Congoleum Corp. amends agreement to settle asbestos claims

Congoleum Corp. has executed certain amendments to the settlement agreement it entered into on April 10 with attorneys representing more than 75 percent of the present asbestos claimants, and certain ancillary agreements relating to that settlement agreement.

The amendments provide additional time for parties to review and respond to information required in order to participate in the settlement. The agreement contemplates a Chapter 11 reorganization seeking confirmation of a pre-packaged plan of reorganization that would leave trade and other unsecured creditors unimpaired and would resolve all pending and future asbestos claims against Congoleum, including personal injury asbestos claims against Congoleum's distributors and affiliates that derive from claims made against Congoleum.