Suzuki has to take out $45M loan just to shutter US dealers [cardvd-player.net]

Bloomberg reports, American Suzuki is set to borrow up to $ 45 million to close its car dealers and brush up on his motorcycle and marine technologies business. Suzuki Motor Corporation will lend American Suzuki funds from three percent below London interbank offered rate to provide retail owners a cash payment in exchange for voluntarily leaving the franchise agreements. The society has 216 dealers have 10 days to make a decision in the case. Under the plan, Suzuki dealer would give owners of half of what they are owed in a lump sum and dealers will be able to follow the rest of the debt through the bankruptcy procedure of the company.

 

United States bankruptcy judge Scott c. Clarkson given American Suzuki, to borrow money for temporary authority, but Bloomberg reports the company will return to court in a couple of weeks to seek up to $ 100 million. According to Richard Pachulski, a lawyer for American Suzuki, the automaker owes its dealers somewhere around $ 50 million.

 

 

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