Annuncio • Jul 26
Gordon Brothers Asset Advisors, LLC and AHF, LLC completed the acquisition of Substantially all of North American Assets from Armstrong Flooring, Inc. (OTCPK:AFII.Q). Gordon Brothers Asset Advisors, LLC and AHF, LLC entered into a binding asset purchase agreement to acquire Substantially all of North American Assets from Armstrong Flooring, Inc. (OTCPK:AFII.Q) for approximately $110 million on July 10, 2022. Definitive agreements will be signed for these assets. The consideration includes $107 million in cash and assumption of specified assumed liabilities. Armstrong Flooring will continue to operate as usual in all North American geographies and remains committed to its customers and other stakeholders. The proposed transactions are subject to Bankruptcy Court approval, as well as regulatory approvals and customary closing conditions. As of July 13, 2022, AHF Products received bankruptcy court approval for the acquisition. The transaction is expected to close on or before July 22, 2022. As of July 13, 2022, AHF Products received bankruptcy court approval for the acquisition.
Steven J. Daniels and Ron E. Meisler of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Armstrong. W. Austin Jowers and Justin King of King & Spalding LLP acted as legal advisor to AHF LLC. Steven J. Reisman and Cindi M. Giglio of Katten Muchin Rosenman LLP acted as legal advisor to Gordon Brothers. Houlihan Lokey Capital, Inc. acted as advisors for sellers.
Gordon Brothers Asset Advisors, LLC and AHF, LLC completed the acquisition of Substantially all of North American Assets from Armstrong Flooring, Inc. (OTCPK:AFII.Q) on July 25, 2022. Annuncio • Jun 09
Final DIP Financing Approved for Armstrong Flooring, Inc. The US Bankruptcy Court gave an order to Armstrong Flooring, Inc. to obtain DIP financing on final basis on June 7, 2022. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $90 million from Bank of America, N.A., JP Morgan Chase Bank, N.A., Truist Bank, HSBC Bank USA, N.A. and Manufacturers and Traders Trust with Bank of America N.A. acting as administrative agent; and DIP term loan in the amount of $37.33 million from Pathlight Capital Fund I L.P with Pathlight Capital LP acting as administrative agent. The DIP revolving loan would carry an interest rate of Base Rate plus 7% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the revolving loan carries a commitment fee of 0.5% p.a. The DIP facilities would mature either on June 22, 2022, provided that such date may be extended to July 7, 2022 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.50 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Annuncio • Jun 02
Bidding Procedure Approved for Armstrong Flooring, Inc. The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of the certain or all assets of Armstrong Flooring, Inc. on May 31, 2022. To qualify as a qualified bidder, interested parties should submit their bids for North American assets by June 14, 2022 and Australian or Chinese assets by June 23, 2022. If the debtor receives any qualified bids then it would hold an auction for the North American assets on June 16, 2022 and for Australian or Chinese assets on June 27, 2022. The initial overbid after the respective starting bid must be made in an amount equal to or greater than the sum of the amount of the respective starting bid plus the amount of any bid protections granted plus $1 million. At the auction, the subsequent bids would be in increments of $1 million. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement of not more than 3% of purchase price in case of termination of the asset purchase agreement. The North American assets sale hearing is scheduled for June 22, 2022, and Australian or Chinese assets sale hearing is scheduled for June 29, 2022. Annuncio • May 21
NYSE to Suspend Trading in Armstrong Flooring The New York Stock Exchange LLC (“NYSE” or “Exchange”) announced that the staff of NYSE Regulation has now determined to immediately suspend trading in the common stock of Armstrong Flooring, Inc. (the “Company”) — ticker symbol AFI — from the NYSE. On May 9, 2022, the NYSE announced that it was commencing proceedings to delist the Company. The Company had the right to request a review of this determination by a Committee of the Board of Directors of the Exchange until May 23, 2022. On May 20, 2022, the Company confirmed that it will not exercise that right. Accordingly, the NYSE will now suspend trading in the common stock and will file a delisting application with the Securities and Exchange Commission. Annuncio • May 09
Armstrong Flooring, Inc. Filed for Bankruptcy Armstrong Flooring, Inc., along with its three affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on May 8, 2022. The debtor listed both its assets and liabilities in the range of $100 million to $500 million. The debtor is represented by Joseph O. Larkin of Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel. Groom Law Group has been appointed as benefits counsel, Friedman Kaplan Seiler & Adelman LLP has been appointed as conflicts counsel, Chipman Brown Cicero & Cole, LLP has been appointed as efficiency counsel, Riveron Consulting, LP and Houlihan Lokey have been hired as financial advisor to the debtor. The debtor also hired Epiq Bankruptcy Solutions, LLC as claims and noticing agent. Annuncio • May 03
Armstrong Flooring Contemplates Bankruptcy Armstrong Flooring is contemplating filing for bankruptcy, as of May 2, 2022. Company said that it is failed to find a buyer for the East Lampeter Township-headquartered company. There are interested buyers but unable to complete a deal and it now has a May 8, 2022, deadline. Company further stated that no definitive decision has been made and no action has been approved by its board of directors but based on the discussions with company’s lenders and the liquidity needs of the company, it is likely that the company will seek bankruptcy protection under Chapter 11 and will seek to implement one or more such transactions through a competitive sale process in bankruptcy. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. President, CEO & Director Michel Vermette was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$2.41 loss per share (up from US$2.88 loss in FY 2020). Revenue: US$649.9m (up 11% from FY 2020). Net loss: US$53.0m (loss narrowed 16% from FY 2020). Revenue exceeded analyst estimates by 4.6%. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 51% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 06
Third quarter 2021 earnings released: US$1.34 loss per share (vs US$0.53 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$168.5m (up 7.6% from 3Q 2020). Net loss: US$29.7m (loss widened 154% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jul 22
Second quarter 2021 earnings released: US$0.89 loss per share (vs US$0.29 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$168.1m (up 16% from 2Q 2020). Net loss: US$19.5m (loss widened 210% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • May 09
Senior VP & CFO recently bought €138k worth of stock On the 7th of May, Amy Trojanowski bought around 30k shares on-market at roughly €4.59 per share. This was the largest purchase by an insider in the last 3 months. This was Amy's only on-market trade for the last 12 months. Annuncio • Mar 31
Bernstein Liebhard LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of Armstrong Flooring, Inc Western Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of Armstrong Flooring, Inc. pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Central District of California, that the Court-appointed Lead Plaintiff, on behalf of himself and all members of the proposed Settlement Class, and Defendant Armstrong Flooring have reached a proposed settlement of the claims in the above-captioned class action (the "Action") in the amount of $3,750,000 (the "Settlement"). A hearing will be held before the Honorable Christina A. Snyder, on July 19, 2021, at 10:00 a.m., in United States District Court for the Central District of California, First Street U.S. Courthouse, 350 W. 1st Street, Courtroom 8D, 8th Floor, Los Angeles, CA 90012 (the "Settlement Hearing") to, among other things, determine whether the Court should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated January 15, 2021; (iii) approve the proposed Plan of Allocation for distribution of the settlement funds available for distribution to Settlement Class Members (the "Net Settlement Fund"); and (iv) approve Lead Counsel's Fee and Expense Application. The Court may change the date of the Settlement Hearing, or hold it telephonically, without providing another notice. Is New 90 Day High Low • Mar 04
New 90-day high: €4.56 The company is up 54% from its price of €2.96 on 03 December 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 16% over the same period. Reported Earnings • Feb 19
Full year 2020 earnings released: US$2.90 loss per share (vs US$2.86 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$584.8m (down 6.6% from FY 2019). Net loss: US$63.6m (loss narrowed 7.7% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 63% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 09
New 90-day high: €4.04 The company is up 66% from its price of €2.44 on 10 November 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 15% over the same period. Annuncio • Feb 04
Armstrong Flooring, Inc. to Report Q4, 2020 Results on Feb 17, 2021 Armstrong Flooring, Inc. announced that they will report Q4, 2020 results Pre-Market on Feb 17, 2021 Is New 90 Day High Low • Nov 05
New 90-day low: €2.36 The company is down 4.0% from its price of €2.46 on 06 August 2020. The German market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 8.0% over the same period. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total losses of US$59.1m, with losses widening by 5.5% from the prior year. Total revenue was US$582.2m over the last 12 months, down 8.8% from the prior year. Is New 90 Day High Low • Oct 16
New 90-day high: €3.70 The company is up 25% from its price of €2.96 on 17 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 7.0% over the same period. Annuncio • Oct 13
Armstrong Flooring, Inc. to Report Q3, 2020 Results on Oct 21, 2020 Armstrong Flooring, Inc. announced that they will report Q3, 2020 results at 9:00 AM, Eastern Standard Time on Oct 21, 2020 Annuncio • Sep 21
Armstrong Flooring, Inc.(NYSE:AFI) dropped from S&P Global BMI Index Armstrong Flooring, Inc.(NYSE:AFI) dropped from S&P Global BMI Index Is New 90 Day High Low • Sep 19
New 90-day high: €3.66 The company is up 27% from its price of €2.88 on 19 June 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 9.0% over the same period. Annuncio • Jul 17
Armstrong Flooring, Inc. to Report Q2, 2020 Results on Jul 22, 2020 Armstrong Flooring, Inc. announced that they will report Q2, 2020 results at 9:00 AM, Eastern Standard Time on Jul 22, 2020 Annuncio • Jul 02
Armstrong Flooring, Inc.(NYSE:AFI) dropped from Russell 2000 Index Armstrong Flooring, Inc.(NYSE:AFI) dropped from Russell 2000 Index 