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.