Breaking News

Armstrong Files Proposed Disclosure Statement for Chapter 11 Plan of Reorganization

December 20, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
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.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2013 Experience Convention & Trade Show

A look back in photos at the 2013 Experience Convention & Trade Show in Las Vegas.

THE MAGAZINE

ICS Cleaning Specialist Magazine

cover_image

2014 April

Take a look at the April 2014 issue with features on air movers, going green, carpet cleaning and new products & technologies.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo