Armstrong Flooring states it truly is very likely to file for bankruptcy | Area News

Armstrong Flooring Inc. instructed buyers this early morning it is probably to file for personal bankruptcy immediately after it unsuccessful to come across a consumer for the East Lampeter Township-headquartered organization. 

Armstrong Flooring faced a deadline today to enter into a definitive binding acquire agreement, merger agreement or other equivalent agreement.

Armstrong employs about 500 regionally.  

The organization stated there are interested consumers but it was not equipped to total a deal. It now has a Might 8 deadline. 

Armstrong Flooring claimed “at this time it seems not likely that any of the get-togethers expressing curiosity in a transaction with the Company would be in a place to sign a definitive binding order agreement, merger agreement or other identical settlement on or just before the Extended Definitive Settlement Milestone.”

It is not clear no matter whether loan providers would concur to even more extensions, Armstrong Flooring reported in its submitting with the Securities and Trade Commission. 

Armstrong mentioned no definitive final decision has been produced and no study course of motion has been permitted by its board of administrators but dependent on the on the point out of discussions with the company’s creditors and the liquidity requirements of the enterprise, it is possible that the company will seek bankruptcy protection beneath Chapter 11 and will request to employ one particular or more this sort of transactions as a result of a aggressive sale approach in personal bankruptcy.

The federal Stability and Trade Fee briefly halted buying and selling on Armstrong Flooring inventory at 8 a.m.