Timeline: See Important Dates for Armstrong Flooring | Work

An important date in the history of Armstrong Flooring, Inc., a spin-off from Armstrong World Industries, is until this week, when bankruptcy hearings were expected to reveal information about the company’s future.

December 2000: Armstrong World Industries, based in Lancaster, went bankrupt due to a surge in high-priced asbestos personal injury proceedings filed against the company. We are also using bankruptcy to rebuild our flooring business.

August 2006: Armstrong World Industries ends Bankruptcy after getting court approval For plans to deal with asbestos-related proceedings. This substance can cause fatal lung disease, including cancer.

April 2014: Armstrong World Industries Start to expand A manufacturing plant in Lancaster County on Dillerville Road manufactures premium vinyl tiles.

April 2016: Armstrong World Industries Spin off the flooring A business with annual sales of $ 1.2 billion. The new listed company will be Lancaster-based Armstrong Flooring with the New York Stock Exchange symbol AFI. There are seven manufacturing facilities in three countries. Two factories are located in Pennsylvania, one in Lancaster and one in Beech Creek Township, Clinton County. There are plants in Illinois, Mississippi, Oklahoma, and one in China and one in Australia.

December 2018: American Industrial Partners has acquired the hardwood floor division from Armstrong Flooring for $ 100 million.

May 2019: Armstrong Flooring President and Chief Executive Officer Donald R. Meyer resigns.

Michelle Bermet

July 2019: Arm strong flooring Lock out 180 Diller Building Road Stagnation of union members over contract negotiations.

Armstrong Worker 3.jpg

This August 7 photo shows Armstrong Flooring workers standing on South Queen Street, protesting lockouts, and people from the advocacy group Lancaster Standup supporting them.

November 2019: Armstrong flooring has been sued by shareholders for fraud. The proceedings were settled in December 2020, with payments of $ 3.75 million, and Armstrong Flooring denied the allegations.

Armstrong Flooring Southgate, CA, Factory

This dateless photo shows the Armstrong Flooring factory in Southgate, California, near Los Angeles.

December 2020: Arm strong flooring Revealed to close flooring factory Idling 58 people in the first quarter near Los Angeles.

April 1, 2021: The company has relocated its headquarters and technical center from its rental office on Columbia Avenue to Greenfield, East Lampeter Township. Shift expected to reduce rent by more than 60%..

Arm strong flooring 2

This rendering represents the Connection Plaza at Armstrong Flooring’s future headquarters (formerly Greenfield Corporate Center) on Hempstead Road, Greenfield.

February 1, 2021: Armstrong flooring instead of closing factories in the Los Angeles area I agree to sell it For about $ 77 million to California industrial developer Overton Moore Properties.

December 1, 2021: Armstrong Flooring announces it has Investment Bank Houlihan Lokey Capital Inc. To support the company’s sale process and consider other strategic options. The company also secured a $ 35 million loan to pursue “operational and strategic goals.” This announcement follows the fourth consecutive year of losses. When the pandemic stopped production, the company had just begun efforts to rebrand and reorganize. The company will eventually blame inflation, logistical problems, and its tense fiscal closure.

March 2022: Armstrong had five signs of interest and two non-binding intents, each showing an interest in acquiring a particular asset of the company. The expressions I was interested in never panned out.

April 21: Most bidders in the business suddenly end negotiations, and executives and consultants focus on other interested buyers.

May 2: Armstrong Flooring Tells Investors It Probably file Chapter 11 For Bankruptcy.

May 8: Armstrong Flooring filed for Chapter 11 Bankruptcy and revealed total debt of $ 317.8 million and long-term secured debt of $ 160.5 million. The company reports that it has lost at least 100 employees in key sectors since March 1 in its bankruptcy filing.

May 20: Armstrong Flooring is assigned 606 people in Lancaster County, 215 employees at the Dillerville Road and Loop Road facilities, and 391 people, so if the company can’t find a buyer, all over the United States. Notify workers in the face of permanent dismissal. Alternatively, report to Hempstead Road’s Greenfield Headquarters.

June 7: The judge accepts Armstrong Flooring’s $ 24 million funding plan to continue operations until sale. With this order, lenders will have Pathlight Capital and Bank of America NA prioritized over other creditors. The company is already in debt to more than $ 160 million in lenders, secured by the company’s facilities and real estate. The loan expires on July 7th.

Monday: At least two bidders have participated in the company’s auction.

Wednesday: Armstrong announced that it will continue negotiations with stakeholders from Tuesday to July 7, as it is not satisfied with the bid for North American assets, including the Lancaster facility with 606 local jobs. I’m running out of money. The bankruptcy judge must approve the sale before the transaction is closed.

Timeline: See Important Dates for Armstrong Flooring | Work

Source link Timeline: See Important Dates for Armstrong Flooring | Work

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