BANKRUPTCY ARTICLE
Posted on 02/07/2007
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APEXERA CO.,LTD. filed under the Civil Rehabilitation Law.
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APEXERA CO.,LTD.
TDB#: 201500751
APEXERA CO., LTD. (Capital: 414,178,971 yen; Address:5-21-3 Fujimi, Sagamihara city; President: Akira Nakanishi; Number of employees: 102) filed with the Yokohama District Court under the Civil Rehabilitation Law on February 6.
The filing was done by attorney Riichiro Takahashi (Address: 1-2 Sumiyoshi-machi, Naka-ku, Yokohama city; Tel: 045-671-9565) along with three other parties.
APEXERA CO., LTD. was founded to manufacture parts for automobiles in April 1992. In April 1998, the company was acquired by a dormant company, KK EFU EMU ESU (founded in May 1957) for the purpose of introducing the unit stock system and changing the stock face value for going public. Then, the company name was changed to its current APEXERA CO., LTD. from APEX CO., LTD. in January 2005.
As a manufacturer of automobile parts, APEXERA CO., LTD. started developing and manufacturing automobile mufflers. The company has two factories in Shibakawa-cho, Shizuoka prefecture, along with consolidated subsidiaries in the U.S. and Korea.
The company expanded into manufacturing underbodies and electronic control equipment and also increased its awareness within the race car industry.
APEXERA CO., LTD. further entered into the home security sector and engaged into manufacturing exhaust emission removal systems for diesel-powered vehicles.
As a result, it reported annual sales of approximately 7,961 million yen in March 2004.
The company quickly undertook reforms, which included the acquisition of related companies, entering into new business, adoption of internal company systems, in order to escape from the dependency on automobile related business. However, the new business could not reach expectations and their main business struggled with a slump in sales.
As a result, annual sales dropped to 4,950 million yen in March 2006 and suffered with significant excessive debt due to the burden of labor costs and depreciation.
APEXERA CO., LTD. made efforts to reorganize their subsidiaries, withdraw from the new business, and cut expenses. However, the company resulted in filing for bankruptcy at this time since it could not receive sufficient financing and foresee the chance of recovery.
The amount of liabilities was $43.80 million* (5,300 million yen).