Judge Approves Congoleum's Disclosure Statement

Law360, New York (February 20, 2008, 12:00 AM EST) -- A bankruptcy judge has approved Congoleum Corp.'s disclosure statement, setting the stage for possible approval of the flooring company's reorganization plan later this year.

Judge Kathryn C. Ferguson of the U.S. Bankruptcy Court for the District of New Jersey approved the disclosure statement Tuesday. The statement and the reorganization plan were filed in mid-January by R. Scott Williams, a representative of future asbestos claimants against the company.

The plan would allow the company to emerge from bankruptcy without liability for existing or future asbestos claims. Congoleum,...
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