Congoleum Hopes Court Approves Insurance Settlement

Law360, New York (March 9, 2006, 12:00 AM EST) -- Congoleum Corp., the struggling flooring manufacturer, is hoping a bankruptcy court will sanction a huge insurance settlement designed to aid the company’s efforts to pay off the thousands of asbestos-related injury claims that drove the company to seek Chapter 11 protection.

Harper Insurance Ltd., formerly known as Turegum Insurance Co., will fork out $1.4 million to fund the company’s trust, which was established to resolve asbestos claims.

If a bankruptcy judge gives a nod to the terms of the settlement, it would effectively halt Congoleum’s suit...
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