Armstrong reduces amount of its debtor-in-possession credit facility
"As we move through the reorganization process, we are becoming increasingly confident of our ability to fund our businesses with cash generated from operations -- particularly in light of the fact that, company-wide, we had built up cash on hand from our operations in excess of $150 million as of April 30,” said Leonard Campanaro, Armstrong's senior vice president and CFO. “We have not needed to use the credit facility in the first six months of our Chapter 11 case, which is the period when we expected we might have the greatest potential need.”
Campanaro noted that the company has yet to borrow against the facility, nor does it anticipate it will do so in the future. “We concluded that a $200 million facility is more than sufficient to meet our foreseeable liquidity needs," he added.