Autoblog

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.

The market for aftermarket parts from Japan has been declining for well over five years, due in part to decreased demand both at home and abroad and the rising rates of Chinese knock-offs and other inexpensive (and dubiously built) components.

Today, one of the world's largest performance parts companies, known as Trust in Japan and Greddy here in the States, declared bankruptcy. According to various reports, Trust is approximately $60 million in debt and, after reporting a serious decline in sales since February 2008 and amassing $43 million in loan payments, filed for bankruptcy in Tokyo District Court.

Trust has been around since 1976, employs almost 200 workers and had been dealing in everything from CARB-legal exhausts to turbo systems when Greddy Performance Products was founded in the U.S. in 1994. There are several firms that will step up to fill the need of enthusiasts, assuming that Trust doesn't try to reorganize, but with the aftermarket industry down overall, we suspect this won't be the last time we'll hear about a large tuner going under.

[Sources: GTChannel, JDMInsider]

England. Jolly Old. Coventry, to be exact. There resides a seriously bored driver going by the handle vennuth. Vennuth willfully ignored the cardinal rule of using nav systems: use your own judgement! It's always amusing when the navigation system gets confused and directs you up your neighbor's driveway when you're really trying to reach the Raccoon Lodge. Most of us would just chuckle at the idea of driving our vehicle up a path marked "Not Suitable For Motor Vehicles" despite the nav system urging us on. Not vennuth.

Vennuth's a member of the gtr.co.uk forum, so we were quite relieved to see it was a Renault van he managed to mire up to its hubs. The funny part comes when his amusing recounting notes how his ex gets more and more "narky," he gets increasingly thirsty, and several successive rescue teams also become stuck. What should have been a simple tug-out turns into a 14-hour ordeal that ends with a lowly tractor succeeding where an ex-military Bedford wrecker failed. In proper fashion, there was a pub at the end of the unfit road, so it ended well.

Thanks for the tip, Leon!

Toyota has been eying a takeover of Fuji Heavy Industries – Subaru's parent company – for some time now. When General Motors ditched its 20 percent stake in Fuji back in October 2005, Toyota snapped up 8.7 percent and the two have been undertaking a series of joint ventures since.

But that wasn't nearly enough for the Toyota Motor giant that's getting closer and closer to the #1 global automaker spot with each passing day. An acquisition of Subaru would bring them even closer, if only they could.

Continues after the jump.

[Source: Automotive News - sub. req.]