posted on September 10, 2008 11:12
Trust (Greddy) Declares Bankruptcy
Japan's largest credit research company Teikoku Databank announced that automotive parts manufacturer Trust filed for bankruptcy on September 10th, 2008. Trust also known abroad as Greddy is reported to be approx US$60M in debt.
In February 2008, Trust reported declined annual sales of US$53M. Loan payments totallying US$43M became a burden and was forced to file bankruptcy to the Tokyo District Court.
Trust was founded in 1976 and employs 190 workers producing exhausts, springs, turbo chargers and car electronics. A US subsidiary, Greddy Performance Products was founded in 1994 to expand overseas sales....
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