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"Takeover talks with an unidentified private equity firm failed to come to fruition Friday and a group of lenders led by Bank of America declined to suspend a so-called covenant that is part of Waterford's loan agreement. Talks with the lenders started four months ago, and the banks agreed three times to suspend the covenant, which requires Waterford to have a certain amount of cash on hand, to give the company more time to find a potential buyer."
Bank of America Pulled The Trigger. There are people on the radio describing how they, after Christmas, took voluntary redundancy only to find agreed redundancy payments were not paid. There is disgust about Banks being bailed out here while this is allowed happen. There are even hushed calls for nationalisation from workers and their representatives in the media.
It is suppose is worth noting that this will lay complete waste to an Irish town due to the amount of jobs that indirectly depend on the factory.
The workers at Republic Windows and Doors staged their occupation of the plant in early December after it closed on only three days' notice, leaving workers with unpaid severance and vacation wages. After receiving national media coverage and political support from as high as President-elect Barack Obama, the union negotiated a settlement with Republic ownership and primary creditor Bank of America to receive an average of $6,000 for each union worker. The story also attracted the attention of Kevin Surace, chief executive officer of Serious Materials of Sunnyvale, Calif., which produces energy-efficient windows and drywall at four U.S. plants. Surace said he sympathized with the unemployed workers and saw a chance for his company to expand into a new region where there was already a plant, equipment and a trained workforce available for purchase. "It was very sad to see what looks like it could be a world-class operation just fall on terrible hard times and then all of the workers quite abruptly laid off," Surace said. "We saw a great opportunity with a great facility and great workers." As the plant ramps up production, the company plans to offer new jobs to the more than 300 workers in place when it was closed, he said. Another factor that helped draw an offer from Serious Materials was that 90 percent of the equipment remained in the factory, which workers attributed to the success of the occupation in preventing removal of machinery. The union alleged in charges filed last week with the National Labor Relations Board that Republic's majority owner, Richard Gillman, moved manufacturing equipment before the plant's closing to an Iowa plant operated by Echo Windows, which Gillman's family established last year.
The story also attracted the attention of Kevin Surace, chief executive officer of Serious Materials of Sunnyvale, Calif., which produces energy-efficient windows and drywall at four U.S. plants.
Surace said he sympathized with the unemployed workers and saw a chance for his company to expand into a new region where there was already a plant, equipment and a trained workforce available for purchase.
"It was very sad to see what looks like it could be a world-class operation just fall on terrible hard times and then all of the workers quite abruptly laid off," Surace said. "We saw a great opportunity with a great facility and great workers."
As the plant ramps up production, the company plans to offer new jobs to the more than 300 workers in place when it was closed, he said.
Another factor that helped draw an offer from Serious Materials was that 90 percent of the equipment remained in the factory, which workers attributed to the success of the occupation in preventing removal of machinery. The union alleged in charges filed last week with the National Labor Relations Board that Republic's majority owner, Richard Gillman, moved manufacturing equipment before the plant's closing to an Iowa plant operated by Echo Windows, which Gillman's family established last year.
Former workers at Republic Windows and Doors heartened by possible sale of Goose Island factory
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