BREA, Calif.–(BUSINESS WIRE)–American Suzuki Motor Corporation (“ASMC” or “the Company”) today announced that it has received Court approval for Debtor-In-Possession (“DIP”) financing. As a result, the Company will be able to borrow up to $50 million for operations and up to $50 million for purchases of inventory from Suzuki Motor Corporation (“SMC”). These funds will help ensure that ASMC has the cash necessary to operate its business during the pendency of the chapter 11 case. The motion was previously granted Court approval, on an interim basis, on November 7, 2012. The full article is here.
Some great hearings coming up Thursday, December 20 in Santa Ana, including approval of the disclosure statement (already) and approval of the bid procedures for the upcoming auction. The docket is here.
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