Flooring Co. Already Has $28M Ch. 11 Bid From Creditors
Law360 (July 14, 2020, 9:37 PM EDT) -- Flooring manufacturer Congoleum Corp. told a New Jersey bankruptcy judge that it has a $28 million stalking horse credit bid from a noteholder group in hand as it enters Chapter 11.
In a declaration filed Monday, CEO Christopher O'Connor said liquidity problems caused by pension and environmental liabilities and the slow collapse of its relationship with its main distributor were exacerbated when the pandemic cut sales in half, sending it into Chapter 11.
The New Jersey-based corporation, which filed for Chapter 11 on Monday, manufactures vinyl flooring products in three plants and employs 324 people, he said.
The company has $68 million...
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