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Armstrong Flooring sold at auction following bankruptcy
The Australian subsidiary of a US entity, Armstrong Flooring, Inc, has been acquired by a private investor after being the subject of a bankruptcy case in the US courts.
Lauren Croft
Firm: Piper Alderman (Cowes Bay Group)
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Deal: Piper Alderman has advised the Cowes Bay Group generally on the acquisition of substantially all the business and assets of Armstrong Flooring Pty Ltd, a manufacturer and distributor of resilient flooring products in Australia and New Zealand, as part of a court-supervised auction and Chapter 11 bankruptcy proceeding relating to Armstrong Flooring Pty Ltd’s US parent.
Value: Undisclosed
Area: Merger and acquisition
Key players: The Piper Alderman deal team (in collaboration with Vinson & Elkins LLP), was led by principal Bruce Cameron, with support from partner Carlyna Chhen, principal Chris Hartigan, senior associate Jack Bourke and associate Andrew Cutler.
Deal significance: Armstrong Flooring Pty Ltd is the wholly owned Australian subsidiary of a US entity, Armstrong Flooring, Inc, which is the subject of a Chapter 11 proceeding in the United States Bankruptcy Court for the District of Delaware.
A court-supervised auction was commenced for the sale of Armstrong Flooring, Inc and its assets, including the business and assets of Armstrong Flooring Pty Ltd.
With the assistance of Piper Alderman, the Cowes Bay Group participated in the auction process, and was the successful bidder, for the business and assets of Armstrong Flooring Pty Ltd.
