Gordon Brothers, the global advisory, restructuring and investment firm, completed the purchase of a substantial portion of Armstrong Flooring’s assets.
Armstrong Flooring received approval from the U.S. Bankruptcy Court for the District of Delaware to access its consensual debtor-in-possession (DIP) financing totaling $24 million in net new money.
Armstrong Flooring, a designer and manufacturer of flooring solutions, filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
Armstrong Flooring amended its asset-based lending credit facility and term loan facility. In conjunction with the term loan amendment, Pathlight Capital, Armstrong Flooring’s current term loan lender, provided the company an additional $35 million aggregate principal amount of term loans.
Bank of America acted as sole lead arranger on an amendment to a senior secured asset-based revolving credit facility while Pathlight Capital acted as sole lead arranger for a new $70 million term loan for Armstrong Flooring.