Mercerville, NJ, March 30 -- Congoleum Corporation announced that Congoleum and the trustee for Congoleum's 8-5/8% senior notes due 2008 have adopted certain amendments to the indenture governing the notes.
Those adopted amendments are intended to expressly give Congoleum greater flexibility to proceed with certain steps and transactions in connection with its asbestos settlement negotiations. 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. The solicitation was made upon the terms and subject to the conditions set forth in the Consent Solicitation Statement dated March 17, 2003 and related documents.
Roger S. Marcus, Chairman of the Board, commented, "We are pleased with the progress of our asbestos settlement negotiations and appreciate this affirmation of support from our bondholders, which furthers our ability to conclude an agreement."
