Congoleum, one of America's oldest resilient flooring manufacturers, founded in 1886, announced that it has initiated voluntary reorganization proceedings in the District of New Jersey under Chapter 11 of the U.S. Bankruptcy Code. The Company intends to use the court process to pursue a financial restructuring designed to reduce its current debt load, maximize value and position the Company for long-term success. Congoleum plans to continue operating in the ordinary course of business, under the court's supervision, and remains committed to being the consumer-centric Company that has shaped the resilient flooring industry for more than a century.
"Congoleum is EBITDA-positive and growing, but we must achieve a more viable capital structure," said Congoleum CEO Chris O’Connor. "Today's reorganization announcement represents a decisive, positive step that will strengthen our position for future prosperity. Over the past 134 years, Congoleum has earned the distinction of being one of the most respected and well-recognized national flooring brands. We will continue serving our customers, employees and other stakeholders, operating business as usual throughout this process."