Hearing closes in Armstrong bankruptcy case

摘要

After almost six years, Armstrong World Industries may finally emerge from Chapter 11 bankruptcy. In late May, the U.S. District Bankruptcy Court in Philadelphia heard arguments from Armstrong's attorney, Stephen Karotkin, regarding its reorganization plan. The three-day hearing ended with a date set for closing arguments on July 11. U.S. District Judge Eduardo Robreno will then make a final decision on the plan, and if approved, Armstrong will be able to exit from bankruptcy. "Everything's on schedule," Karotkin said. "The only issue that was under objection was whether the distribution between the unsecured creditors and the asbestos creditors was fair." (The asbestos issue was the main reason for the voluntary bankruptcy filing in December 2000.)