I got an email from Mike at Greddy today with a press release. Greddy USA filed for Chapter 11 today. Chapter 11 is a bankruptcy filing for reorganization. What this means to you is that business should continue as usual if supply chains are not interrupted. It will be tough for Greddy with all the banks around the world also suffering, but things should seamless and ok with some luck:
GReddy looks forward to continuing to provide quality high performance parts for years to come.
OCTOBER 10, 2008
To insure the long term survival of the GReddy brand in the USA, GReddy Performance
Products, Inc. has opted to file for Chapter 11, Reorganization, on October 10, 2008.
GReddy sales, customer service, R&D and operation will continue to conduct business as
usual, through this process. The flow of inventory and new products will continue and will
not be affected. Normal GReddy operating hours will remain as before.
This reorganization change is result of last month’s Minji-Saisei-Hou filing of GReddy’s
parent company TRUST Co. LTD. in Japan. Although TRUST has now returned to
production, and GReddy Performance Products has maintained normal business practices,
the recent extreme downturn in the world’s banking market has made this option the best
prospect for continued operation and expansion of the GReddy brand.
It is also in the best interest of GReddy’s future to join some of GReddy’s competitors in the
industry, in not exhibiting in this years SEMA Show. The withdraw is regretful, but
necessary. This does not however mean development and construction of new products
and demo vehicles which were planned to debut at SEMA will stop. Instead, GReddy plans
on releasing news of these items through other media outlets very soon.
GReddy Performance Products, Inc. and it’s staff would like to thank all the kind wellwisher,
customers and industry associates for their support in these challenging times.
GReddy looks forward to continuing to provide quality high performance parts for years to