Japan’s largest credit research company Teikoku Databank announced that automotive parts manufacturer Trust (known in the states as GReddy) filed for bankruptcy on September 10th, 2008. Trust is reported to be approximately 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 1977 and specialized in Exhaust Systems, Turbo Kits, Cooling systems, Electronics and Accessory lines. GREX, the division that makes both engine hard parts and footwear (suspension brakes etc.). GRacer, the division that produces aerodynamic components the Trust Company offers one of the widest varieties of performance automotive components in the world.
Now with one of the largest parts manufacture down, it won't be suprising to see other companies struggling as well with the declining economy. Let's hope other big names step in and pick up some of the slack.
[Sources: GTChannel, JDMInsider, GReddy]
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