A U.S. bankruptcy court in New Jersey has approved the disclosure statement and voting procedures included in Congoleum Corp.'s plan for reorganization and has scheduled a confirmation hearing for March 24. The court rejected a motion by insurance providers to delay the hearing until the outcome of a liability suit involving Congoleum. Commenting on the court's decision, Congoleum chairman, Roger S. Marcus, said "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." Congoleum filed for Chapter 11 bankruptcy protection on Dec. 31, 2003, after the company was hit with more than 100,000 asbestos-related injury claims.
