American Suzuki Motor Corp. has filed for Chapter 11 bankruptcy protection and says it will cease selling automobiles in the U.S. as part of a plan to restructure its business.
The company, based in Brea, Calif., is the sole distributor of Suzuki Motor Co. vehicles in the continental U.S.
It said Monday that it will focus on selling Suzuki motorcycles, all-terrain vehicles and marine outboard engines once it exits bankruptcy protection.
The company estimates its debts and liabilities range from at least $100 million to as much as $500 million.
American Suzuki Motor says it decided to exit the car business because of slow sales, unfavorable foreign exchange rates and high costs due to U.S. regulatory requirements.
The bankruptcy and reorganization are unrelated to Japan-based Suzuki Motor Corp.