Armstrong Flooring Receives Approval for Additional Financing
Armstrong Flooring, Inc., 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.