posted on September 11, 2008 19:21
From Mike Chung at Greddy USA:
TRUST CO. LTD, JAPAN, FILES FOR MINJI-SAISEI-HOU IN TOKYO
GReddy Performance Products Inc., Parent Company to Undergo Reorganization
Through Japanese Equivalent of U.S. Chapter 11 Filing
September 9th, 2008, Irvine, CA—GReddy Performance Products, a California Corporation, has announced that its parent corporation, TRUST Co. LTD, has filed for Minji-saisei-hou in Tokyo, Japan, the U.S. equivalent of a Chapter 11 reorganization plan. As in the U.S., this filing is a common strategy utilized by companies to allow them to continue to conduct business and service customers while undergoing an internal reorganization process.
This reorganization will have little, if any effect on GReddy Performance Products Inc., USA. GReddy assures its customers that it has ample inventory of all products for the U.S. market, and there are no production delays on new and current product lines coming from Japan. GReddy looks forward to exhibiting at the 2008 SEMA Show in Las Vegas, NV in its 20’ x 40’ booth, and will have three new project vehicles and new 2009 products on display. Representatives from both GReddy USA and TRUST Co. LTD Japan are attending the SEMA Show to answer questions about the reorganization and future plans for the company to retain its dominance in the sport compact market segment for the next 30 years.
Stated GReddy Performance Product’s Kenji Sumino, “TRUST Co. LTD Japan has filed for bank protection in order to restructure. This does not affect GReddy Performance Products USA at this time. In fact, we are working on plans to assist TRUST Co. LTD Japan during this process in every way we can. We have more than adequate inventory to sustain us until TRUST Co. LTD Japan returns to full production capabilities. As more information becomes available, we will release it to the media.”
In other words, Greddy USA will be just fine. Apexi is still around and they had a major issue with the bank, gangsters, and a attempted corporate takeover.
filed bankruptcy and are still around and even releasing new cars. When I said the other tuning parts manufacturers could take advantage of Greddy's bankruptcy, I was talking about the JAPANESE DOMESTIC MARKET. I should have clarified, but that's why I did not mention AEM, COBB, Cosworth, etc. taking advantage of the bankruptcy. If you knew how Japanese people are then you'll know that Trust will definitely take a hit in sales with this kind of news. Members of homogeneous societies tend to think the same (bad news = everybody thinks of the bad news).I couldn't believe some of the posts on the forums though. I think some guys who post on forums are like 12 years old. Not everybody was posting stupid shit, but man did I read some dumb ass posts....The next time Greddy has a garage sale, it's because they want to reduce inventory people. Not because their parent company filed bankruptcy. I think Greddy has a garage sale every year, but you know those same dumb ass forum posters are going to speculate the same dumb ass shit from the past two days. I think forum owners should have IQ tests for membership. That would keep forums more enjoyable for everybody wouldn't it?