Congoleum sought the bondholders' approval of those amendments as part of its strategy to resolve its asbestos liabilities. Holders of a majority of the outstanding notes as of the record date consented to the proposed amendments, which satisfied the vote required to amend the indenture.
Congoleum bondholders approve indenture amendments
August 8, 2003
Congoleum Corp. has announced that Congoleum and the trustee for Congoleum's 8 5/8 percent senior notes due 2008 have adopted certain amendments to the indenture governing the notes. Those adopted amendments are intended to expressly provide Congoleum with greater flexibility to pursue approval of its pre-packaged plan of reorganization under Chapter 11 of the bankruptcy code, according to the company.