UPDATE: Greddy in U.S. still good to go
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.
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."
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