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Suzuki has to take out $45M loan just to shutter US dealers

Bloomberg reports American Suzuki is set to borrow up to $45 million to to close its automotive dealerships and freshen up its it motorcycle and marine business. Suzuki Motor Corporation will loan American Suzuki the funds at three percent below the London Interbank offered rate in order to offer dealer owners a cash payment in exchange for voluntarily abandoning franchise agreements. The company's 216 dealers have 10 days to make a decision on the matter. Under the plan, Suzuki would give dealer owners half of what they're owed in one lump sum, and the dealers would then be able to pursue the remaining debt through the company's bankruptcy procedure.
U.S. Bankruptcy Judge Scott C. Clarkson granted American Suzuki interim authority to borrow the funds, but Bloomberg reports the company will likely return to court in a few weeks to seek up to $100 million. According to Richard Pachulski, a lawyer for Suzuki America, the automaker may owe its dealers somewhere around $50 million.

Court approves Suzuki bankruptcy plan

Suzuki has won approval for its Chapter 11 plan to stop selling cars in the US and concentrate instead on the company's powersports products. Judge Scott C. Clarkson of the US Bankruptcy Court for the Central District of California approved the plan after the company's creditors agreed to the conditions.
Suzuki will now sell its motorcycle, ATV and marine divisions to the newly minted Suzuki Motor of America subsidiary under the Suzuki name. The new company will be wholly owned by Suzuki Motor Company. This is the final piece of the company's restructuring puzzle.
The company says it will now be able to grow its powersports businesses here in the US and also provide auto parts and service to current Suzuki owners through what's left of the company's dealer network. You can check out the brief press release on the bankruptcy plan below.

Suzuki Swift gets a motorcycle-inspired wide body for Tokyo Auto Salon

Tokyo Auto Salon is just around the corner, and companies such as Daihatsu and Mitsubishi have announced a slew of impressive custom cars. Suzuki has also announced its custom lineup, which is a bit humble this year at just three. They range from the wild Suzuki Swift Sport Katana to the mild Hustler Street Base. The Swift is the most impressive of Suzuki's show cars. Its name, and supposedly its looks, are based on the Katana sports bike. We're not sure they have that much in common beyond the silver and red paint job, but that's all right because this Swift still looks excellent. It features aggressive fender flares and a reworked front fascia. Bigger, wider wheels fit underneath those flares, and it has side-exit exhaust to cap off the extreme design. Next up is the Suzuki Jimny Sierra Marine Edition. Suzuki started with the wider Jimny Sierra model and fitted it with equipment for a day in and around the water. It has storage for fishing rods on either side and an interior covered in wetsuit material. The roof has been raised for extra interior space. The exterior also gets a garnish of visual upgrades such as custom wheels, chrome trim, paint scheme, auxiliary lights and tow rings. The third and final custom vehicle is the Hustler Street Base. It's fairly basic with a matte gray paint scheme, a few decals, and an upgraded audio system inside with some flashy lighting. Apparently it's designed for hip young people who live in the city and might be interested in extreme sports and an active lifestyle. Related Video: