Suzuki reaches agreement with dealerships on bankruptcy transition

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“We are pleased to have reached agreements with all of our top 50 automotive dealers and that the total number of acceptances represents more than 98 percent of the total volume of automobile sales for ASMC in the continental U.S.,” ASMC Chief Restructuring Officer M. Freddie Reiss said in a statement.

“We greatly value our relationship with our customers, and it is very important to us that they continue to receive the necessary support from ASMC during and after our restructuring,” he continued. “As these agreements demonstrate, we are working within our current U.S. automotive dealer network to help structure a smooth transition from new automobile sales to exclusively parts and service operations. Based on dealer acceptances, we continue to believe our restructuring and realignment will be completed in a timely manner.”

The news of Suzuki’s withdrawal from the U.S. auto market was first announced on Election Day. It followed a contentious presidential campaign that centered in the closing days largely on the financial health of U.S. auto companies.

The company, which is separate from its parent group, the Suzuki Motor Corp., said at the time of the announcement that it “remains firmly committed to motorcycles/ATV and marine products” and promised to honor warranties for its discontinued cars.

-This story has been corrected on Dec. 6, 2012 from an earlier version that incorrectly identified the number of dealerships that were included in the Suzuki agreement.