• 10
In a follow-up to our previous post about Trust's bankruptcy filing in Japan earlier this week, GReddy – Trust's U.S. arm – has issued a press release (available after the jump) to assure Stateside consumers that all is well and operations will continue in the U.S. unabated.

According to the release, Trust filed for "Minji-saisei-hou" in Japan, the equivalent of Chapter 11 in the States, that will allow the performance parts manufacturer to continue its business while it reorganizes. That process will have "little, if any effect on GReddy Performance Products" in the U.S. GReddy plans to feature three new project vehicles at SEMA this year, and both Trust and GReddy have adequate inventory and personnel to service customers.

PRESS RELEASE

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."


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 10 Comments
      • 6 Years Ago
      I don't know much about the company itself, but i do know that when i hear the name "Greddy", my first thought is decals, not performance.
      • 6 Years Ago
      We are happy to hear that GRReddy is going to be fine here in the US! We hate knockoffs, and are happy to hear that a quality company will have the chance to reorganize and continue to do business.

      Don't buy Chinese, unless it's Orange Chicken!

      http://www.tunertoys.com

      Quality only - Garrett, Cometic, Tial, ARP, ACT, and a whole host of of others. Free Orange Chicken with each purchase of a turbocharger.
      • 6 Years Ago
      Greddy needs to get in the Fast and The Furious 4 to get their asses out of Chapter 11!
        • 6 Years Ago
        Actually, Yeah. That'd be a great place to showcase various parts.
      • 6 Years Ago
      Honestly, I knew with confident that Trust's bankruptcy issue won't affect GReddy (US). I see ricers everyday, down here in the bay area (Cali) you see Honda/Acura/Nissan/Infiniti. They are loaded with GReddy's, every time i got out if its by bus or car (mostly car) haha. Well I see ricers left and right (not joking) mostly GReddy. Most of my friends own GReddys, I seen a lot so I had hella doubt that GReddy was gonna stop for good. Besides "www.Greddy.com" didn't even put anything about closing down on news/events. Long live GReddy. :P
      • 6 Years Ago
      Man, I love GReddy. Thir reputation in the states is a ricer company, but they're much more performance oriented in japan. That isn't to say that ricer's don't love their parts as well. Still good to hear they're not dead.


      Also it's pronounced GRR-EDDY not GEE-READY
      • 6 Years Ago
      I think people are going to like the SEMA vehicles they debut this year. Can't wait until November :)
      • 6 Years Ago
      Hmmm, Bear Stearns, Enron, Worldcom, and currently Lehmen Brothers said everything was ok too....
      • 6 Years Ago
      Ricers all over US can breathe a sigh of relief.
      • 6 Years Ago
      Every Civic DX owner just breathed a collective sigh of relief. Long live GReddy, or Greddy, or G-Reddy, whoever the hell they are.