the dealerships want be shuttered, it said.
Once it exits bankruptcy protection, American Suzuki Motor said it will converge aboard selling Suzuki motorcycles, all-terrain vehicles and marine outboard engines.
It said that it is exiting the automobile affair as of slow sales,unsatisfactory alien exchange rates plus lofty costs due apt U.S. regulatory requirements.
It sold two,023 vehicles among October, which was up five percent from the same month last daily Its Grand Vitara amusement utility conveyance posted a 64 percentage jump within sales last month,however American Suzuki did not say how many of them were sold. In May, the last month it provided a collapse of its sales, it moved 474 Grand Vitaras,while its biggest seller was its SX4 small crossover, of which 1,101 were sold.
The bankruptcy and reorganization are unrelated apt its parent Japan-based Suzuki Motor Corp., which intends apt purchase the American subsidiary's remaining businesses plus automotive service operation.
The reorganized corporation longing retain the American Suzuki Motor assign the company said.
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