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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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$41 |
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#401392 |
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FOR IMMEDIATE RELEASE
For Further Information:
Howard N. Feist
Chief Financial Officer
(609) 584-3586
CONGOLEUM CORPORATION COMMENCES SOLICITATION OF
REORGANIZATION PLAN APPROVAL
MERCERVILLE, NJ, October 27, 2003 - Congoleum Corporation (AMEX:CGM) today
announced that it 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. 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 December 19, 2003. Congoleum expects to commence bankruptcy
proceedings in late December and seek bankruptcy court confirmation of the plan
as promptly as possible.
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
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