Armstrong World Industries to amend plan to cut parent company warrants; confirmation hearing May 23

By Caroline Salls

Pittsburgh, Feb. 6 - Armstrong World Industries, Inc. will file a modified plan of reorganization by Feb. 21, with a plan confirmation hearing scheduled for May 23, according to a company news release.

According to the release, the modified plan will eliminate the distribution of warrants to shareholders of AWI's parent company, Armstrong Holdings, Inc., in line with the recent decision by the Third Circuit Court of Appeals upholding a U.S. District Court's ruling that the issuance of the warrants violated the absolute priority rule of the bankruptcy code.

Armstrong, a Lancaster, Pa.-based flooring company, filed for bankruptcy on Dec. 6, 2000 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 00-04471.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.