Cleaning & Restoration Breaking News

Armstrong Files Proposed Disclosure Statement for Chapter 11 Plan of Reorganization

LANCASTER, Pa., Dec. 20 /PRNewswire-FirstCall/ -- Armstrong World Industries, Inc. has filed a proposed Disclosure Statement for its Chapter 11 Plan of Reorganization (POR) with the U.S. Bankruptcy Court in Wilmington, Delaware.

The Court must approve the proposed Disclosure Statement, which provides additional details to the POR, before AWI can solicit votes on its POR.

The POR was filed with the Court on November 4, 2002, with the support of the asbestos personal injury claimants' committee, the representative for future asbestos personal injury claimants and the unsecured creditors' committee. The POR will only become effective after a vote of various classes of creditors and with the approval of the Court. The Court has not yet scheduled a hearing on the proposed Disclosure Statement.

The proposed Disclosure Statement, along with AWI's POR and related press releases, is available at www.armstrongplan.com. In the proposed Disclosure Statement, AWI estimates that, based upon an assumed effective date of the POR of July 1, 2003, the total value of consideration to be distributed to the asbestos personal injury trust, other than the insurance asset, will be approximately $2.1 billion, and the total value of consideration to be distributed to holders of allowed unsecured claims (other than convenience claims) will be approximately $1.1 billion. Based upon the estimated value of the POR consideration and AWI's estimate that allowed unsecured claims (other than convenience claims) will total approximately $1.7 billion, AWI estimates that holders of allowed unsecured claims (other than convenience claims) will receive a recovery having a value equal to approximately 66.5% of their allowed claims. AWI's estimates of value and potential recoveries are based upon a number of assumptions, which are set forth more fully in the proposed Disclosure Statement.

Armstrong World Industries, Inc., a subsidiary of Armstrong Holdings, Inc., is a global leader in the design and manufacture of floors, ceilings and cabinets. In 2001, Armstrong's net sales totaled more than $3 billion. Founded in 1860, Armstrong has approximately 16,000 employees worldwide.

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