Armstrong Flooring wants to recover $84,000 from the sale of equipment from its technology center that was not recovered in the $107 million bankruptcy sale of its North American assets. The company said in court papers this week that it intends to sell equipment from the company’s Freedom Road Technology Center in Lampeter Township to Lancaster-based Armstrong World Industries and the Maryland manufacturer. . Objections to the device sale can be filed in Delaware bankruptcy court until Monday. Armstrong World Industries spun off its legendary flooring business in 2016.
Armstrong Flooring sells a pilot plant to evaluate new UV coatings for flooring. According to former tech center employees, the equipment was used to process 18- to 20-inch-wide material before being expanded to a 12-foot-wide production facility. It can also be used to perform small hand samples. According to court documents, if no objections are received by Monday, Armstrong World Industries will pay him $32,000 for 10 items including a nitrogen generator, a large mourning furnace, an Aetek curing unit, and a cooling tunnel.
Miltec UV of Stevensville, Md. wants to pay $52,000 for his line of Leistritz conveyors, complete with cooling, material handling, and all accessories and parts for conveying. Armstrong Flooring has received more than 2,900 claims since declaring bankruptcy in May. The company owes $317.8 million to creditors, including $160 million to pre-bankruptcy lenders Pathlight Capital and Bank of America, plus an additional $160 million to the same bankruptcy lenders. included $24 million of These loans are secured by the property sold, so the lender makes the payments first.
Armstrong Flooring had leased a design center and headquarters and a pilot R&D center in the East Lampeter community from High Properties Inc. It was once home to the company’s new product development, innovation, and engineering team of approximately 60 employees. Meanwhile, as part of Armstrong Flooring’s bankruptcy settlement, the company said in court filings that several remaining employees will move out of its headquarters in late August and sell furniture and other items to High Properties. and disposed of rent.
The China business was sold to Zhejiang GIMIG Technology Co. Ltd., also known as the Giant Group, for $59 million in cash. Armstrong Flooring said he valued the entire sale at $203 million.
Armstrong Flooring told the Securities and Exchange Commission that its general counsel, Christopher Parisi, left the company on August 31. This leaves him as CEO with Michel Vermette as the remaining executive. In July, Armstrong Flooring gave a consortium of buyers consisting of West Hempfield Township-based AHF Products and Boston-based Gordon Bros. sold for dollars. Armstrong Flooring’s Australian business was sold to Cowes Bay Group for $31 million in cash and the assumption of certain liabilities.
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