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Armstrong Flooring (OTC: AFIIQ) has concluded a court-supervised auction as part of its Chapter 11 restructuring. The winning bids include $59 million from Giant Group for its Hong Kong operations and $31 million from Cowes Bay for Australian assets, both deals subject to Bankruptcy Court approval. Previously, a consortium offered $107 million for North American assets. Proceeds from DIP financing will allow ongoing operations during the transaction finalization. The company remains committed to its legacy in innovative flooring solutions.
Armstrong Flooring (OTC: AFIIQ) announced a binding Asset Purchase Agreement with AHF, LLC and Gordon Brothers to acquire its North American assets for $107 million. This sale follows the Company's Chapter 11 auction process. While the North American sale is expected to close on July 22, 2022, the Company is also negotiating sales for its Chinese and Australian operations. The transactions, which are subject to Bankruptcy Court approval, indicate a strategic move to stabilize operations amidst restructuring efforts.
Armstrong Flooring, Inc. (OTC: AFIIQ) has signed a binding Asset Purchase Agreement with AHF, LLC and Gordon Brothers to sell its North American assets for $107 million. This marks a key step in the company's Chapter 11 auction process. While the auctions for its Chinese and Australian businesses continue, the North American sale is expected to be finalized by July 22, 2022, pending Bankruptcy Court approval. Armstrong Flooring aims to ensure smooth operations during this transition, although some closures are planned for the Jackson and Stillwater locations.
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