Armstrong World's updated financial information reduces creditor distribution

By Carlise Newman

Chicago, May 2 - Armstrong World Industries Inc. plans to file updated projected financial information with the Securities and Exchange Commission which will disclose that creditors' recoveries in its reorganization plan will be reduced.

Armstrong is updating the projected information it had filed with the initial disclosure statement on Dec. 20, 2002 due to developments within its business since then.

Based on the new information, the estimated range of reorganization value of the company would be reduced "to a degree that would not be immaterial," and the expected recoveries and distributions for creditors would be reduced, according to an SEC filing.

Armstrong will file a revised Exhibit C with the court to replace the outdated information.

The company's disclosure statement and plan were approved by the court Friday, pending the filing of updated information.

The disclosure statement will be circulated to creditors to solicit votes of approval. It will also be sent to non-voting shareholders.

Lancaster, Pa.-based Armstrong World Industries is a flooring manufacturer.

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