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American Suzuki gets $100M in financing to go out of business... buy more cars?

American Suzuki Motor Corporation (ASMC), which declared bankruptcy in early November, has been approved by the courts for up to $100 million in debtor-in-possession financing to enable it to shutter its US car business. ASMC had received a $45 million loan from the Japanese parent company, Suzuki Motor Corporation (SMC), last month in order to make repayment deals with its franchise dealers. At the same time, ASMC was awaiting final court approval of this larger loan.
Out of the newly approved funds, $50 million can be used for operations, and oddly, the other $50 million can be put toward purchases of new inventory from SMC. That's right, even as existing inventory was headed for a smooth exit with the help of incentives, customer demand for orphan Suzuki models is so strong - last month's sales were up 22 percent compared to 2011 - that ASMC plans to purchase 2,500 additional cars from SMC that were built after the bankruptcy announcement. Good news for the owners of those vehicles: the top 50 dealers, representing more than 98 percent of ASMC sales, will become parts and services centers.
The press release below has more information. Unlike its recent tenure here, the end of Suzuki cars in the US looks like it's going rather well.

Four seniors to drive around world in pair of Suzuki Jimny SUVs for charity

Plenty of us here at Autoblog have designs for epic drives. Whether it's bouncing around the country in an old International or heading from Alaska to Chile on a bike, we like to think we have big aspirations. Or at least we did until we heard about these four gentlemen. You see, Leslie George Carvall, Alan Butler, Glyn Maher and Charles Scott are all in their 70's, and they plan to pile into a pair of Suzuki Jimny SUVs and drive around the world. Sort of makes a hike across country seem like a trip down the block to the local corner store. They're calling it "The Ultimate Challenge," and they plan to undertake the journey for two reasons.
First, they want to prove that age shouldn't stand in the way of people doing what they want to do. Second, the group hopes to raise funds for the 'Heaven Can Wait I'm Busy' group, which aims to direct money toward worthy charities both in the UK and around the world. Save the Children and Oakhaven Hospice are the two currently designated charities.
The trip gets started in just three days, and you can head over to the effort's site to track their progress. The route should cover some 16,500 road miles and 10,375 sea miles. You can also catch up with the project on Facebook.

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.