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Lancaster, PA announced that it has entered into a binding purchase agreement with AHF, LLC and Gordon Brothers, a buyers’ association, and that all buyers will acquire all of Armstrong Floring Inc.’s North American assets in cash and valued at $ 107 million. Defined debts. This binding purchase agreement was the culmination of the company’s Chapter 11 bidding process for North American assets.
The company’s bid for Chinese and Australian businesses has not yet been officially announced but we expect to complete it soon. The company has accepted mandatory bids for every Chinese business and Australian business and will sign the right purchase agreements for these transactions as soon as the bids are closed. Chinese and Australian businesses will continue to operate as usual and operations will remain unaffected in Chapter 11.
The AHF and Gordon brothers’ alliances greatly dominate North America. AHF plans to continue building the Lancaster, Kancake and Beach Creek areas, and the company will follow up on July 15, 2022, with the systematic demolition of the Jackson and Steele areas. The sale of the North American property is nearing completion and is scheduled for July. A.D. 22, 2022, Armstrong Floor will continue to operate as usual in all North American geographies and will remain committed to its customers and other stakeholders.
The planned transactions began as a result of a court-controlled bid on June 27, 2022, during which time the bid from AHF and the Gordon Brothers Consortium was the only binding bid for all North American properties. The planned transactions are subject to bankruptcy court approval, as well as regulatory approvals and common closing conditions.
“In all that we do, we are working hard to deliver efficient and cost-effective business sales for the benefit of our stakeholders. In accordance with our agreement with AHF and Gordon Brothers and our agreement with Chinese and North American business buyers, Armstrong Floring is taking steps to achieve that goal.” And CEO Michelle Vermet said. “We hoped to identify buyers for the entire business and avoid any closure of our facilities; however, based on our options, we believe this is the best way for our business. This reflects the support of ABL lenders, lenders and other key stakeholders and has been approved by the Board of Directors.” Although we cannot speak on behalf of the buyers, we encourage our people to understand the potential of the company in the markets we serve and to understand the role of the business.
The proposed North American sale will be heard in the U.S. Bankruptcy Court on July 12, 2022, and will be heard on time if the bid is closed on time for Chinese and Australian businesses.
Armstrong Floring is working with DIP lenders to keep the business afloat, with buyers completing all the details and closing sales transactions.
About Armstrong floor
Armstrong Flooring, Inc. He is a global leader in designing and manufacturing innovative flooring solutions that inspire beauty wherever your life takes place. Headquartered, Armstrong Floring, Lancaster, Pennsylvania, builds on its strong 150-year legacy with a mission to create a stronger future for customers through traditional and innovative solutions. The company is working to provide the highest level of service, quality and innovation by operating seven manufacturing facilities globally, reliably and responsibly, making it as strong and important as its 150-year heritage. Learn more at www.armstrongflooring.com.
Looking ahead and warning statements
The statements in this release and in our other public documents and comments contain forward-looking statements in the interpretation of the 1995 Privacy Disclosure Amendment Act, which provides forecasts or forecasts, including unrestricted, planned sale of property and the administration of justice. And we can use words like “guess”, “guess”, “expect”, “project”, “planned”, “plan”, “believe”, “perspective”, “target”, “predict”. “Can,” “Allows,” “Can,” “Can,” “Search,” and other similar meaningful words or phrases to discuss future work or financial performance. As a result, our actual results may differ from our expected results and the material described in our forthcoming statements. We do not have the obligation to update future statements as required by applicable law.
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