WAYNE, N.J. (Jan. 8)—G-1 Holdings, parent of roofing and building products manufacturer GAF Materials Corp., filed for Chapter 11 protection in the U.S. Bankruptcy Court for New Jersey Jan. 8 in the face of "overwhelming asbestos litigation." However, GAF maintained that it operates as an independent company with no asbestos liability. GAF is not dependent on G-1 for cash and recently secured an additional $100 million line of credit from its bank, the company said in a Jan. 8 statement to its employees from GAF CEO William Collins. Wayne-based GAF projects sales for 2000 to exceed $1.2 billion and operating income to surpass $70 million.
GAF Materials parent files for Chapter 11 protection
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