Armstrong Identifies Asbestos Liabilities as Weak Link, Files for Reorganization




WILMINGTON, Del. - With its asbestos liabilities growing exponentially, Armstrong World Industries, a major subsidiary of Armstrong Holdings, has filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code. In the Matter of Armstrong World Industries, No. 00-004471 (D. Del. Bankr.).

The company's announcement may have come as no surprise to financial analysts after Owens Corning made a similar maneuver only two months earlier, dragging down the stock values of other companies entangled in asbestos litigation.

Armstrong suffered a tumultuous ride after Owens Corning's Oct. 5 Chapter 11 filing, which caused Armstrong's major bank creditors to pull …






UPCOMING CONFERENCES




HarrisMartin's Webinar Series: Video Game Addiction Product Liability Litigation

March 29, 2024

MORE DETAILS



HarrisMartin's MDL Conference: Video Game Addiction and the Latest Mass Tort Updates

May 29, 2024

MORE DETAILS