Armstrong emerges from bankruptcy; sets up trust, reorganizes board of directors

In what the flooring maker heralded as "an exciting day," Armstrong World Industries announced it has emerged from bankruptcy. The company's fourth and final plan of organization, confirmed by the U.S. District Court in August and effective today, marks the end of nearly six years under Chapter 11 protection as the result of asbestos-related litigation. The plan calls for Armstrong to create a trust to compensate both current and future asbestos-related claimants, as well as a reorganization of the company's board of directors.