Congoleum Insurers File Rival Chapter 11 Plan

Law360, New York (August 22, 2006, 12:00 AM EDT) -- Congoleum’s bankruptcy proceedings have hit another snag, after the company’s insurers and bondholders challenged the flooring company’s reorganization plan by filing a plan of their own.

The company’s insurers, including Continental Casualty Co., and Continental Insurance Co., along with its bondholders, filed their plan last Friday, in response to Congoleum’s Aug. 15 filing.

The insurers’ plan would set up a trust containing 800,000 shares of the reorganized company’s common stock and all of the eventual proceeds from the asbestos insurance litigation.

While the insurers’ plan has...
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