Auction Schedule of Armstrong Assets Approved by Judge

Lancaster, PA, May 27, 2022-A judge has approved the auction of Armstrong’s assets by the end of next month, reports Law360.

In addition, Lancaster Online reports that, “Bids are due by June 14 and a sale auction is set for June 16, with the option to postpone sale of Chinese and Australian assets no later than June 28. The deadline to enter into and file a successful bidder purchase agreement with the successful bidder is June 17.

“Armstrong Flooring’s turnaround consultant, investment bank Houlihan Lokey, said as of Wednesday it had 100 interested parties that have explored or are actively exploring participation in the sale process and it has entered into 69 non-disclosure agreements with such parties.

“Houlihan Lokey said in a court filing it has also received four new proposals with respect to various assets, including a competing bid for certain of the North American and Australian assets, a bid for both the Chinese and Australian operations on a going-concern basis, a bid for a North American manufacturing facility on a going-concern basis, and another bid for the purchase the Australian operations on a going-concern basis.”