PE Creditor Trust said American Suzuki Motor Corporation (ASMC) had closed the sale of its operating assets to Suzuki Motor of America, a newly organised, wholly-owned subsidiary of Suzuki Motor, which will operate as the sole distributor of Suzuki products in the continental US. ASMC has wound down all operations.
Suzuki last year decided to withdraw from the US market after 30 years and said recently it would focus on emerging markets.
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ASMC’s chapter 11 plan was confirmed by bankruptcy judge Scott Clarkson of the US bankruptcy court for the central district of California in Santa Ana on 28 February 2013. The plan became effective on 31 March 2013, when ASMC closed its assets sale and commenced paying the claims in full of all automotive dealers and trade creditors through the PE Creditor Trust established by the plan.
With the dissolution of ASMC, Freddie Reiss’ role as chief restructuring officer for ASMC ended on 31 March. On 1 April, he became the trustee of the PE Creditor Trust, and will continue to oversee the reconciliation of outstanding claims and the liquidation of non-core property that was not sold through ASMC’s chapter 11 plan.
