- THE MAGAZINE
Armstrong said on Friday its board has approved the plan of reorganization for its main operating unit Armstrong World Industries, which filed for bankruptcy while it sought to resolve its liability for claims that the asbestos used in its floor tiles made people sick.
Under the plan, existing common stock of Armstrong World Industries would be canceled. The NYSE said it has determined that Armstrong Holdings common stock and its 9.75 percent debentures due April 15, 2008 and Armstrong World Industries 7.45 percent senior quarterly interest bonds due Oct. 15, 2038 should be suspended immediately.
An application to the Securities and Exchange Commission to delist the issues from the NYSE is pending, the NYSE said.