American Suzuki Motor Corporation consummated chapter 11 plan and sale of assets to Suzuki Motor of America, Inc.
Suzuki Motor of America, Inc.
April 2, 2013
Filed under News
PE Creditor Trust Commences Distributions to Resolve Consensual Claims
ASMC Ended Operations
BREA, Calif.--(BUSINESS WIRE)--PE Creditor Trust today announced that on March 31, 2013, American Suzuki Motor Corporation (“ASMC”) closed the sale of its operating assets to Suzuki Motor of America, Inc., a newly organized, wholly-owned subsidiary of Suzuki Motor Corporation, which will operate as the sole distributor of Suzuki products in the continental U.S. ASMC has wound down all operations.
ASMC’s Chapter 11 Plan was confirmed by Bankruptcy Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California in Santa Ana on February 28, 2013. The Chapter 11 Plan became effective on March 31, 2013, when ASMC closed its assets sale and commenced paying the claims in full of all consensually settling Automotive Dealers and trade creditors through the PE Creditor Trust established by the Plan.
With the dissolution of ASMC, M. Freddie Reiss' role as Chief Restructuring Officer for ASMC ended March 31, 2013. On April 1, 2013, Mr. Reiss 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.