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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!