"This transaction provides gR with an opportunity to restructure and become more efficient," says Bart Roggensack, a former director of gR who has been named chief executive officer of the company. "With Republic as an active participant in our business, we have acquired both the financial and management resources we need to realize the promise of a truly national roofing company that meets the roofing needs both of large national accounts and local builders and developers. The filing will enable us to continue to operate the business while we develop a realistic capital structure and business organization under which gR can become a profitable business in the future."

The company said that during the reorganization, daily operations would continue as usual. It also said it planned to accelerate efforts to consolidate and become a leaner, more efficient and cost-effective organization.