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Armstrong DLW AGPress Release Customers Vendors/Suppliers Employees
On May 30, 2003, Armstrong World Industries, Inc. received approval of its Disclosure Statement in the Chapter 11 reorganization
case from the U.S. Bankruptcy Court in Wilmington, Delaware. Armstrong will soon begin printing and mailing to creditors the Disclosure Statement, the Plan of Reorganization and ballots
for voting. Following the solicitation of votes, the Court will hold a hearing to consider confirmation of Armstrong’s Plan.
It is anticipated that such hearing will be in mid-November, 2003. If the Plan is confirmed, Armstrong expects that the Plan
will be implemented shortly thereafter. The Plan is supported by the asbestos personal injury claimants’ committee, the representative for future asbestos personal
injury claimants and the unsecured creditors’ committee. Armstrong’s Disclosure Statement, Plan of Reorganization, Solicitation
Procedures and related press releases are available at www.armstrongplan.com. In the Disclosure Statement you will find that AWI estimates that each holder of an allowed unsecured claim will receive a
combination of new common stock, available cash and new notes having a value of approximately 59.5% of the amount of such
allowed unsecured claims. Thank you for your continued support. For more information, consult the press release by clicking on “Chapter 11 Communications”
at left. Post-petition, we have conducted business as usual. The transition out of Chapter 11 should have no effect on our continuing
relationships. Final decisions about accepting or rejecting executory contracts remain under consideration. The Chapter 11 case began on December 6, 2000, when Armstrong World Industries, Inc. filed for voluntary protection under
Chapter 11 of the U.S. Bankruptcy Code in order to settle claims arising from U.S. asbestos litigation. Armstrong DLW AG
and its subsidiaries were not affected by this filing, as each is a separate corporate entity. |
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