Closing Arguments on the Proposed Confirmation of Armstrong’s Modified Plan of Reorganization

LANCASTER, PA, July 12, 2006 -- Closing arguments on the proposed confirmation of Armstrong’s Modified Plan of Reorganization were held on Tuesday, July 11, in Philadelphia before Federal District Court Judge Eduardo Robreno. 

These arguments followed a three-day hearing in May (May 23-25) and extensive post-trial briefs filed by the parties in June.

The only contested issue in the confirmation process is whether the Plan’s allocation of value to the current and future asbestos personal injury claimants unfairly discriminates against the general creditors represented by the Unsecured Creditors Committee.

The closing arguments focused on conflicting expert testimony concerning Armstrong’s estimated present and future asbestos liability.

At the completion of the arguments, Judge Robreno took the matter under advisement and stated that he hoped to issue a ruling in Armstrong’s case “promptly.”

Confirmation of the Plan is necessary for Armstrong to emerge from Chapter 11.

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