Republic Financial Acquires Controlling Interest in generalRoofing Services
As a result of the transaction, gR has filed to reorganize under Chapter 11 of the Bankruptcy Code.
Republic Financial Corp., Denver, a privately held investment company, announced that its partially owned subsidiary GR Investment Holdings L.L.C. has completed the purchase of a controlling interest in generalRoofing Services Inc. (gR), the nation's leading contractor and provider of commercial and industrial roofing solutions.
At the same time Republic said that, as a result of the transaction, gR has filed to reorganize under Chapter 11 of the Bankruptcy Code in order to obtain better access to working capital and to restructure its balance sheet to more realistically reflect current market conditions and provide the appropriate financial foundation for sustainable growth in the future. The filing took place in U.S. Bankruptcy Court for the Northern District of Texas in Dallas.