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Document Preview For Immediate Release |
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For Immediate Release |
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2003 |
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$39 |
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#401389 |
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FOR IMMEDIATE RELEASE
For Further Information:
Howard N. Feist
Chief Financial Officer
(609) 584-3586
CONGOLEUM CORPORATION OBTAINS ASBESTOS CLAIMANTS' APPROVAL OF
ITS BANKRUPTCY PLAN, COMMENCES REORGANIZATION
MERCERVILLE, NJ, December 31, 2003 - Congoleum Corporation (AMEX:CGM) announced
today that it has obtained the asbestos claimant votes necessary for approval of
its pre-packaged Chapter 11 plan of reorganization, and has proceeded with its
bankruptcy filing in Trenton, New Jersey. Congoleum will now seek bankruptcy
court confirmation of the plan as promptly as possible. Congoleum is pursuing a
pre-packaged bankruptcy proceeding as a means to resolve claims asserted against
it related to the use of asbestos in its products decades ago.
The balloting agent tabulating the votes on the proposed plan of reorganization
advised Congoleum that the overwhelming majority of votes cast were cast in
favor of the plan and were more than sufficient to satisfy the requirements of
the bankruptcy code.
Under the terms of the plan, when confirmed, Congoleum will contribute certain
insurance rights and a note for approximately $2.7 million (subject to a future
revaluation) to a trust to be formed pursuant to the plan for the benefit of
asbestos personal injury claimants. All current and future asbestos claims
against Congoleum will be channeled to the trust and Congoleum will have no
further liability for such claims. The terms of the plan also provide that
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