B of A and Republic Windows and Doors Chronology

[crispini]

CHICAGO, Dec 08, 2008 (BUSINESS WIRE) -- The management of Republic Windows & Doors today announced the following chronology of the company's discussions with its lender Bank of America."

10/16/08 a- Republic presents plan for "orderly" wind down including ceasing
manufacturing in January 2009. INFORMS BANK OF AMERICA OF POSSIBLE
WARN ACT NOTICE ISSUES AND VACATION PAY.
10/15/08 a- Informed Bank of America that Republic had a 10/24/08R buyer for
the existing Note for ±$3.0M, discount of $1.5M.
10/15/08 a- Offer rejected by Bank of America stating they believed they were
"over" collateralized.
10/15/08 a- Bank of America demands plans for "orderly" wind down Republic.
10/18/08 a- Bank of America rejects plan and demands a shorter wind down
period.
10/27/08 a- Republic responds with a new plan to cease operations January 2009.
10/29/08 a- Bank of America rejects plan.
11/25/08 a- Republic requests permission from Bank of America to issue
vacation pay to all employees.
11/26/08 a- Bank rejects Company request to make vacation pay.

http://www.marketwatch.com/news/story/Statement-Republic-Windows-Doors/story.aspx?guid={ADF76E34-99F2-4C4A-A977-C8FB05EEAABA}

It looks to me like the business was planning to shut its doors anyway, and B of A is the one who is causing the problem. Thoughts?