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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 demand in US rises after bankruptcy

Following word that Suzuki is ceasing car sales in America, it appears that demand for the Japanese automaker's wares have increased. According to The Detroit News, American Suzuki Motor Corp. will import an additional 2,500 vehicles to quench demand that has jumped since the company announced that it was filing for bankruptcy and ending sales in America.
Dealers recently informed their sales personnel that no more vehicles would be produced and that this was the final push. With heavy incentives and a seven-year warranty as value-adds, November sales for Suzuki rose in November some 22 percent, up to 2,224 vehicles. December sales also rose, but neither month's gains outweigh the long-term losses for the automaker. While Suzuki will sell roughly 22,000 cars this year in the US, it was selling about 120,000 annually before 2008.
As it stands, Suzuki will sell off the rest of its vehicle inventory, including the 2,500 additional units, and dealers will continue to provide parts an warranty work. With all of this negative news for the automaker, it's impressive to see an interest in Suzuki vehicles even with the imminent shuttering of its North American car sales.

Land-speed racer Bill Warner dies from motorcycle crash at 285 MPH

Motorcycle land-speed record holder Bill Warner died yesterday after crashing during an attempt at setting another record. The 44-year-old was clocked at 285 miles per hour on the runway of a former air base in northern Maine, before he lost control of his modified Suzuki Hayabusa motorcycle and veered off the runway.
It is not known what speed he was traveling when things started to go wrong and unclear what caused the crash, which happened shortly before 10:00 AM. Warner's crew suspect there were mechanical difficulties on his last run, in addition to a slight breeze, according to the video news report. Warner was conscious and able to speak after the crash but died an hour and 15 minutes later at a hospital in Caribou. The event and runway were closed for the rest of the day as police investigated the incident.
Warner was participating in "The Maine Event" at Loring Air Force Base in an attempt to reach 300 mph in one mile. Warner's best land-speed record, set in 2011, was 311.945 mph in 1.5 miles on the same runway, according to the Loring Timing Association, a record that still stands today for open-cockpit motorcycles. After that run, Warner said the scariest part was stopping the bike before the end of the runway. Be sure to check out the video news report after the jump.