Way back in September last year, we reported that renowned Japanese after-market performances parts manufacturer TRUST had found itself in debt to the tune of AUD$91.5m and had filed for bankruptcy. It said then that it planned to use this protection to get the business back on its feet.
The good news today is that the company has managed to do just that.
A recent press release from TRUST announced that the company had completed a reorganisation through ?Minji-saisei-hou?, the Japanese equivalent of the US-style Chapter 11 bankruptcy protection (essentially allowing a company to 'buy time', a moratorium period on debt obligations, to reorganise profitably).
TRUST President Masaru Ikeda said that it was through a combination of sound leadership, perseverance and customer support and cooperation that allowed the company to complete its reorganisation relatively quickly. (Patient creditors also no doubt helped.)