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American Suzuki gets $100M in financing to go out of business... buy more cars?

American Suzuki Motor Corporation (ASMC), which declared bankruptcy in early November, has been approved by the courts for up to $100 million in debtor-in-possession financing to enable it to shutter its US car business. ASMC had received a $45 million loan from the Japanese parent company, Suzuki Motor Corporation (SMC), last month in order to make repayment deals with its franchise dealers. At the same time, ASMC was awaiting final court approval of this larger loan.
Out of the newly approved funds, $50 million can be used for operations, and oddly, the other $50 million can be put toward purchases of new inventory from SMC. That's right, even as existing inventory was headed for a smooth exit with the help of incentives, customer demand for orphan Suzuki models is so strong - last month's sales were up 22 percent compared to 2011 - that ASMC plans to purchase 2,500 additional cars from SMC that were built after the bankruptcy announcement. Good news for the owners of those vehicles: the top 50 dealers, representing more than 98 percent of ASMC sales, will become parts and services centers.
The press release below has more information. Unlike its recent tenure here, the end of Suzuki cars in the US looks like it's going rather well.

New Suzuki Swift Sport to be lighter and torquier

The Suzuki Swift Sport has been one of the most interesting hot hatches of the last decade, well at least outside the United States. Its first iteration was released in 2005, leaving behind its crummy Geo Metro guise in favor of something more in line dynamically with the segment best. Though it may have been an underdog from day one, the Swift Sport proved itself to be both fun and reliable The new car promises to up the ante with a stiffer structure and a footprint increased courtesy a 20 mm-longer wheelbase and a stance that's 40 mm wider and 15 mm lower. Power comes from a turbocharged 1.4-liter four-cylinder Suzuki cheekily calls the Boosterjet, ditching the old 1.6-liter naturally aspirated inline-4. The downsized, intercooled 138-horsepower turbo engine gives the Swift Sport only four more horsepower than the old unit, but there is a lot more torque available and at lower revs. Another major improvement is a weight loss of nearly 180 pounds -- definitely a big deal in a small car like this -- as the new model tips the scales at less than 2,140 lbs. Suzuki says the feel of the six-speed manual shifter has been improved, too. "It's lighter, sharper, quicker. It's more aggressive and emotive, but we've also refined the elements that make it practical to use every day," said Suzuki chief engineer Masao Kobori. "The clutch feel, the manual transmission shift throw, the seats and steering wheel -- everything that puts the driver at the heart of the experience." Sounds neat, though with Suzuki gone from the U.S. market, it'll remain forbidden fruit for American customers. On the other hand, you can apparently rent these in Germany. Nurburgring rental anyone? Related Video:

Incentives aid smooth Suzuki wind down

American Suzuki is continuing to offer buyers substantial incentives even as the company winds down operations. Those looking to nab a new Suzuki vehicle will find rebates of between $500 and $2,000 and zero-percent financing for up to 72 months as dealers look to liquidate inventory following the automaker's filing for Chapter 11 bankruptcy protection last month. The strategy is working so far. Last month saw Suzuki sell a total of 2,224 vehicles, up 22 percent compared to the same time period in 2011. The Japanese manufacturer says it will continue the incentives through December.
Suzuki had around 5,000 units in dealer inventory in the US when it went into bankruptcy protection, with an additional 1,500-1,700 vehicles headed to dealers at that time. The company says it will continue to honor warranties moving forward using its current dealer network. Most of the dealerships will become Suzuki service and parts stores after American Suzuki shutters car sales in the US.