G-1 Holdings, Wayne, N.J., filed with the Bankruptcy Court in New Jersey. Twenty-seven corporations have now filed for bankruptcy protection due to overwhelming asbestos litigation including Celotex, Johns Manville and recently Owens Corning and Armstrong. G-1 Holdings is the shareholder of Building Materials Corporation of America, doing business as GAF Materials Corporation (GAFMC).

The company maintains that GAFMC remains independent company, with no asbestos liability and that this position has been reviewed and confirmed by a number of the country’s most prominent law firms. GAFMC has recently secured an additional $100 million line credit from its existing bank group in order to eliminate any question about GAFMC’s liquidity. Bill Collins, CEO of GAFMC said, “From a personal perspective, I’m disappointed, and am hopeful G-1 Holdings resolves their financial issues. Now, we have a business to run!” Collins added “Our Company is healthy, with excellent liquidity, and a strong business foundation. GAFMC is committed to growth and further industry leadership.”

David Harrison, senior vice president of marketing said, “In recent years, GAFMC has successfully grown from the fifth to the largest roofing manufacturer in North America. We will accelerate our investments as a world class building materials manufacturer to help fulfill two promises as an industry leader: for property owners and specifiers, providing their best and safest choice for roofing solutions; for contractors and distributors, helping them build their business and avoid hassles. ”