Armstrong gets final approval of Debtor-In-Possession credit facility

LANCASTER, Pa. -- Armstrong World Industries Inc., the chief operating division of Armstrong Holdings Inc. which filed for Chapter 11 reorganization in early December, said that it received final approval from the bankruptcy court of its debtor-in-possession credit facility with Chase Manhattan Bank in the amount of $300 million. Armstrong reduced the original amount of the facility from $400 million.

"After analyzing our financial condition --including the fact that the Company has cash on hand in excess of $100 million as of Jan. 31, 2001 -- we concluded that a $300 million facility was more than sufficient to address all of the company's liquidity needs," said E. Follin Smith, Armstrong's senior vice president and chief financial officer.