Japan’s largest credit research company Teikoku Databank announced that automotive parts manufacturer
filed for bankruptcy on September 10th, 2008. Trust also known abroad as Greddy is reported to be approx US$60M in debt.
In February 2008, Trust reported declined annual sales of US$53M. Loan payments totallying US$43M became a burden and was forced to file bankruptcy to the Tokyo District Court.
Trust was founded in 1976 and employs 190 workers producing exhausts, springs, turbo chargers and car electronics. A US subsidiary, Greddy Performance Products was founded in 1994 to expand overseas sales. In 1998 Trust reported annual sales of US$80M but since then sales had been declining.
People have been telling me all morning about this. Taro at GT Channel sent me the details. Ouch is all I can say. On the flip side, there’s plenty more of the pie for everybody else now. Who will take advantage of this? HKS? (probably) Apexi? (possibly) Power Enterprises (maybe) Blitz? (na…). Good luck to Greddy if they plan on restructuring. Greddy is responsible for the growth of the US tuning market in a big way with their CARB legal turbo kits and stuff, but I hope they stop polluting the tuning world with dumb ass piggybacks though…