Armstrong Flooring Receives Approval for Additional Financing
18 5월 2022 - 8:53AM
Armstrong Flooring, Inc. (the “Company”) today announced that it
has received approval from the U.S. Bankruptcy Court for the
District of Delaware to access its consensual debtor-in-possession
("DIP") financing totaling $24 million in net new money. This
financing will provide the Company with the necessary liquidity to
continue operating in the ordinary course as it pursues a swift,
value-maximizing sale process.
The DIP financing consists of an asset-based
revolving credit facility and a term loan facility (together, the
“DIP Facilities”). The DIP Facilities are being provided by the
Company’s pre-petition lenders, which include Bank of America, N.A.
("BANA"), other institutional lenders and affiliates of Pathlight
Capital LP ("Pathlight"). BANA and Pathlight, respectively, will
act as administrative agent and collateral agent under the DIP
Facilities.
At yesterday’s hearing, the Company also received
approval of its Critical Vendor Motion, which authorizes the
Company to use $9 million of the $14 million requested. The
remaining $5 million will be up for approval by the Bankruptcy
Court on June 3, 2022. The $14 million of Critical Vendor funds are
available for the payment of certain pre-petition claims of vendors
and service providers whose goods and services are truly critical
to its operations and who generally do not have existing contracts
to supply.
These approvals come after a prior hearing where
the Company received approval for other customary relief to support
ordinary-course operations, including continuing employee wages and
certain benefit programs, paying certain pre-petition claims of
shippers and warehousemen, and honoring customer programs in the
ordinary course of business.
The Company continues to work closely with several
interested bidders for some or all of its assets and is operating
its business as usual throughout the sale process.
For more information about Armstrong Flooring’s
Chapter 11 case, please visit
http://dm.epiq11.com/ArmstrongFlooring, email
ArmstrongFlooringInfo@epiqglobal.com or call (888) 905-0459
for U.S. calls or +1 (503) 597-5611 for international calls.
About Armstrong Flooring
Armstrong Flooring, Inc. (NYSE: AFI) 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 www.armstrongflooring.com.
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. Those statements 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: |
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Media:
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Investors: |
Rachel Chesley / Diana
Baldo |
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Amy Trojanowski |
ArmstrongFlooring@fticonsulting.com |
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ir@armstrongflooring.com |
Armstrong Flooring (NYSE:AFI)
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