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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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#401390 |
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FOR IMMEDIATE RELEASE
For Further Information:
Howard N. Feist
Chief Financial Officer
(609) 584-3586
CONGOLEUM CORPORATION EXTENDS DEADLINE FOR VOTING ON REORGANIZATION PLAN
MERCERVILLE, NJ, December 19, 2003 - Congoleum Corporation (AMEX:CGM) today
announced that it has extended the deadline for votes to be submitted on the
approval of its pre-packaged Chapter 11 plan of reorganization until 5:00 p.m.
Eastern Time on December 24, 2003. The parties entitled to vote on the plan are
asbestos personal injury claimants, Congoleum's secured lender and its majority
shareholder. The deadline for completing the voting process has been extended to
allow Congoleum to clarify the plan based upon discussions with Congoleum's
secured lender concerning its treatment under the plan. The voting extension
should not affect Congoleum's plans to commence bankruptcy proceedings in late
December and seek bankruptcy court confirmation of the plan as promptly as
possible thereafter.
As previously announced, 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, and all
current and future asbestos claims against Congoleum will be channeled to the
trust. Under the terms of the plan, Congoleum's other creditors will be paid in
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