Congoleum Corp. commences solicitation of reorganization plan approval
Congoleum Corp. has finalized documents relating to its pre-packaged Chapter 11 plan of reorganization and mailed them to asbestos personal
injury claimants and other parties in interest. The terms of the plan of
reorganization were negotiated at length with representatives of a large
number of current asbestos personal injury claimants and a representative for future asbestos personal injury claimants, all of whom approved the final documents, Congoleum says.
Asbestos personal injury claimants, Congoleum's secured
lender and its majority shareholder will receive ballots to vote on the
plan, and Congoleum anticipates that it will receive the votes necessary to
obtain the plan's approval. The deadline for submitting votes is Dec. 19, 2003.