Statement from Congoleum on bankruptcy proceedings
Congoleum Corp. issued the following statement: "Congoleum announced today that the Bankruptcy Court has approved the disclosure statement and voting procedures for its amended plan of reorganization following a hearing last week. The Court also scheduled a confirmation hearing to begin March 24, 2005.
Pursuant to the approved voting procedures, Congoleum expects to commence the distribution of voting materials and solicitation of acceptances of its amended plan of reorganization by late December or early January and to have results of the voting tabulated by late February.
Roger S. Marcus, Chairman of the Board, commented, "We are pleased with the results of last week's hearing and the momentum established by a confirmation hearing date. We remain confident that we will obtain the votes required for confirmation of our plan, and are optimistic that we can emerge from the reorganization process during the second quarter of 2005."