Chase Plans to Make $400,000 Loan to Assist Republic Windows Workers
CHICAGO.- Chase announced today that it plans to make a $400,000 loan to help pay severance to union workers affected by the shutdown of Republic Windows & Doors.
The bank’s loan to Republic is earmarked specifically to help the employees.
“I thank Chase for helping to salvage the Christmas these hardworking families deserve,” said U.S. Rep. Luis Gutierrez (D-Ill.). “Without Chase’s help, we could not have moved forward toward a solution for these workers.”
“It is absolutely critical that the men and women who worked for Republic Windows & Doors receive the compensation that the law requires,” said Illinois Attorney General Lisa Madigan. “My office took quick action here to make sure that the workers receive these benefits. We are pleased that Chase is taking this action to help these employees in a terrible situation.”
Beginning in early 2007, Chase Capital Corp. -- a subsidiary of JPMorgan Chase & Co. -- invested and lent $12 million to help Republic continue to operate, becoming a minority investor in Republic. Chase Capital anticipates no recovery on those loans and investments.
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