Bondholders Get Behind Congoleum Ch. 11 Plan

Law360, New York (September 8, 2006, 12:00 AM EDT) -- The official bondholders committee in Congoleum Corp.’s bankruptcy case revealed Thursday that it has agreed to withdraw its alternative reorganization plan after striking a deal with the flooring company and asbestos claimants over amendments to Congoleum’s pending plan.

The resolution to the conflict with bondholders clears the way for Congoleum to file its plan next week in the U.S. Bankruptcy Court for the District of New Jersey and removes roadblocks so the plan may be confirmed as soon as the beginning of 2007.

The bondholders had...
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