To read the full press release, just click below the picture. But the short version is: This is good news, and go show GReddy some support!
GReddy Performance Products, Inc. (ìGReddyî), has announced its successful exit from Chapter 11. At a hearing held on June 10, 2009, United States Bankruptcy Judge, Robert Kwan, confirmed GReddy’s Chapter 11 Plan of Reorganization (the “Plan”). Both the unsecured creditors and GReddy’s prepetition lender voted unanimously to accept the Plan. GReddy is represented by the Law Offices of Michael G. Spector, Santa Ana, California.
“GReddy emerges from Chapter 11 with a very manageable debt load, leaner more efficient operations and a renewed focus on our customers and consumers,” said Kenji Sumino, Vice President and General Manager of GReddy. Sumino went on to say “while GReddy has had its challenges in the past, we are now poised to drive sales and profitability for GReddy and our key customers through innovations in design, assembly, merchandising, advertising and promotions. I would also like to take this opportunity to thank all of our customers, dealers, and associates for their faith and support of GReddy. We have continued to have a fortunate place in the aftermarket performance industry, and now we can look forward to an even more successful future.”
stop taking pictures in auto. your camera focused on the background niceguy!
Well… come show me how to use this thing then ^^^^^ 😉
cha! like ben know’s how to shoot pics! haha.. dont take advice from him or you might file chapter 11 next also haha
jk i love ben stunnna!!! haha
Thats good news, they’ve taken a hard hit from knockoff products. I mean, Greddy Exhausts have been knocked off for years and years, now just about everything they make has a knockoff on ebay.
Glad to see them surviving.
I’m really glad to see that they pushed through this tough time. Our industry needs strong companies like this to stay around. Now I just hope that their marketing budget comes back with S3 in mind!
Hopefully, we’ll see alot of innovation and new products. They really need to move forward and keep innovating, thats the only way to stay ahead of the knockoffs. Its definitely a much better idea than suffering the losses and cutting their budgets in other areas like R&D, which slows down the development of new parts which in turn makes them less competitive overall. Then again, I’m no expert, so what do I know?
Its sad to see how many of their products have been copied… search ebay for Greddy-style, or Greddy Knockoff. Its ridiculous – nearly everything they make has a copy out there.
We can’t cut corners and buy knock off shit anymore or the scene will continue to die^^^^ I’m glad to hear that Greddy will pull through.