Armstrong Flooring Announces Results of Chapter 11 Auction for Chinese and Australian Businesses

Armstrong Flooring announced the result of its Chapter 11 auction for its Chinese and Australian businesses. 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. The Chinese and Australian businesses will continue to operate as usual pending consummation of the respective sales. 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.