Bankruptcy Court Approves Republic Sale to Serious

February 27th, 2009 by Editor

The U.S. Bankruptcy Court for the Northern District of Illinois approved the sale of the assets of Republic Windows and Doors in Chicago to Serious Materials this week. However, Serious president Kevin Surace told DWM magazine that this is just the first step in taking over that Chicago facility, as lease and union negotiations, as well as other issues still have to be conducted.

“There is stuff in that facility that doesn’t work anymore,” says Surace, referring to the abrupt closing of the Republic plant. CLICK HERE for related story.

According to the bankruptcy papers, “At closing the Purchaser shall pay the Purchase Price to the Trustee, which consists of (a) a cash payment at the Closing in the amount of one million four hundred and fifty thousand and (b) and obligation to pay the Deferred Purchase Price pursuant to and in accordance with Section 4.9 of the Asset Purchase Agreement.

Click on the link below to view the bankruptcy papers.
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