This past September, Trust Co. LTD – the parent company of GReddy Performance Products in the U.S. – declared the Japanese equivalent of Chapter 11. According to a release from the aftermarket parts supplier, Trust has successfully completed the reorganization process (known in Japan as Minji-Saisei-Hou) and is hoping to be completely back on its feet within the next few months. During the reorganization, both Trust and GReddy have maintained its workforce here and abroad, developed new components, continued to produce parts and serviced its clients around the world. While we're happy to hear about GReddy's future involvement in the aftermarket, this won't be the first or last filing from a performance part supplier as the auto-apocalypse continues.
TRUST CO. LTD, JAPAN, BANKRUPTCY REORGANIZATION FILING IS SUCCESSFUL!
GReddy Performance Products Inc., Parent Company Successfully Undergoes Reorganization
Through Minji-Saisei-Hou, Japanese Equivalent of U.S. Chapter 11 Filing
March 11, 2009, Irvine, CA-GReddy Performance Products, a California Corporation, has announced that its parent corporation, TRUST Co. LTD, has successfully completed reorganization through Minji-saisei-hou in Tokyo, Japan, the U.S. equivalent of a Chapter 11 reorganization plan.
TRUST President Masaru Ikeda said, "At the official Creditor's Meeting on March 11th at the Superior Court of Tokyo, TRUST's reorganization plan was overwhelmingly approved. We are aware there are companies in virtually every industry facing financial challenges, and are fortunate that through a combination of sound leadership, perseverance and the much appreciated cooperation and support from our customers and partners, TRUST was able to complete its reorganization in such a short time. On behalf of TRUST Co., LTD, I want to express my deepest appreciation for all of the years of continued support from our customers. We truly value our relationships and look forward to continuing them for many years to come."
Stated GReddy Performance Product's Kenji Sumino, "Now that TRUST's reorganization plan has been approved, GReddy Performance Products is working hard to follow suit in the United States. We are very pleased with the outcome of TRUST's restructuring efforts and are optimistic and confident that GReddy will successfully emerge from Chapter 11 in the next couple of month as a proven leader in the high performance automotive parts industry"
Throughout the pendency of TRUST's reorganization, there has been no disruption in the supply of innovative products to GReddy Performance Products Inc., USA. GReddy continues to stock an excellent and complete inventory of products, which has allowed GReddy to maintain a 90% fill rate on orders, a number hardly matched in today's changing marketplace.