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Publish Date: Mar 20, 2013
By Mary Slepicka – DealerNews
BREA, Calif. – Suzuki will be culling its U.S. dealer network after its Chapter 11 reorganization is finalized later this month, Dealernews has learned.
Dealers this week began receiving letters from American Suzuki Motor Corp. (ASMC) notifying them whether their franchise would be picked up by Suzuki Motor America Inc., which is the name of the reorganized company and designated the “purchaser†in the Chapter 11 filing.
“ASMC is assuming certain dealer agreements and other contracts and assigning them to Purchaser, while the majority of ASMC’s remaining contracts will be rejected,†states the letter, which was obtained by Dealernews. Dealers whose contracts are not being renewed are being told that their franchise agreements will be rejected and they will no longer be authorized Suzuki dealers as of March 31.
Cancelled dealers have until March 27 to file an “Other Settling Creditor Claim†to receive $10,000 in compensation. Suzuki also stated it will repurchase cancelled dealers’ new motorcycle and ATV inventory, plus parts and accessories.
http://blog.cyclenutz.com/2013/03/su...s-of-closings/
Suzuki begins notifying dealers of closings | Cyclenutz
Publish Date: Mar 20, 2013
By Mary Slepicka – DealerNews
BREA, Calif. – Suzuki will be culling its U.S. dealer network after its Chapter 11 reorganization is finalized later this month, Dealernews has learned.
Dealers this week began receiving letters from American Suzuki Motor Corp. (ASMC) notifying them whether their franchise would be picked up by Suzuki Motor America Inc., which is the name of the reorganized company and designated the “purchaser†in the Chapter 11 filing.
“ASMC is assuming certain dealer agreements and other contracts and assigning them to Purchaser, while the majority of ASMC’s remaining contracts will be rejected,†states the letter, which was obtained by Dealernews. Dealers whose contracts are not being renewed are being told that their franchise agreements will be rejected and they will no longer be authorized Suzuki dealers as of March 31.
Cancelled dealers have until March 27 to file an “Other Settling Creditor Claim†to receive $10,000 in compensation. Suzuki also stated it will repurchase cancelled dealers’ new motorcycle and ATV inventory, plus parts and accessories.
http://blog.cyclenutz.com/2013/03/su...s-of-closings/
Suzuki begins notifying dealers of closings | Cyclenutz
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