District Court Takes Reins In Congoleum Ch. 11

Law360, New York (August 18, 2009, 2:51 PM EDT) -- A district judge has partially reversed a bankruptcy court's decision to reject flooring manufacturer Congoleum Corp.'s amended Chapter 11 reorganization plan due to its handling of asbestos claimants, choosing to take over the proceedings as they continue to unfold.

Judge Joel Pisano of the U.S. District Court for the District of New Jersey on Monday reversed in part and affirmed in part the bankruptcy court's order denying confirmation of Congoleum's 12th amended plan of reorganization, opting to take over the proceedings in order to avoid more...
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