Congoleum Settles Prepetition Asbestos Dispute

Law360, New York (November 5, 2008, 12:00 AM EST) -- Congoleum Corp. has resolved a long-running dispute over partial payments made to asbestos claimants through settlements negotiated before the bankrupt flooring company filed for Chapter 11 more than four years ago.

Judge Kathryn C. Ferguson of the U.S. Bankruptcy Court for the District of New Jersey on Friday approved a settlement that clears the way for asbestos claimants to receive equal treatment under the company's reorganization plan, eliminating the primary roadblock to plan confirmation.

The agreement terminates settlements reached before the company's Chapter 11 filing and...
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