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.”