Armstrong Flooring Strikes Deal For $24M Ch. 11 Loan

By Rick Archer (May 13, 2022, 3:04 PM EDT) -- Armstrong Flooring on Friday told a Delaware bankruptcy judge it had reached a settlement in principle with its secured lenders to allow it to take out a trimmed-back $24 million Chapter 11 financing package and pay $14 million to critical vendors.

At a virtual hearing, counsel for the Pennsylvania-based vinyl flooring maker told U.S. Bankruptcy Judge Mary F. Walrath that the agreement was the product of two days of intensive negotiations and that a written version — including a timeline for the company's proposed asset sale process — would likely be filed by Sunday.

"We are tired over here, but we're...

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