Long-Bankrupt Congoleum Renews Ch. 11 Proposal

Law360, New York (October 23, 2009, 5:14 PM EDT) -- On the heels of insurers’ failed attempt to appeal a ruling reinstating the case, bankrupt flooring company Congoleum Corp. has submitted a revised reorganization proposal, with the support of bondholders and asbestos claimants, in its latest attempt to emerge from Chapter 11 protection.

The company submitted its joint plan, which was negotiated with the official committee of bondholders and official committee of asbestos claimants, and a disclosure statement on Thursday in the U.S. Bankruptcy Court for the District of New Jersey.

The new plan comes just...
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