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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.

Come see all the cool cars in Geneva that we don't get in America

The Geneva Motor Show is usually the highlight of auto show season. There are always a ton of interesting debuts. This year alone, we saw new models from McLaren, Ferrari, Porsche, Mercedes-AMG and more. That doesn't count the ridiculous and tasteless stuff that comes out of Brabus or Mansory. Personally, one of the biggest reasons I enjoy going is to see all the cool stuff that we won't get in America. Watch the video for a brief walkaround of the show floor. Even the city streets offer unusual sights for Americans. Geneva is so close to France that there are Citroens, Peugeots and Renaults everywhere. Then there are cars like the Volkswagen Polo and Up! or a multitude of wagon variants of cars like the Mercedes-Benz C-Class and Audi A4 and A6. Even the exotics come out in droves. There was a Porsche 911 Reimagined by Singer parked along a side street. There were two Lamborghini Aventadors parked outside our hotel. Just Geneva things. Design/Style Geneva Motor Show Isuzu Suzuki Citroen Peugeot Renault SEAT Skoda Truck Coupe Hatchback Wagon Performance Videos renault megane renault clio peugeot 508

Suzuki Chapter 11 bankruptcy plans approved by US court

It's pretty much a done-deal now, folks. A US bankruptcy judge has approved Suzuki's plans to wind down its operations in the States. As part of Suzuki's Chapter 11 proceedings, its automotive unit will cease to exist in the US, leaving the motorcycle, ATV and marine units to function as Suzuki Motor of America.
It's not clear how many vehicles are left on the 219 remaining Suzuki dealership lots - the company reported sales of 1,764 in February - but the automaker has assured customers that warranty service and parts will remain available. Suzuki made an investment of $45 million to ensure its past and current customers aren't completely left in repair-work limbo.
Check out the complete announcement from Suzuki below for more information, and please join us in mourning the loss of the Kizashi sedan and SX4 hatch, two vehicles we are legitimately going to miss when this whole sordid affair is done and over with.