American Suzuki's $45M DIP Loan Agreement Gets Approved

Law360, New York (November 7, 2012, 10:44 PM EST) -- A California bankruptcy judge on Wednesday allowed bankrupt American Suzuki Motor Corp. to borrow up to $45 million under a debtor-in-possession credit agreement with Japanese parent Suzuki Motor Corp. as it moves to wind down selling automobiles in the U.S.

U.S. Bankruptcy Judge Scott C. Clarkson said that American Suzuki could get up to $30 million in inventory loans and up to $15 million in advances under the agreement.

“The relief granted in this interim order is necessary, essential and appropriate, and is in the best...
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