After Long Haul, Congoleum Wins Plan Approval

Law360, New York (June 9, 2010, 3:57 PM EDT) -- After a years-long struggle, Congoleum Corp. has finally received approval for the latest version of its Chapter 11 reorganization plan, which will see the bankrupt flooring company convey its ownership to senior noteholders and a trust governing thousands of individual asbestos claimants.

In an order Monday, Judge Joel A. Pisano of the U.S. District Court for the District of New Jersey gave his stamp of approval to the company's fourth amended plan, which has the backing of more than 95 percent of asbestos personal injury claimants...
To view the full article, register now.