PRESS RELEASE
Last update: 2:55 p.m. EST Dec. 9, 2008
CHICAGO, Dec 09, 2008 /PRNewswire via COMTEX/ -- Bank of America today sent a letter to Republic Windows & Doors LLC indicating that the bank is prepared to provide a limited amount of additional loans to Republic to help fund a comprehensive resolution of Employee Claims.
Bank of America expressed concern in the letter about Republic's failure to pay their employees the Employee Claims to which they are legally entitled.
Bank of America is prepared to make these additional loans despite the fact that Bank of America is not obligated to pay Republic's employees or make additional loans to Republic.
Because Bank of America has no direct relationship with Republic's employees, Bank of America must rely on Republic and its management to negotiate with the Union and Republic's employees regarding the Employee Claims.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock
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SOURCE Bank of America http://www.bankofamerica.com/
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