Brea-based American Suzuki Motor Corp. said the vast majority of its dealers have approved a settlement agreement that is part of the automaker’s restructuring under its recent Chapter 11 bankruptcy filing.
American Suzuki filed for bankruptcy last month with plans to eventually stop selling vehicles in the U.S. to focus on its Motorcycles/ATV and Marine divisions.
The dealer settlement agreement was approved by 213 of Suzuki’s 219 dealers.
The final deadline for the dealer agreements is Dec. 28.
The agreements provide compensation to dealers as they transition from selling new vehicles to parts and service providers.
The company has said that it will continue to provide its vehicle owners with warranty and service repair services.