Armstrong World Industries Inc. has received approval of its Disclosure Statement in its Chapter 11 reorganization case from the U.S. Bankruptcy Court in Wilmington, Del. Judge Randall J. Newsome determined the Disclosure Statement contains adequate information to enable holders of claims against Armstrong to make an informed judgment to accept or reject its Plan of Reorganization.
Judge Newsome also approved Armstrong’s solicitation procedures and will set a date by which the plan, disclosure statement and ballots for voting will be distributed and the deadline for ballots to be returned. The plan is supported by the asbestos personal injury claimants’ committee, the representative for future asbestos personal injury claimants and the unsecured creditors’ committee.
Following the solicitation of votes, the court will conduct a hearing to consider confirmation of Armstrong’s plan. It is anticipated that such hearing will be in mid-November 2003. If the plan is confirmed, Armstrong expects that it will be implemented shortly thereafter.
Armstrong’s Disclosure Statement, Plan of Reorganization, Solicitation Procedures and related press releases are available on the Internet at www.armstrongplan.com.