Management of Republic Engineered Products Inc. has emerged from creditor protection and managers declared the organization a new company, notwithstanding the ongoing name.
Republic declared bankruptcy in October, citing a series of unexpected accidents and problems following the August 14 blackout in the Midwest and Northeast. It was purchased at an asset auction earlier this month by Perry Strategic Capital Inc. The purchase price was $277.5 million. The group’s president and CEO said, "Republic is now very well positioned to succeed.
said Joseph F. Lapinsky, president and chief executive officer. "We retain the plants, workforce, and customer base that have made Republic the leading name in special bar quality steel for a long time,” Joseph F. Lapinsky stated.
The same organization completed an earlier bankruptcy reorganization in 2002.