Judge Shakes Head At Plans In Congoleum Case

Law360, New York (February 2, 2007, 12:00 AM EST) -- Bankrupt Congoleum Corp. is no closer to settling on a restructuring plan after a judge ruled that several competing reorganization plans in the flooring manufacturer’s bankruptcy case are “not confirmable as a matter of law.”

Several of Congoleum’s insurers, including Continental Casualty Co., Continental Insurance Co., First State Insurance Co. and Twin City Fire Insurance Co., had filed a motion for summary judgment denying the confirmation of Congoleum’s reorganization plan – the company’s tenth version – filed on Aug. 15.

Congoleum and its official committee of...
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