Bankruptcy Court Approves Armstrong Land Sale

Lancaster, PA, Feb. 25--Armstrong World Industries' agreement to sell surplus, vacant land to the owner of B&B Yamaha has been approved by a bankruptcy court judge, according to the Lancaster New Era. Judge Judith K. Fitzgerald on Wednesday signed an order authorizing Armstrong to sell the seven acre site in East Hempfield Township to Craig M. Bear for $485,000. Bear intends to build a new facility for his dealership, with a total cost exceeding $1 million. The land adjoins an Armstrong distribution center. The new facility would replace B&B Yamaha's current location. Because Lancaster-based Armstrong is in bankruptcy reorganization, it needs court approval of significant financial transactions such as land sales.