Rival Chapter 11 Plan Puts $200M At Risk: Congoleum

Law360, New York (October 12, 2006, 12:00 AM EDT) -- Bankrupt flooring manufacturer Congoleum Corp. is seeking court permission to regain exclusive control to seek support for its reorganization plan, claiming a rival plan filed by insurers isn’t viable due to a shortage of cash.

Congoleum said the plan filed by Continental Casualty Co. and Continental Insurance Co. fails to explain how the reorganized company would survive without insurance coverage for liability in future asbestos claims, according to court documents.

The company, which is in the midst of numerous asbestos-related personal injury claims, said that if...
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