Trust Japan has had their “Minji-Saisei-Hou” (US equivalent of a Chapter 11 bankruptcy filing) reorganization plan successfully approved. This basically means that the government has accepted Trust’s plan to become solvent again. While they haven’t solved all their problems yet, it is a big step in getting back on solid ground. Good luck to the guys at Trust. Here’s a press release that Mike from Greddy sent out:
News Release 03/11/2009
FOR IMMEDIATE RELEASE
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.
ABOUT GREDDY PERFORMANCE PRODUCTS
GReddy Performance Products (GPP) was founded in 1977 and is driven by a vision to develop products that reliably increase vehicle performance. At GReddy, the spirit of constant evolution is evident in every product we offer, with extensive applications over a broad product range to accommodate most popular vehicles. GReddy Performance Product’s corporate U.S. office is in Irvine, CA. GPP is a division of TRUST Co. LTD., Japan, a leading worldwide supplier of high performance automotive products. GReddy: (949) 588-3800, www.greddy.com.