Congoleum Exits Voluntary Reorganization Proceedings
Trenton, NJ, November 24, 2020- Congoleum has announced that it has successfully completed its restructuring process as a privately held company. Through this process, the company has eliminated significant contingent liabilities and reduced its debt by more than $80 million dollars. Additionally, the company will benefit from an injection of capital from its investors and has closed on a credit facility through Wells Fargo. With an enhanced capital structure, Congoleum is well positioned to invest in its people and its manufacturing infrastructure, as well as product development and marketing.
“Today marks the start of a new era for Congoleum as an even stronger and more competitive company,” said Chris O’Connor, chief executive officer of Congoleum. “With the completion of our financial restructuring and the support of our new owners, we have a significantly improved balance sheet and a dynamic capital investment program that will allow us to leverage our market position to fuel sustainable growth and value creation”.
O’Connor continued, “I would like to thank our customers, vendors and business partners for their ongoing support throughout this process. I would also like to extend my gratitude to the more than 300 members of the Congoleum team for their unwavering commitment to meeting the needs of our customers throughout this process. It has never been more obvious that this group of people live and breathe our values of quality, teamwork and creative problem solving.”