Congoleum Hopes 10th Time Proves To Be The Charm

Law360, New York (September 20, 2006, 12:00 AM EDT) -- Thanks to a judge’s intervention, bankrupt flooring manufacturer Congoleum Corp. has filed a 10th amended reorganization plan, this time with the blessing of its bondholders committee.

The bankrupt flooring manufacturer revealed the news on Wednesday, crediting Judge Kathryn Ferguson for ordering mediation that helped paved the way for last Friday’s filing.

Based on the turnaround plan, which was entered in U.S. Bankruptcy Court for the District of New Jersey, Congoleum will now set up a trust to pay its asbestos personal injury claimants.

The trust is...
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