Oh Snap: Trust/Greddy Files for Bankruptcy! (merged threads, now official)
09-10-08, 01:22 PM
#1
Oh Snap: Trust/Greddy Files for Bankruptcy! (merged threads, now official)
TRUST/GREDDY FILES FOR BANKRUPTCY IN JAPAN
Japan's largest credit research company Teikoku Databank announced that automotive parts manufacturer Trust 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.
posted by Auto News Blog on Wednesday, September 10 2008
Japan's largest credit research company Teikoku Databank announced that automotive parts manufacturer Trust 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.
posted by Auto News Blog on Wednesday, September 10 2008
a sad day for the import industry 
products
09-10-08, 02:45 PM
#6
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hopefully the owners have millions stacked in their safes. Donald Trump filed for bankruptcy so he didn't have to pay his debt. he left his debt behind and started over and was the richest man in the world again in a year.
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09-10-08, 08:35 PM
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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.
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.
09-10-08, 11:37 PM
#13
Import Car Performance Parts Manufacturer, Trust (GReddy), Files Bankruptcy
Japan’s largest credit research company, Teikoku Databank, announced that Japanese automotive performance parts manufacturer, Trust Co. LTD., filed for bankruptcy today.
Founded in Japan in 1977, the Trust company LTD has become a dominant source for automotive performance products around the world. With popular brand names like GReddy, the division that makes Exhaust Systems, Turbo Kits, Cooling systems, Electronics and Accessory lines, GREX, the division that makes both engine hard parts and footwear (suspension, brakes, etc.), and GRacer, the division that produces aerodynamic components the Trust Company offers one of the widest varieties of performance automotive components in the world.
Since 1994 the development and distribution of Trust Company products in the United States has been accomplished by GReddy Performance Products, in Irvine California.
In 1998 Trust reported annual sales of $80 million but since then sales had been declining. By February 2008, Trust’s annual sales had declined drastically to $53 million with loan payments totaling $43 million. Trust is reported to be approximately $60 million in debt.
It’s not immediately clear if Trust Company, Ltd. in Japan will be out of business or be able to restructure. The company employs nearly 200 people.
Founded in Japan in 1977, the Trust company LTD has become a dominant source for automotive performance products around the world. With popular brand names like GReddy, the division that makes Exhaust Systems, Turbo Kits, Cooling systems, Electronics and Accessory lines, GREX, the division that makes both engine hard parts and footwear (suspension, brakes, etc.), and GRacer, the division that produces aerodynamic components the Trust Company offers one of the widest varieties of performance automotive components in the world.
Since 1994 the development and distribution of Trust Company products in the United States has been accomplished by GReddy Performance Products, in Irvine California.
In 1998 Trust reported annual sales of $80 million but since then sales had been declining. By February 2008, Trust’s annual sales had declined drastically to $53 million with loan payments totaling $43 million. Trust is reported to be approximately $60 million in debt.
It’s not immediately clear if Trust Company, Ltd. in Japan will be out of business or be able to restructure. The company employs nearly 200 people.
Last edited by Curry; 09-10-08 at 11:41 PM.
