Congoleum Heads Back To Negotiating Table

Law360, New York (May 25, 2007, 12:00 AM EDT) -- Congoleum Corp. has decided to head back to the drawing board and create a new plan of attack after a New Jersey judge ruled that insurers are not required to fund the global asbestos settlement at the heart of the flooring manufacturer’s proposed bankruptcy plan.

On Wednesday, Congoleum revealed that it was in active negotiations with insurers and other parties in the case to draft a new reorganization plan, given that the current proposal is not confirmable in its present state.

"The judge presiding over our...
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