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Armstrong Flooring Announces Results of Chapter 11 Auction for Chinese and Australian Businesses
Armstrong Flooring Announces Results of Chapter 11 Auction for Chinese and Australian Businesses
LANCASTER, Pa., July 11, 2022 (GLOBE NEWSWIRE) -- Armstrong Flooring, Inc. (OTC: AFIIQ), a leader in the design and manufacture of innovative flooring solutions ("Armstrong Flooring" or "the Company"), today announced that, in continuation of its ongoing Chapter 11 restructuring, the auction held as a part of its court-supervised sale process has concluded with the following bids deemed as the highest and best offers:
- Giant Group will acquire the equity interests in the Company's Hong Kong holding company subsidiary, including all associated operations, for $59 million; and
- Cowes Bay will acquire substantially all of the Company's Australian assets for $31 million plus assumption of specified liabilities.
Giant Group and Cowes Bay will operate the Chinese and Australian businesses, respectively. The Chinese and Australian businesses will continue to operate as usual pending consummation of the respective sales.
This announcement comes following the previous disclosure that a consortium of buyers consisting of AHF and Gordon Brothers will acquire Armstrong Flooring's North American assets for $107 million plus assumption of specified liabilities.
The proposed transactions are the outcome of a court-supervised auction that was held on June 27, 2022. Ultimately, the bids from Giant Group and Cowes Bay were deemed the highest and best offers for the international assets. The proposed transactions are subject to Bankruptcy Court approval, as well as regulatory approvals and customary closing conditions. They will be heard at a U.S. Bankruptcy Court hearing currently scheduled for July 12, 2022.
As previously disclosed, the Company continues to work alongside its ABL lenders and they have agreed to allow the Company to use the proceeds of the DIP financing and cash collateral, which will enable Armstrong Flooring to continue operating its business while they finalize all details and close the sale transactions.
About Armstrong Flooring
Armstrong Flooring, Inc. is a global leader in the design and manufacture of innovative flooring solutions that inspire beauty wherever your life happens. Headquartered in Lancaster, Pennsylvania, Armstrong Flooring continually builds on its resilient, 150-year legacy by delivering on its mission to create a stronger future for customers through adaptive and inventive solutions. The company safely and responsibly operates seven manufacturing facilities globally, working to provide the highest levels of service, quality, and innovation to ensure it remains as strong and vital as its 150-year heritage. Learn more at .
Forward Looking and Cautionary Statements
Disclosures in this release and in our other public documents and comments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding proposed sales and judicial approval, provide our future expectations or forecasts and can be identified by our use of words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "outlook," "target," "predict," "may," "will," "would," "could," "should," "seek," and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated, or implied is included in our reports filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law.
Contact:
Media: Rachel Chesley / Diana Baldo ArmstrongFlooring@fticonsulting.com | Investors: Amy Trojanowski ir@armstrongflooring.com |
LANCASTER, Pa., July 11, 2022 (GLOBE NEWSWIRE) -- Armstrong Flooring, Inc. (OTC: AFIIQ), a leader in the design and manufacture of innovative flooring solutions ("Armstrong Flooring" or "the Company"), today announced that, in continuation of its ongoing Chapter 11 restructuring, the auction held as a part of its court-supervised sale process has concluded with the following bids deemed as the highest and best offers:
環球通訊社賓夕法尼亞州蘭開斯特,2022年7月11日電阿姆斯特朗地板公司(場外交易代碼:AFIIQ)是一家設計和製造創新地板解決方案(“阿姆斯特朗地板”或“本公司”)的領先企業,該公司今天宣佈,作為其法院監督銷售過程的一部分,作為其正在進行的第11章重組的繼續進行的拍賣已經結束,以下報價被認為是最高和最好的報價:
- Giant Group will acquire the equity interests in the Company's Hong Kong holding company subsidiary, including all associated operations, for $59 million; and
- Cowes Bay will acquire substantially all of the Company's Australian assets for $31 million plus assumption of specified liabilities.
- 巨人集團將以5,900萬美元收購本公司香港控股公司附屬公司的股權,包括所有相關業務;以及
- 考斯貝公司將以3100萬美元的價格收購該公司在澳大利亞的幾乎所有資產,外加承擔特定的債務。
Giant Group and Cowes Bay will operate the Chinese and Australian businesses, respectively. The Chinese and Australian businesses will continue to operate as usual pending consummation of the respective sales.
巨人集團和考斯灣將分別經營中國和澳大利亞的業務。在完成各自的銷售之前,中國和澳大利亞的業務將繼續照常運營。
This announcement comes following the previous disclosure that a consortium of buyers consisting of AHF and Gordon Brothers will acquire Armstrong Flooring's North American assets for $107 million plus assumption of specified liabilities.
這一聲明是在之前披露由AHF和戈登兄弟公司組成的買家財團將以1.07億美元外加承擔特定債務收購阿姆斯特朗地板公司北美資產之後宣佈的。
The proposed transactions are the outcome of a court-supervised auction that was held on June 27, 2022. Ultimately, the bids from Giant Group and Cowes Bay were deemed the highest and best offers for the international assets. The proposed transactions are subject to Bankruptcy Court approval, as well as regulatory approvals and customary closing conditions. They will be heard at a U.S. Bankruptcy Court hearing currently scheduled for July 12, 2022.
擬議的交易是2022年6月27日在法院監督下舉行的拍賣的結果。最終,巨人集團和考斯灣的出價被認為是對這些國際資產的最高和最好的報價。擬議的交易還有待破產法院的批准,以及監管部門的批准和慣常的成交條件。他們將在目前定於2022年7月12日舉行的美國破產法院聽證會上進行聽證。
As previously disclosed, the Company continues to work alongside its ABL lenders and they have agreed to allow the Company to use the proceeds of the DIP financing and cash collateral, which will enable Armstrong Flooring to continue operating its business while they finalize all details and close the sale transactions.
正如之前披露的那樣,公司繼續與其ABL貸款人合作,他們已同意允許公司使用DIP融資和現金抵押品的收益,這將使阿姆斯特朗地板在他們敲定所有細節並完成銷售交易的同時繼續經營其業務。
About Armstrong Flooring
關於阿姆斯特朗地板
Armstrong Flooring, Inc. is a global leader in the design and manufacture of innovative flooring solutions that inspire beauty wherever your life happens. Headquartered in Lancaster, Pennsylvania, Armstrong Flooring continually builds on its resilient, 150-year legacy by delivering on its mission to create a stronger future for customers through adaptive and inventive solutions. The company safely and responsibly operates seven manufacturing facilities globally, working to provide the highest levels of service, quality, and innovation to ensure it remains as strong and vital as its 150-year heritage. Learn more at .
阿姆斯特朗地板公司是設計和製造創新地板解決方案的全球領先者,無論您的生活發生在哪裏,都能激發美的靈感。總部設在賓夕法尼亞州蘭開斯特市的阿姆斯特朗地板公司繼續發揚其堅韌的150年傳統,通過提供適應性和創造性的解決方案,實現為客户創造更美好未來的使命。該公司安全、負責任地在全球運營着七家制造工廠,致力於提供最高水平的服務、質量和創新,以確保它與其150年的傳統一樣強大和重要。瞭解更多信息,請訪問。
Forward Looking and Cautionary Statements
前瞻性聲明和警告性聲明
Disclosures in this release and in our other public documents and comments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding proposed sales and judicial approval, provide our future expectations or forecasts and can be identified by our use of words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "outlook," "target," "predict," "may," "will," "would," "could," "should," "seek," and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated, or implied is included in our reports filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law.
本新聞稿和我們的其他公開文件和評論中披露的內容包含1995年《私人證券訴訟改革法》所指的前瞻性陳述,包括但不限於關於擬議的銷售和司法批准的陳述,提供我們對未來的期望或預測,並可通過我們使用的詞語來識別,如“預期”、“估計”、“預期”、“項目”、“打算”、“計劃”、“相信”、“展望”、“目標”、“預測”、“可能”、“將“將”、“可能”、“應該”、“尋求”,以及與任何關於未來經營或財務表現的討論有關的其他類似含義的詞語或短語。前瞻性陳述的性質涉及不確定和涉及風險的事項,因為它們與事件有關,並取決於未來可能發生或可能不發生的情況。因此,我們的實際結果可能與我們的預期結果以及我們的前瞻性陳述中表達的結果大不相同。我們在提交給美國證券交易委員會的報告中對可能導致我們的實際結果與預測、預期或暗示的結果大不相同的風險和不確定因素進行了更詳細的討論。前瞻性陳述僅在其發表之日起發表。我們沒有義務更新任何超出適用證券法要求的前瞻性陳述。
Contact:
聯繫方式:
Media: Rachel Chesley / Diana Baldo ArmstrongFlooring@fticonsulting.com |
Investors: Amy Trojanowski ir@armstrongflooring.com |
媒體: 蕾切爾·切斯利/戴安娜·鮑爾多 郵箱:Armstrong Floors@ftiConsulting.com |
投資者: 艾米·特羅揚諾夫斯基 郵箱:ir@armstrong floring.com |
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
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