Armstrong Reorganization Plan Fails to Address Future Tax Liabilities, U.S. Says

WILMINGTON, Del. - Several groups have objected to a Pennsylvania floor maker's reorganization plan, including one group that is urging the court to wait until the fate of asbestos reform legislation being considered by Congress has been determined. In re: Armstrong World Industries, Inc., et al. No. 00-04471 (U.S. Bankruptcy Ct., Dist. of Del.).

Armstrong World Industries Inc., which allegedly used asbestos material in its flooring materials, proposed a reorganization plan that would create a trust worth $234.5 million in cash and an additional $519.25 million in notes and warrants for $1.34 billion in Armstrong stock. In an objection filed …