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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.

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.

2019 Suzuki Jimny images leaked — first new generation in 20 years

The new-generation Suzuki Jimny is ready for a reveal. Photos of a production version shown at a preview event leaked online via Instagram, and they show a front shot and a front three-quarter shot of the completely redesigned small SUV. The lines and side sheetmetal pressings of the no-nonsense, go-anywhere Jimny are a clear nod to classic '70s and '80s models. The Australian website CarAdvice notes that the lime green Jimny seen here is clearly a home market version without any wheel arch extensions, as the vehicle needs to be as narrow as possible to comply with Japanese width regulations — it is alsos likely that the Jimny here is powered with a 660cc engine from the tiny kei car class. Outside of Japan, the hips might be wider, and a recent spy shot depicting finished vehicles at the factory shows slightly wider wheel arches. Every millimeter counts, it seems — just when you want to avoid scraping a rock on an off-road trail. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Export market Jimnys should have a one-liter turbo or a naturally aspirated 1.2-liter unit. Inside, the Jimny will feature a hard-wearing interior with a chunky dashboard, a render of which was also leaked online a short while ago. Everything about that dash appears to be designed with functionality as the top requirement, with just a large central touchscreen serving as a reminder that we're getting closer to 2020, not 1980. The 2019 model year Jimny is expected to hit Suzuki-selling markets by late 2018. Jimny updates are few and far between, as the current generation was first introduced a solid 20 years ago. Related Video: Image Credit: Suzukinfluencer/Instagram Spy Photos Suzuki SUV suzuki jimny