Suzuki files for Chapter 11, stops U.S. auto sales
The Detroit Free Press is reporting that American Suzuki Motor Corp filed for Chapter 11 bankruptcy protection yesterday.
The company also announced that it will stop selling vehicles in the US to focus on restructuring its business and will only offer ATVs and marine outboard engine.
The story reports that the documents filed with the U.S. Bankruptcy Court in the Central District of California estimated that its debts and liabilities range from at least $100 million to as much as $500 million, and had between 1,000 and 5,000 creditors.
Suzuki says that slow sales, unfavorable foreign exchange rates and high costs due to U.S. regulatory requirements also contributed to the bankruptcy.
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